Adam Goldenberg And The Evolution Of Justfab
Adam Goldenberg founded JustFab Inc. in 2010 with partner and co-CEO Don Ressler. JustFab is an online fashion merchandiser focusing on jewelry, shoes, handbags, and denim. The site offers a subscription service, guiding its members through the shopping experience based on the preferences indicated. Kimora Lee Simmons joined the JustFab leadership team in 2011 as president and creative director.
JustFab, which changed its name to TechStyle Fashion Group in 2016, encompasses various brands, namely JustFab, Fabletics, ShoeDazzle, and FabKids. The company also created an inclusive-sizing campaign to launch its plus size ready to wear collection.
According to Goldenberg on Vator.tv, the decision to rebrand JustFab to Techstyle is rebranding resulted from the need to capture the company’s evolving scope. In the beginning, the company only operated the JustFab brand: it has since grown to encompass other brands as mentioned above.
Adam Goldenberg is not a stranger to successful entrepreneurial ventures on businessoffashion.com. He sold his first company, Gamer’s Alliance, to Intermix Media in 1999. He then became COO of Intermix Media, which owned MySpace.
Teaming up with Don Ressler for the first time in 2001, they formed Alena Media. An e-commerce venture, Alena Media generated hundreds of millions in profit and later bought by News Corp as part of Intermix Media acquisition.
In 2006, Goldenberg partnered with Ressler again to form Brand Ideas, which later became Intelligent Beauty. The new company’s direct-to-customer business model led to the launch of online cosmetics store DERMSTORE.
Two years after this, they also began SENSA, a weight loss regime. The third brand launched under Intelligent Beauty was JustFab, which gained about four million members in 2011, with this number growing to 10 million by 2013.
Built in L.A mentioned Goldenberg one of the three top CEOs in Los Angeles. Looking at the growth that TechStyle and née JustFab managed to gain in a relatively short amount of time, one has to agree with that characterization. See: http://www.builtinla.com/2014/01/18/3-la-ceos-you-need-know-now-adam-goldenberg-justfab
Adam Goldenberg attributes their success to innovative marketing, using celebrities and other influencers to publicize their products; investing in a capable staff; and embracing the power of the Internet, especially in tracking metrics and solving customer complaints as soon as they arise.
The success of this strategy is quite apparent. In 2014, the company raised 85 million dollars in funding in an endeavor spearheaded by Passport Special Opportunity Fund at https://www.instagram.com/adamgoldenberg/. This brought their total capitalization up to 250 million dollars and a valuation of approximately one billion dollars.
The company has also expanded operations internationally to have a presence in Canada, United Kingdom, Germany, France, and Spain. They also plan to open 75 to 100 physical locations in the next five years, up from the current six.