We have some news to share today.
This transaction allows us to focus 100% of our resources on Hem.
All of the funds raised from the transaction will be reinvested into Hem.
The stockholders that originally invested in Fab will continue to hold the same ownership interest in Hem.
I believe that PCH is the perfect partner to carry the Fab brand forward. Renee Wong, who has been the GM since May 2014, will continue to lead Fab. She has built a strong team and she is a terrific operator.
It’s personally very satisfying to see Fab land in a great place with PCH.
PCH is known for its world-class operations and its deep appreciation for brand, design, and the customer experience. PCH is the perfect home for Fab.
Onward With Hem.
Since we began on this journey in 2011, our Company’s vision has always been to be the most relevant design brand of tomorrow. Every day we push forward and innovate to make design more accessible — to introduce design to new audiences and people of all ages. We continue to do that today at Hem where our mantra is: Design Made Easy.
Today, in selling Fab to PCH, we are taking a big step forward in our plan to focus all of our attention and resources on Hem. We’re going all-in on full-stack commerce and private label design.
Hem is well financed and on solid ground. We are following a specific plan to create a valuable company that exceeds our customers’ expectations and that all of our our employees and shareholders will all be tremendously proud of for the long term. These are still early days.
One of my mentors, Hem investor Ben Horowitz, wrote me few months ago to say: “Just build something great.” That’s our sole focus at Hem: Great products that delight.
We believe we have an exciting future ahead of us.
We look forward to delivering high-quality, original, Hem products to homes everywhere in the years to come.