Home >companies >news >Fabfurnish adopts marketplace model

Bengaluru: Rocket Internet-backed online furniture store Fabfurnish is changing its brand positioning to become a content-driven platform for curated home products, the company said in a statement on Monday.

The company, which earlier dwelled in private labels as well as promoting merchants on its platform, will now become a full-fledged marketplace, as it eyes 500 crore in revenues this financial year.

The shift in strategy comes a couple of months after co-founder Vikram Chopra and Mehul Agarwal quit, to be replaced by Ankita Dabas Kohli at the helm as the incumbent chief executive.

Fabfurnish, one of the earliest online furniture stores in the country, has been under pressure from younger rivals such as Pepperfry, Urban Ladder and Livspace, among others, who have raised ample capital to invest heavily in customer acquisition and products to gain a lead over Fabfurnish.

“We continue to focus on retailing best-in-class products while bringing about a change in the way we communicate with our users. Our research indicates that more and more Indians are searching for home and interior design which is why we are now pioneering curated home concepts to tie our comprehensive product catalogues with inspiration," chief executive Kohli said in the statement.

The company claims to have hired 15 people across verticals such as marketing, content and design. About 20 more executives will be hired during the course of the year, including a chief executive officer and a marketing manager.

With more than 100,000 products on its platform, Fabfurnish will also explore tie-ups with international brands, as well as introduce features such as designer-on-call and three-dimensional visualization.

The company has also roped in interior designers Aprajita Suri Davar and Tanuj Ahuja, Kohli said. The company had earlier said it planned to raise $50 million to grow the business.

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