Fab.com Goes Global
Design e-commerce site will expand into Europe with first international acquisition.
New York-based flash sales site Fab.com is about to go global.
Sources told the Wall Street Journal that Fab–which offers flash sales on indie-designed furniture, jewelry and art–will acquire Germany’s Casacanda GmbH. The all-stock deal will value Casacanda at approximately $10 million.
Fab.com CEO and founder Jason Goldberg told the Journal the deal will be finalized Monday, followed by Casacanda’s website being re-launched Tuesday as Fab.de. Goldberg said the deal is attractive because of Germany’s deep appreciation of design and willingness to spend more on home products.
But, according to the report, the deal could also introduce difficulties for the website. Currently, only 7 percent of Fab.com’s daily traffic comes from outside the U.S. In addition, most European online sales take place via bank transfers, a capability that Fab.com is yet to have. –John McDermott
Photo via Laura Berger.