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Private Buyer Reportedly Acquires Furniture Startup Hem

Hem, the promising furniture brand spin-off of the e-commerce site Fab, has been acquired by a private buyer. Dezeen is reporting that designer and cofounder Petrus Palmér will replace CEO Jason Goldberg, who will leave the company. Hem’s headquarters will move from Berlin to Stockholm, where the company already has offices.

Though details of the deal have yet to be revealed, Dezeen speculates that the two-year-old company has been acquired by Ormand AG, the holding company that owns Swiss furniture brand Vitra. The company has not responded to requests for comment.

via Petrus Palmér Twitter

Goldberg launched Hem in October 2014 with a mission to make high-end furniture design affordable. The company was originally part of his previous venture, the embattled Fab.com that he cofounded along with partner Bradford Shellhammer (who’s e-marketplace Bezar was acquired this week by AHAlife). Before it closed, Fab had acquired One Nordic Furniture where Palmér was creative director and pivoted it into Hem. This past March, Goldberg sold Fab to supply-chain giant PCH in order to concentrate on the furniture startup.

“It has been important to me that Hem continues to grow and thrive with the support of financial backers who are committed to a strong Hem future,” Goldberg told Dezeen. “Petrus has a compelling vision for the future of Hem. I am confident that Hem’s customers, designers, and partners will benefit from these exciting new developments.”

We’ll update the post as we hear more.

[via Dezeen]MM