Posted by Sheila Shayon on November 15, 2013 07:12 PM
Fab.com may very well be the story of the little company that grew too fast. In an effort to change its spots, the flash-sale site turned wannabe e-commerce hub is suffering some serious growing pains as it ballooned from just 175,000 members in June 2011 to over 10 million in December 2012.
As of April 2013, Fab had 6 million unique monthly visitors, and then in June, after raising $150 million resulting in a valuation of upwards of $1 billion, things started going downhill. By October, US traffic to the site had fallen to 357,000 people, according to comScore.
At its peak, Fab employed about 700 people, but in October, as it officially ended its time in the daily deals space, the company laid off 101 of its 551 employees, and is now preparing to lay off at least another 50 after having already laid off 100 people in its Berlin office in July. Accroding to Forbes, the newest round will likely oust some top-level executives, including COO Beth Ferreira. Co-founder Bradford Shellhammer announced he was leaving the company too earlier this week.Continue reading...
Posted by Sheila Shayon on June 17, 2013 05:12 PM
Gilt, the innovative fashion flash-sale site is opening a physical outlet in Louisville, Ky. for one month beginning June 28th.
The pop-up shop, dubbed Designer Outlet, will house thousands of products for men, women and children as well as accessories and housewares from Zac Posen, Vera Wang, Badgley Mischka and Missoni, among others, for up to 90 percent off.
"The exciting new concept store is a unique addition to our local retail market. We're fortunate that Gilt's presence in Louisville affords us the opportunity to dress high-style at great prices and I'm sure it will be well-received by consumers," said Craig J. Richard, President and CEO of Greater Louisville Inc.Continue reading...
Posted by Mark J. Miller on October 9, 2012 06:13 PM
Even though economies are still rough around the world, people everywhere still desire to own all sorts of stuff that they don’t really need. Facebook, which now has about a billion users, is aiming to help some of those folks get what they want by enabling wishlists, a popular feature on retail sites such as Target.com and Amazon.com.
The famed social network is now showcasing the products of seven different retailers and allowing some users to click on a “want” button that will put the desired item on a wish list for others to see, Reuters reports. This is part of a test of “Collections” functionality, that will also see if buttons marked “Collect” or “Like” will work better. In time, all of Facebook’s users and brand partners) will have access to the tool.Continue reading...
Posted by Sheila Shayon on April 30, 2012 04:05 PM
Americans love their gift cards, as the average American adult gives five a year and they are the most requested gift. Now they can turn to Wrapp, a social gifting service that enables F2F (friend-to-friend) marketing on behalf of brands.
The Swedish startup, founded last year, launches today in the U.S. with major retail partners including Gap, Fab.com, H&M, Sephora, the Wall Street Journal, Brooklyn Industries, Warby Parker, WeSC, Gant, Bjorn Borg, with another 15 retailers in the wings.Continue reading...
Posted by Dale Buss on June 10, 2011 09:00 AM
Ally Financial delays $6B IPO.
AT&T brings free Wi-Fi to NYC parks.
Avaya files for $1 billion IPO.
Borders lenders force store closures.
Burger King and Pizza Hut executives put hometown pride on the line with bet on NBA Finals.
Citigroup data theft exposes nagging security issues in the financial-services industry.Continue reading...