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June 19, 2012 05:31 pm GMT
Online design sales site Fab.com has acquired a similar (but much smaller) UK design store, Llustre. Llustre was billed as a "trusted guide" to discovering good design combined with flash-based sales (up to 70% off the recommended retail price). Llustre now becomes Fab UK. Given that Llustre only launched around ten weeks ago (though the company was founded in November 2011) this makes for one of the fastest UK exits in recent history. Sources say the deal took less than a month to complete. Although terms were undisclosed we understand this was an all share deal. The team of twenty-four now joins Fab.The company had raised 1 million (just over $1.5 million) from Oleg Tscheltzo (Founder of Fotolia.com), Hussein Kanji, Rob Kniaz, Tom Hulme (Design Director at IDEO), Kirill Makharinsky (CEO Ostrovok), John Earner (GM Playsh) and Sir Peter Bazalgette (media guru formally with Endemol).
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/XKivyagUzRg/
Ten Week-Old Llustre Is Acquired by Fab.com After A Blistering European Roll-Up
Online design sales site Fab.com has acquired a similar (but much smaller) UK design store, Llustre. Llustre was billed as a "trusted guide" to discovering good design combined with flash-based sales (up to 70% off the recommended retail price). Llustre now becomes Fab UK. Given that Llustre only launched around ten weeks ago (though the company was founded in November 2011) this makes for one of the fastest UK exits in recent history. Sources say the deal took less than a month to complete. Although terms were undisclosed we understand this was an all share deal. The team of twenty-four now joins Fab.The company had raised 1 million (just over $1.5 million) from Oleg Tscheltzo (Founder of Fotolia.com), Hussein Kanji, Rob Kniaz, Tom Hulme (Design Director at IDEO), Kirill Makharinsky (CEO Ostrovok), John Earner (GM Playsh) and Sir Peter Bazalgette (media guru formally with Endemol). Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/XKivyagUzRg/
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