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Fab has made giant strides since its launch in 2011. The rapidly-growing site has amassed more than 10 million members and increased the number of products sold on the site from 2,000 at the end of 2011 to 15,000 at the end of 2012, Mashable reports. In a report to investors released this week, Fab points out that that's more than the total number of products sold by Ikea.
The design-focused site sells quirky home goods, gifts, lifestyle, and pet products at very accesible price points, and has made a major push in fashion, jewelry, and beauty in the past year. "We will not be selling, for example, last season's Tory Burch inventory. That's not Fab," co-founder Bradford Shelhammer told us in an interview last February. "In many ways, we're doing for fashion what we did for home and product design—we're making it more accessible to everyone. We're reinventing the way people discover fashion and at the same time creating a marketplace for indie designers. It's the democratization of fashion and it's a very a big deal."
Which brings us back to that Ikea reference. As of this most recent shareholders presentation, Fab has openly declared that the company is modeling itself after the Swedish home goods behemoth. Mashable summarizes: Fab's broad goals going forward are to achieve Ikea's scope and sales, and Amazon's quality of customer service and innovation.
The basic strategy to get there seems to be more. More products, more countries, more designers, more members, more everything. Mashable reports the company will also be doubling down on mobile and selling more Fab exclusives.
· Fab Passes 10 Million Members, Sells 5.4 Products Every Minute [Mashable]
· What the Team Behind Fab Wears to Work [Racked]
· Fab.com Launches "Fashion Tuesdays" With Discounts on Indie Designers and Flea Market Finds [Racked]