Fab announces 5 Million dollar investment in Japan, plans to introduce Japan

Beijing time August 13, the United States Flash purchase site Fab announced today, the company in the D-round expansion of the financing of the ITOCHU Corporation of Japan, the Japanese Itochu Corp.

After shrinking the European market, Fab continued to move into the Asian market. It had just completed a 150 million dollar D-round financing in June. Itochu Marvell Ventures of Itochu's venture capital has been involved in Fab's D-round financing.

Jason Goldberg, co-founder and chief executive of Fab, also points out that Fab will also establish a joint venture with Itochu, which is expected to introduce fab into the Japanese market in 2014. Jessengedeburg

Itochu is a Japanese comprehensive trading company, has been operating so far for more than 150 years, with Japan's largest third-party logistics warehousing network.

"Fab is one of the fastest-growing E-commerce companies and it is also a leading online design retailer in Europe and the United States," said Shunsuke Yoshihiko, chief operating officer of the Itochu business ICT, insurance and logistics department. We believe Fab has great potential in expanding Japan/Asia, and we are delighted to work with Fab to achieve their long-term vision. ”

Itochu's venture capital has also invested in other start-ups such as Ooyala.

Fab announced in less than two weeks that Singapore Telecom was involved in its D-round expansion financing, and Singapore Telecom was its other strategic investor, with an investment of $10 million. Singapore Telecom will also help Fab to open up Asian markets.

Fab is focused on Asian markets because its business in the European market has begun to shrink. The company cut more than 100 employees at its headquarters in Berlin in July, as the company adjusts its positioning to shift its focus from flash-shopping to other areas. In addition, Fab will try other businesses, such as helping users find and buy what they are interested in by using a more social-networking-style focus model.

At present, Fab about 40% of the international income from the United Kingdom, it hopes to be able to diversify its products and geographical location.

However, the company's gradual expansion has also put it on a different front. Fashion E-commerce website JustFab has taken it to court on the basis of trademark infringement.