In its second-largest acquisition, Amazon buys the company for $970 million.
FashionStake was an online marketplace that featured independent designers.
Flash sale e-retailer Fab.com announced today it has bought FashionStake, an online fashion marketplace based in New York City on which hundreds of independent designers have sold their goods. Fab.com did not say how much it paid for the company, which had operated FashionStake.com. That site now redirects to Fab.com.
Fab.com, which launched in June, claims at least 1.4 million members. The retailer sells such products as jewelry, home décor, art, gifts and gadgets, along with clothes. “Along the way we’ve learned that our members love independent fashion,” says founder and CEO Jason Goldberg. From shirts to skirts to hats to gloves to street wear to shoes to belts and more, we’ve sold them all on Fab and our members have roundly responded with ‘more please!’.”
Vivian Weng and Daniel Gulati, co-founders of FashionStake, now work for Fab.com, Goldberg says. The acquisition will enable the designers who worked with FashionStake to sell via Fab.com, he adds.
Nearly a month ago, Fab.com launched a social shopping feature that enables site visitors to see and comment about products that fellow consumers are buying. Also last month, the e-retailer raised $40 million. Fab.com was one of the retailers selected for Internet Retailer’s Hot 100 Guide, which can be ordered here.