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High-Flying Fab Falls to Earth Buyers are bidding up lots, properties all around the Hudson Yards project CRAIN’S® NEW YORK BUSINESS PAGE 3 VOL. XXIX, NO. 40 WWW.CRAINSNEWYORK.COM OCTOBER 7-13, 2013 PRICE: $3.00 50 High-flying Fab falls to earth Flash-sales site’s rapid growth came at too high a cost. Now it’s rethinking its strategy BY ADRIANNE PASQUARELLI Since its 2011 launch as a daily deal site selling contemporary home furnishings, Fab.com has seen its global revenue jump sixfold, raking in sales of at least $115 million last year, according to reports. It has more than 10 Inside million members and has attracted over $330 million in REVVED-UP venture-capital REVENUE! gettyimages funding. Jason Goldberg But in recent Meet this year’s 50 months, the high- flying favorite has hit some fastest-growing NY headwinds. Amid a sharp decline in Web traffic, it has reinvented its companies, like business model, scaled back expansion Pride Global, led by plans and laid off employees—101 last week alone. Most observers doubt CEO Leo Russell. the company is profitable and liken its struggles to those of the dot-com See what makes boomers at the turn of the century. “You’re a firework when you grow them zoom this quickly, and you’re going to p. 1 5 See FAB on Page 32 It’s true what they say: 40 New Yorkers just can’t drive 5 p. 49 ELECTRONIC EDITION NEWSPAPER 71486 01068 buck ennis 0 EDITOR’S NOTE A nifty 50 FYICRAINSNEWYORK.COM Get a load of this number in our Fast 50 feature that starts on Page 15: 3,436%.That’s how much New Taking the measure York’s fastest-growing company— of the debt-default crisis a conference-space provider called Convene—expanded its revenue he government shutdown is a nuisance, between 2009 and 2012, to $15.6 but the real threat looming in front of million as of last Dec. 31. And how the congressional stalemate is a debt Glenn Coleman T did your business fare in that default. Folks vaguely sense the potential period? Thought so. What I most disaster for the U.S. and global economy, but appreciate about our annual exercise in identifying because such a scenario has never happened, few people understand how it would play out. New York’s hardest-charging chargers (other than bloomberg news the awesomeness of Contributing Editor Elaine The most obvious consequence is that U.S. Pofeldt and Data Editor Suzanne Panara, who Treasury bonds would lose their special status in the markets as risk-free securities.That means steered the project) are the lessons in each company’s the federal government would have to pay higher interest rates to persuade the Chinese and other story. How an opening was spotted, an opportunity big investors to buy its bonds.The deficit would soar. was seized; how management scrambled over and Here’s another nightmare scenario: The Federal Reserve runs a clearing system, called around the inevitable obstacles (especially when your FedWire, through which more than 9,000 banks transfer more than $2.7 trillion to one another business is obstacles, in the case of boot-camp-style every day. Countless numbers of these transactions use Treasury bonds as collateral. FedWire race organizer Tough Mudder, with revenue up doesn’t allow defaulted securities to flow through, according to a recent report by RBC Capital 3,291% over two years, to $75.6 million at the end of Markets, yet delivery systems aren’t designed to identify defaulted Treasury bonds. Default would 2012).The 50 companies profiled on Pages 15 to 31 cause chaos in FedWire and other clearing systems, causing the plumbing of the globe’s financial range from fashion websites to business lenders to markets to seize up. Or, if you prefer, go into cardiac arrest. Rather like 2008. solar-power installers to baby-food makers. Here’s Privately, House Speaker John Boehner (above) has said he would not allow a debt default, but the one constant: Each reported more than 100% he’s shown little control over the situation so far. —aaron elstein revenue growth in the time periods we judged. Speaking of doubling your numbers, my Sept. 30 NY SUES WELLS FARGO. New York stitution. … SOTHEBY’S POISON PILL. Editor’s Note used an outdated estimate for the cost state sued Wells Fargo for failing to Auction house Sotheby’s adopted a HOORAY! abide by the terms of a $25 billion shareholder-rights plan to protect it- BRITISH of last week’s primary runoff for public advocate.The mortgage-servicing settlement, a self from hostile takeovers.The move GRAFFITI ARTIST voting last Tuesday to choose Letitia James or 2012 deal designed to help distressed followed an “angry letter” from BANKSY Daniel Squadron for the Democratic ballot in homeowners avoid foreclosure.State Daniel Loeb,an activist investor who launched a Attorney General Eric Schneider- wants a board seat and called for monthlong November ended up costing an estimated $13 show on man accused the San Francisco- CEO William Ruprecht to resign. New York million, not the $25 million figure I cited.That’s still based bank of imposing unnecessary Mr. Loeb’s Third Point raised its City streets. a lot of taxpayer money, of course, for a citywide post delays on borrowers seeking to mod- stake in the auction house to 9.3%.