Here's the latest move from Fab: It's buying a furniture company.
We'll have more shortly, until then, here's the email from Fab:
- Fab has acquired the One Nordic Furniture Company of Helsinki, Finland and Stockholm, Sweden.
- Fab, the U.S.-based design e-retailer, delivers a global team of design, retail and marketing experts; a proprietary ecommerce platform; and the backing of some of the top investors in the world
- Long a darling of the Nordic design community, One Nordic brings expertise in innovative furniture design and manufacturing and a track record in online furniture sales
- The acquisition is a combination of cash and stock, valued in the tens of millions of dollars
- The One Nordic team will own 5% of the combined company with the finalization of the transaction
Statements:
We are pleased to announce a seminal partnership for Fab: the acquisition of One Nordic Furniture Company of Helsinki, Finland and Stockholm, Sweden. Long a darling of the Nordic design community, One Nordic brings expertise in innovative furniture design and manufacturing and a track record in online furniture sales to Fab's global team of design, retail and marketing experts.
The acquisition flows from a long-term strategic plan we laid out last fall. We have seen great success in our recent private label initiatives and customized furniture launches; our acquisition of One Nordic is the next step in pursuing this plan that is proving itself in market.
Fab CEO Jason Goldberg:
"Design is at the center of Fab-and has been since Day 1. Teaming up with One Nordic adds incredible talent to our design bench and brings us ever-closer to our suppliers and manufacturers. We are excited about the design collaboration to come."
One Nordic CEO Joel Roos:
"We have dedicated ourselves to designing high quality furniture and accessories that deliver on a Nordic sensibility, updated for the 21st Century. Now, our partnership with Fab offers a new platform through which to share our work with people around the world."