Fab has quickly emerged as a significant force in the e-commerce space.
The design-focused shopping site now has more than 10 million members, up from 7.5 million in September, according to data released Sunday by the company as part of a huge 104-slide presentation to investors and employees about its first 18 months in action. What's more, the company has now sold 4.3 million product since launching in June, 2011.
To put that another way, Fab has sold an average of 5.4 products each minute since it launched. During this holiday season, the company did even better and sold an average of 17.5 products per minute. That may still be well behind Amazon's pace of selling more than 300 items a minute at its peak during the holidays, but it's impressive for a more niche online retail site that didn't even exist two holiday seasons ago.
Fab, which raised $105 million in a funding round earlier this year, has grown its sales through a combination of expanding into new markets, ramping up the number of products that it offers and dropping the sign-up requirement to shop on the site.
The company's fourth quarter sales were up fivefold in the fourth quarter this year from the same period a year ago -- a huge jump by any standard. A third of Fab's sales now come from outside the U.S., a market Fab only started to branch into with its first overseas expansion in February.
Meanwhile, the company went from offering 2,000 products at the end of 2011 to 15,000 products at the end of this year or as Fab points out in the presentation, about a third more than the total number of products sold by Ikea. In fact, half of all items sold now are home products, which is of course Ikea's bread and butter.
If it seems like Fab is all too happy to compare itself to Ikea, that's because this is one of two companies that Fab is modeling itself after. In the presentation, Fab's leadership lays out the broad goal for the company going forward: It wants to be the Ikea and Amazon of design, in the sense that it hopes to achieve Ikea's scope and sales, and Amazon's quality of customer service and innovation.
While the company didn't offer much in the way of specifics for how it hopes to achieve such an ambitious goal, it did lay out a general multi-pronged strategy for how to continue growing next year and beyond, which includes expanding into more countries, doubling down on mobile and selling more Fab-specific products that can't be found at any other retailer.