Rocket Internet planning to shut down Fabfurnish, Printvenue?

It is reported that Rocket Internet who is associated with fashion etailer, Jabong and Food Panda, is hunting for new Indian partners for Fabfurnish and Printvenue. The news has not been confirmed by Rocket Internet, but there is a strong feeling that if partners are not found quickly then closure is on the cards for these two online brands sooner rather than later.

Fabfurnish

Fabfurnish burst on the scene early in the online furniture space, but has struggled to compete with the likes of Pepperfry and UrbanLadder who are both surging forward. In August last year, a report stated that Fabfurnish started to make quite a number of employees redundant and also reduced warehouse space. Furthermore its decision to move to a marketplace model has not reaped the desired rewards.

“If Rocket Internet does not find any Indian company to hand over the furniture business to, it will be left with no other option but to exit the business. It is moving in that direction,” stated one anonymous source.

Printvenue

There were reports surfacing last year that Jabong was likely to be sold off to either Amazon or Snapdeal, although nothing concrete materialised. It is now understood that Rocket Internet also tried to sell Printvenue to competitor Vistaprint, but the deal did not transpire.

“Vistaprint didn’t find it viable and Rocket Internet will now shut Printvenue by March-end,” another source said.