Three weeks after the launch of Samwer Fab clone Bamarang in Germany, the UK, France, Brazil and Australia comes the news that Fab too has decided to bolster its European front lines through the acquisition of German flash sales site Casacanda.
According to a source familiar with the proceedings, the deal went down for $11 million in stock, with no earn out.
Casacanda, which will change its branding to Fab.de post acquisition, is the leading flash sales site in Germany. “They were inspired by us but innovators,” Fab CEO Jason Goldberg tells me.
Goldberg, who has famously come out against clones in the past, views aggressive expansion into international markets as the antidote to cloning, “Fab is going to win because we are authentic. In design, it has to be real. Clones will fall flat. Fab is all about being true to designers and design lovers. You can’t fake that. We have no fear of the clones. We’re building a memorable and meaningful business for decades.”
Fab, which has over $40 million in VC money from Andreessen Horowitz and others, hit the two million member mark in February and brought in $1.5 million a week in sales according to the WSJ. The 45-person Casacanda team had over 250K members at the time of its purchase.
“With this acquisition as the first springboard, we believe that Fab can generate at least 10 to 20% of our overall revenue from international this year,” wrote Goldberg in a blog post. Casacanda is the company’s second acquisition, having acquired fashion sales site FashionStake in January.
With Casacanda on board, the Fab team now numbers 200 people internationally.
