Fab.com, the once red-hot design-focused flash sales site, has been losing fuel for a while now, and yesterday, it officially, completely fell apart. The company, which at one point was valued at $1 billion, just sold to Irish manufacturing company PCH International for around $15M.
While Fab CEO Jason Goldberg decamps to Hem, his new Berlin-based furniture startup, PCH will use what's left of Fab to launch its own storefront. The company, which currently manufactures things like Philippe Starck chairs and Beats headphones, plans to begin bringing "exclusive, high-quality products" directly to consumers. As PCH CEO Liam Casey tells Dezeen, "It's not going to be a discounting site, that's for sure." Which sounds a lot like what Fab co-founder and former creative director Bradford Shellhammer said about Bezar, his new design sales site launching this spring.