fabric Names Product Visionary Yon Nuta as Chief Product Officer
SEATTLE, October 25 — fabric, a headless commerce platform purpose-built for growth, whose mission is to accelerate the GMV of the Internet by ending the pain of replatforming for retailers and brands, today announced that Yon Nuta has joined the company as its first Chief Product Officer. In this role, Nuta will bring his data-driven approach to lead product vision and development across fabric’s entire suite of modern commerce offerings. He will report directly to fabric CEO Faisal Masud.
Nuta joins fabric from Babylon Health where he guided analytics, product design and development as CPO. He has also held product leadership roles at Gaia, Talenthouse, ComScore and Microsoft. He also brings a startup pedigree to fabric as the Co- Founder/CEO of TalkIQ.
“I’m thrilled to be joining the experienced team at fabric, and getting back to my b2b and commerce roots,” said Yon Nuta, Chief Product Officer, fabric. “The opportunity for fabric is huge as so few tech companies are truly innovating on behalf of retailers and brands. fabric is well on its way to ending the pain of replatforming, with their modern, API-driven approach, along with lowering TCO, and I am excited to get started.”
fabric, founded in Seattle, secured $140MM in Series C funding in February, and has been steadily growing and adding customers even through the current difficult economic environment. fabric Marketplace has been particularly popular with retailers and brands who seek to add risk-free inventory through fabric’s innovative dropship program.
“Yon is a terrific addition to fabric, and we’re excited to see his creativity and rigor in action as we continue to build up our product offering,” said Faisal Masud, CEO of fabric. “Digital commerce has suffered for years due to the lack of meaningful technology advances and the pain of replatforming. fabric is changing this, and Yon is going to play a critical role in executing our mission.”
About fabric
fabric’s mission is to accelerate the GMV of the Internet by ending the pain of replatforming. By democratizing access to best-in-class digital commerce tooling, fabric allows merchants who aren’t served well by Shopify, Oracle, or Salesforce (and other hosted platforms) to thrive in an e-commerce world. Customers like BuildDirect, GNC, and MSC trust fabric for its open and modular design that allows them to be live within just a few months without having to replatform. fabric is a force multiplier on retailers’ existing technology investments proven to grow digital revenue by up to 3x. Headquartered in the Cloud Capital Seattle, Washington, with offices and customers around the world, fabric is backed by SoftBank, Glynn Capital, Forerunner Ventures, Stripes, B Capital Group, Greycroft, Norwest Venture Partners, Redpoint Ventures, Sierra Ventures, Innovation Global Capital, Ascend Venture Capital, and Expa. To learn more, visit https://fabric.inc.
Chico’s FAS, Inc. Announces Innovation-Driven Partnership To Enhance & Modernize The Consumer Road Map
Fort Myers, Fla., Aug. 9, 2022 — Chico’s FAS, Inc. (NYSE: CHS) (“Chico’s FAS” or the “Company”) is taking the next big-step in its digital-first transformation journey by selecting fabric, Inc. (“fabric”) as its Commerce Technology Platform and Bounteous as its Co-innovation Partner for implementation.
By enlisting fabric and Bounteous, Chico’s FAS (Chico’s, White House Black Market and Soma) has forged a multi-touchpoint partnership that will serve to accelerate the retailer’s digital architecture growth, making substantial strides towards their goal of building out a “Connected Commerce” platform. One of three pillars in the Chico’s FAS digital-first strategy (Connected Commerce, Data Centricity and Technology Enablement), Connected Commerce is an omnichannel engagement which offers customers a seamless, personalized integration of in-person and digital experiences, enabling them to shop when they want, in the way that they want.
This modern management model leverages fabric’s best-in-class services and modular technology, Bounteous’ digital innovation and platform expertise and Chico’s FAS’ superior understanding of omni-channel boutique retail to enable rapid testing and swift implementation across a host of fashion commerce innovations such as cross-platform shopping, virtual stylist programs, seamless search functions and beyond. Overtime, the Connected Commerce platform will dramatically improve each Chico’s FAS digital touchpoint, building an enduring customer relationship that brings her back more frequently by exceeding customer expectations with always-relevant content, experiences and engagement.
“We live in a digital-first world, and in continuing to modernize our consumer experience, we are thrilled to debut this collaborative alliance with fabric and Bounteous,” says Jay Topper, Chief Digital Officer of Chico’s FAS. “This is a three-way partnership that will pay dividends within our digital and customer-first pillars for years to come. We have complete belief in both fabric’s platform and Bounteous as a transformative partner to help us achieve new heights in our commerce channels, service channels and general Connected Commerce strategy.”
