Fab aim to be a ten billion valuation company after its missteps
Staff Reporter | | Jun 26, 2013 03:37 PM EDT |
Fab Inc. is the world's fastest growing e-commerce site that focused on everyday design across all price points and all verticals. According to the Bloomberg Business, the company "valued at more than $1 billion dollars after just two years in existence, is suffering growing pains from its rapid expansion as it applies a culture of meticulous control to a global business."
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Due to its uniquely designed home goods, art and jewelry, Fab has made a fast expansion on its staff to 650 people when it was just in the startup scene. However, 11 of its executives were fired in the past year and the company has missed its targets for revenue by almost 20 percent.
"It is impossible to grow a company as fast as we've grown Fab without having mistakes along the way," Goldberg, the founder of Fab, said in an interview. "Hopefully we're able to adjust and make changes effectively. We aim to be a learning organization."
According to the Bloomberg News, "Fab brought in $113 million in global revenue in 2012, missing the $140 million Goldberg had publicly aimed for."
Goldberg wants Fab to be the next e-commerce company that worth more than $10 billion valuation after its missteps.
"We're learning how to be a global company," Goldberg said. "On one hand we're saying, 'Make mistakes,' and at the same time we're saying, 'Get s--t done.'"
The latest round of funding may go toward an Asian expansion, "though there's no time frame for when that might happen", Goldberg said. "I don't care if we do $200 million or $300 million in sales," he said. "I just care that we grow for the long term."
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