In an attempt to further disrupt the home furnishings category, Fab's CEO Jason Goldberg is launching a new furniture brand called Hem.
Goldberg is hoping to make a successful business out of the $300 million in venture capital funding he's received from investors, reported Re/code. When asked if the new brand would help the flailing Fab, Goldberg answered that there was still potential to grow the business with time. "We signed on to build a business over 10, 20 years," he said, not overnight.
Fab, thus far, has not been a runaway success. It laid off 500 of its 700 employees in just one year and the first round came one month after the announcement of a $150 million venture capital investment, which brought funds to more than $300 million.
Hem will launch in September and showcase home decor and furnishings designed by the company.
Goldberg began advancing his goal of developing private label furnishings in June when Fab bought One Nordic Furniture Co.
"We're going with a full-stack approach," Goldberg told Re/code. "Like a Warby [Parker] or Bonobos for furnishings, but we're even closer to the manufacturing than those guys are."
-See the Re/code article
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