Jason Goldberg, Fab.com's CEO, has managed to attract 300 million euro from investors to launch a new online platform for custom made furniture called Hem.
According to Re/code, the new website should launch in September and will be accompanied by three physical showrooms across Germany. Goldberg hopes to expand quickly, to Stockholm, Helsinki and New York. Later, third parties will also be able to sell the items if everything goes according to plan. In any case, each and every product will be designed and manufactured within the company.
Fab recently had to let 500 of its 700 employees go after a huge restructuring plan, with the first people out the door right at the time the company announced it had secured a 150 million dollar (110 million euro) investment.
No more Fab.com in Europe?
According to Techcrunch, Fab's own brands will be incorporated into Hem, which would eliminate the use of a European Fab.com branch as it only sells in-house items. In the United States, the site also sells products designed by external designers.