It's been a winding road for Fab, which has been selling design products including jewelry and whimsical home goods online since 2011. It's had its highs — raising over $336 million in venture capital funding and clocking a $1 billion valuation this time last year — but those have been matched with plenty of lows. Most recently? A round of layoffs that will result in the dismissal of roughly one-third of Fab's global staff. (While the company is based in New York, it also employs people in Europe and India.)
A spokesperson for Fab has confirmed with us that between 80 and 90 people are currently being laid off. The company will provide them with outplacement support "through a job fair in June, interview training, one-on-one resumé coaching as well as strategic job search assistance." So, overall, not the worst way to be fired.
Fab has been trimming its staff in phases over the last year, having gone through three rounds of layoffs before this one, and it has reworked its business model numerous times. After launching as a social network for gay men, Fab switched to e-commerce and started running flash sales in the vein of Gilt Groupe. Most recently, it has shifted to focus on private label collections and customized furniture.
The web company also opened a brick-and-mortar showroom in SoHo just last week to show its new collections.