… with an annual budget of $2.3 million. So, I stand by ify their loans. … STRIKE DELAYS REVLON CEO SWAP. Revlon CEO OPENING NIGHT. my plea for deciding the victor with a coin toss and A demonstration by Alan Ennis resigned, and David OY VEY! the stagehands’ union canceled Kennedy is stepping into the post BANKSY’S first saving the millions for a cause that helps people Carnegie Hall’s season-opening temporarily. Mr. Kennedy, 66, led piece of art in more than politicians. As I noted last week in a concert on Oct.2 and the beauty-product Chinatown, of a young boy congratulatory tweet to runoff winner @TishJames, marked the first ‘It was pretty company from 2006 standing on strike in the venue’s to 2009. … TISH another boy’s “Hope you show us it was money well spent.” history. The Ameri- nerve-racking, JAMES WINS. City back, was immediately can Symphony Or- Councilwoman whitewashed. chestra performed as also because Letitia James defeat- THIS WEEK IN CRAIN’S scheduled the next it had already ed state Sen. Daniel day, and a labor Squadron in a runoff IN THE BOROUGHS-------------------------- 3 agreement was been a pretty for city public advo- reached Oct. 4. … cate. Turnout was company, plans to take Mr. Jacobs’ IN THE MARKETS---------------------------------- stressful week 4 CURTAINS FOR NYC low, but Ms. James firm public within the next three THE INSIDER -----------------------------------------------6 OPERA. The New for everyone’ got 59.4% of the vote. years. His business generates nearly York City Opera filed —Rep. Grace Meng, She is slated to be- $1 billion in sales. … AND TA-TA, ING. CORPORATE LADDER---------------- 10 for Chapter 11 bank- D-Queens, regarding the come the first black The New York Road Runners tapped OPINION --------------------------------------------------------12 ruptcy after falling car-chase incident that led woman to hold city- India’s Tata Consultancy Services as about $5 million to a brief Capitol Hill wide office. There is the new title sponsor for its annual GREG DAVID-------------------------------------------- 13 short of its goal to lockdown no GOP candidate New York City Marathon.The glob- REAL ESTATE DEALS-------------------14 raise $7 million by for the post. … AU al information-technology company Sept. 30. In the filing, the nonprofit REVOIR, MARC. Longtime Louis will replace Dutch bank ING, the CLASSIFIEDS -----------------------------------------42 reported some $5.6 million in debt. Vuitton designer Marc Jacobs, 50, is race’s sponsor for a decade. Financial NEW YORK, NEW YORK ----------49 The opera’s attorney said the compa- leaving the French fashion house to terms of the eight-year deal were not GOTHAM GIGS ny will be liquidated or sold in court focus on his own brand in New York. disclosed. SOURCE BREAKFAST-----------------50 Wedding planner Preston to another cultural or educational in- LVMH, the majority owner of his —amanda fung Bailey brings star power. P. 8 OUT AND ABOUT ------------------------------51 CORRECTIONS (SEE PAGE 46) vol. xxix, no. 40, october 7, 2013—Crain’s New York Business (issn 8756-789x) is published STORIES TO WATCH THIS WEEK weekly, except for double issues the weeks of July Fourth, July 29, Aug. 12, Labor Day and Christmas, by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Postmaster: Send address Oct. 9: City Oct. 9: City Oct. 10-13: Oct. 12-13: changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, Planning hearing Council may New York Annual MI 48207-2912. for subscriber service: Call (877) 824-9379. Fax (313) 446-6777.$3.00 a copy, $99.95 one on proposed vote on Willets Comic Con architectural event year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2013 by Crain Communications Inc. All rights reserved. Bronx Kingsbridge Point, Queens, Open House National Ice Center redevelopment New York 2 | Crain’s New York Business | October 7, 2013 IN THE BOROUGHS MANHATTAN Garment district survivor Ornate 1901 building Bryant Park Studios is full of fashion firms BY KERRY MURTHA The artists that a 10-story Beaux Arts building on the south side of Bryant Park was built to house in 1901 began moving out many FLIPPING: Jeff Katz decades ago.
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