Ben Popper at The Verge on Fab’s CEO:
Over the last two and a half years, Fab, an e-commerce site centered around design, has been on a tear. It grew from nothing to a company with 14 million members and more than $115 million in annual revenue by 2012. It expanded sales to 26 countries worldwide and raised more than $325 million in total venture-capital funding, investments which valued the company at more than $1 billion. And then suddenly, in the last six months, it seemed like things were unraveling just as fast.
Fab went from a gay social network with added daily deals, to a (successful!) design-focused flash sales site, then became an e-commerce hub, then suddenly veered into to branded merch.
I guess this is what happens when a company has a CEO addicted to pivoting.