This story is part of CNBC Make It’s The Moment series, where highly successful people reveal the critical moment that changed the trajectory of their lives and careers, discussing what drove them to make the leap into the unknown.
Most CEOs might be pessimistic if their company lost more than half of its valuation. For Faire co-founder and CEO Max Rhodes, the feeling is more akin to relief and optimism that his business’ best days could still lie ahead.
Faire is an online wholesale marketplace that connects artisans and other independent brands with small retailers looking for new products to sell in their stores. It was most recently valued at $5.2 billion following a secondary share offering in November — less than half of its peak valuation of $12.59 billion, which it achieved post-money after a May 2022 fundraising round, a Faire spokesperson says.
Rhodes and his co-founders — Marcelo Cortes, Jeffrey Kolovson and Daniele Perito — launched the company in 2017 and quickly raised over $1 billion during the ensuing five years. The attention from investors was alluring, and soon, the company was chasing “vanity metrics” while growing headcount to 1,200 employees, Rhodes says.
“We got addicted to the growth rates,” says Rhodes, 39.