Chico’s FAS first entered into a strategic agreement with fabric, whose roster of clientele included renowned businesses such as BuildDirect, GNC and MSC trust, in early 2022 to deploy a cloud-based distributed order management and inventory system. With over 40% of all Chico’s FAS purchases made online, the retailer has invested substantially over the past two years in transforming its business model through the acquisition of cutting-edge technology and talent to establish a digital ecosystem that delivers a modern commerce experience and meets the consumer’s ever-evolving needs. The powerful combination of fabric’s modern technology stack and Bounteous’ digitally unifying Co-Innovation Method that boasts a track record of success across the brand’s portfolio including companies such as Shake Shack, Domino’s and Staples, will position Chico’s FAS as one of the more modern platforms in the retail industry today.
“Chico’s FAS is so attuned to its customer, and its commitment to give her the very best brand experiences has been clear from day one. As a company equally passionate about creating exceptional consumer-centric experiences, this is one of the many reasons we are excited to co-innovate with Chico’s FAS and fabric to transform commerce for its brands,” says Jen Spofford, EVP, Managing Director at Bounteous. “True digital transformation requires more than just technology and we’re delighted that Chico’s FAS is committed to evolving its processes and empowering its teams to enable flexibility in selecting and implementing the right tools to deliver a best-in-breed customer experience.”
“The partnership between Chico’s FAS, Bounteous, and fabric represents the future of commerce, where each party brings their expertise to build innovative and exceptional experiences for customers,” said Ben Pressley, Chief Revenue Officer for fabric. “Specifically, the fabric platform will enable the word “yes” to be used up and down the Chico’s FAS org. Yes to the exact look and feel; yes to merchandising experiments; yes to lower TCO; yes to unconstrained growth and scalability; and yes to a modern and enduring experience. We’re thrilled that the fabric platform’s open and modular microservice design will serve as the technology enabler for Chico’s FAS “connected commerce” strategy.”
In addition to consumer-facing improvements, this collaborative partnership will also bring intelligence and efficiency to post-sale customer service functions. This allows Chico’s FAS to collect and harness insights from the entire commerce journey, to elevate product, marketing, experiences and operations, ultimately enhancing customer conversion, retention and loyalty.
Quick fact – As of August 24, 2021, the Company operated 1,284 stores in the U.S. and sold merchandise through 66 international franchise locations in Mexico and 2 domestic franchise airport locations. The Company’s merchandise is also available at www.chicos.com, www.chicosofftherack.com, www.whbm.com and www.soma.com as well as through third-party channels.
About Chico’s FAS, Inc.
Chico’s FAS is a Florida-based fashion company founded in 1983 on Sanibel Island, Fla. The Company reinvented the fashion retail experience by creating fashion communities anchored by service, which put the customer at the center of everything we do. As one of the leading fashion retailers in North America, Chico’s FAS is a company of three unique brands – Chico’s, WHBM and Soma – each thriving in their own white space, founded by women, led by women, providing solutions that millions of women say give them confidence and joy.
Our Company has a passion for fashion, and each day, we provide clothing, shoes and accessories, intimate apparel and expert styling in our brick-and-mortar boutiques, digital online boutiques and through Style Connect, the Company’s proprietary digital styling tool that enables customers to conveniently shop wherever, whenever and however they prefer.
To learn more about Chico’s FAS, please visit our corporate website at www.chicosfas.com. The information on our corporate website is not, and shall not be deemed to be, a part of this press release or incorporated into our federal securities law filings.
About Bounteous
Founded in 2003 in Chicago, Bounteous is a leading digital experience consultancy that co-innovates with the world’s most ambitious brands to create transformative digital experiences. With services in Strategy, Experience Design, Technology, Analytics and Insight, and Marketing, Bounteous elevates brand experiences and drives superior client outcomes. For more information, please visit www.bounteous.com. For more information about Co-Innovation, download the Co-Innovation Manifesto at co-innovation.com.
About fabric
fabric is the headless commerce platform purpose-built for growth. Customers like BuildDirect, GNC, and MSC trust fabric for its open and modular design that allows them to be live within weeks without having to replatform. Fabric is a force multiplier on retailers’ existing technology investments proven to grow digital revenue by up to 3x. Headquartered in Seattle, Washington, fabric is backed by Stripes, B Capital Group, Greycroft, Norwest Venture Partners, Redpoint Ventures, Sierra Ventures, Innovation Global Capital, Ascend Venture Capital, Expa and BC Partners. To learn more, visit https://fabric.inc.
fabric CEO used lessons from Amazon and Google to build a $1.5 billion start-up
fabric Named to the 2022 CB Insights Retail Tech 100 – List of Most Innovative Retail Startups
NEW YORK, March 15, 2022 — CB Insights today named fabric, a leader in headless commerce, to its Retail Tech 100 ranking, which showcases the 100 most promising B2B retail tech companies in the world. This marks the second time fabric made the list, having first appeared in the inaugural 2020 edition.
The 2022 Retail Tech 100 cohort highlights startups reimagining the retail experience across 13 categories. This year’s winning companies are working on hyper-personalized shopping, blockchain-powered commerce, autonomous delivery, virtual shopping, and more. 19 countries are represented this year, including India, China, Mexico, Singapore, and the Netherlands, among others.
“By almost any measure, this has been a breakout year for retail tech. We’ve seen skyrocketing funding across the industry, powering companies involved in every aspect of retail from instant grocery delivery to supply chain technology,” said Brian Lee, SVP of CB Insights’ Intelligence Unit. “In 2021 alone, these 100 companies raised $13.1B in funding, an incredibly impressive feat. As the retail landscape evolves, we’re excited to see how the companies on the Retail Tech 100 continue to revolutionize how consumers shop.”
“Unlike our competitors, fabric has built a platform that bends to the needs of our customers, not the other way around” said Faisal Masud, CEO of fabric. “This great recognition from CB Insights is further validation that fabric is the platform to help sellers succeed as the world of retail and digital commerce continues to evolve.”
Through an evidence-based approach, the CB Insights research team selected the Retail Tech 100 from a pool of over 7,000 companies, including applicants and nominees. Selection was based on factors including patent activity, business relations, investor profiles, news sentiment analysis, proprietary Mosaic Scores, market potential, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum. To find out more about the selection process and this year’s winners, join the CB Insights team for a webinar today at 2 p.m. ET.
fabric concluded 2021 with 4.5x year-over-year revenue growth and kicked off 2022 with a $140 million Series C round that pushed its valuation to approximately $1.5 billion. Led by a team of executives with e-commerce expertise accrued from time at Amazon, Staples, Restoration Hardware, Williams Sonoma, and Adobe, fabric provides modern, composable commerce solutions to sellers including Chico’s, GNC, McDonald’s, The Honest Company and more.
Quick facts on the 2022 Retail Tech 100:
- Funding trends: In 2021, these 100 private companies raised $13.1B in equity funding across 109 deals, triple the amount they raised in 2020. So far in 2022, they have raised $2.3B across 15 deals (as of 3/8/22).
- Future market leaders: Nearly two-thirds of the companies on the list are early- or mid-stage companies. There are 20 early-stage companies (seed/angel and Series A) and 43 mid-stage firms (Series B or Series C) in this year’s cohort.
- Unicorns: 36 of the 100 companies (36%) are valued at or above $1B as of their latest funding rounds.
- Top investors: Salesforce Ventures is the most active investor in this year’s Retail Tech 100 companies, with investments in 10 companies across 19 deals since 2017. Tiger Global Management and Insight Partners, which have both invested in 9 companies on the list, are tied for second.
- Global reach: 40% of the 2022 Retail Tech 100 is based outside the US. After the US, the UK and India follow with 6 companies each. Overall, this year’s winners span 19 countries, including Singapore, Australia, China, and the Netherlands.
About CB Insights
At CB Insights, we believe the most complex strategic business questions are best answered with facts. We are a machine intelligence company that synthesizes, analyzes and visualizes millions of documents to give our clients fast, fact-based insights. Serving the majority of the Fortune 100, we give companies the power to make better decisions, take control of their own future, and capitalize on change.
About fabric
fabric is a key component of the modern commerce stack. By democratizing access to best-in-class digital commerce tooling, fabric allows merchants who aren’t served well by Shopify, Oracle ATG, or Salesforce Commerce Cloud (and other hosted platforms) to thrive in an e-commerce world. Customers like BuildDirect, GNC, and MSC trust fabric for its open and modular design that allows them to be live within just a few months without having to replatform. fabric is a force multiplier on retailers’ existing technology investments proven to grow digital revenue by up to 3x. Headquartered in the Cloud Capital Seattle, Washington, with offices and customers around the world, fabric is backed by SoftBank, Glynn Capital, Forerunner Ventures, Stripes, B Capital Group, Greycroft, Norwest Venture Partners, Redpoint Ventures, Sierra Ventures, Innovation Global Capital, Ascend Venture Capital, and Expa. To learn more, visit https://fabric.inc.
Headless Commerce Company fabric Launches B2B Commerce Platform
E-commerce firm fabric hits valuation of $1.5 bln after SoftBank-led funding
Headless commerce company fabric sews up unicorn milestone following new round
fabric Announces $140 Million Series C Funding led by SoftBank
SEATTLE, Wash, Feb. 24, 2022– fabric, a leader in headless commerce, today announced the closing of a Series C funding round of $140M led by Softbank Vision Fund 2, with participation from Forerunner Ventures, Glynn Capital and existing investors Redpoint Ventures, Norwest Ventures and Stripes. This latest round of funding closes a mere 219 days after Series B and values fabric at approximately $1.5B. Concurrent with the funding, Robert Kaplan from Softbank will join fabric’s Board of Directors. In 2021, fabric achieved 4.5x YoY revenue growth.