If you’re a regular shopper at JustFab, you may have noticed a change that happened there recently. The company has been renamed to TechStyle Fashion Group, a decision that CEOs Adam Goldenberg and Don Ressler thought would be a good move going forward. One reason for this change is that JustFab is now self-funded and has not needed any more venture capital. And they’ve used a lot of data analytics and special algorithms in their interface as part of a more tech-based approach. Most of JustFab’s sales come through the internet, but they have opened some physical store locations and plan to open many more in the near future.
Adam Goldenberg and Don Ressler co-founded JustFab in 2010, but they had been business partners for quite a few years before. Goldenberg had been the Chief Operating Officer of Intermix Media, a company that hired him straight out of high school when they bought out his business, Gamer’s Alliance. Goldenberg had developed a knack for marketing and sales, and Intermix Media saw a lot of growth during the time he worked for them. Intermix Media was the parent to MySpace, the social media giant of the mid 2000’s and Goldenberg decided to build an ecommerce hub for them along with his friend Don Ressler. Goldenberg and Ressler’s company, Alena Media did pretty well, but News Corp bought out Intermix Media in 2005 and wasn’t interested in that company. Unhappy with the direction things were going in, the two men decided to leave Intermix Media.
Goldenberg and Ressler started Intelligent Beauty first, a distributor of several health and beauty products. They were happy with the sales this company was making, but they still had bigger and better ideas. They decided to go all in on the fashion world and soon launched JustFab, a company that started of selling women’s attire, but then branched into other outlets including athletic wear in their Fabletics subsidiary, and shoes when they bought out ShoeDazzle, and then added men’s brands. Goldenberg and Ressler saved costs on the company by eliminating marketing expenses, and made their fashion very affordable. The company gained bigger publicity when model Kimora Lee Simmons joined the company, and later actress Kate Hudson joined the team too. JustFab was given a boost of venture capital first from Matrix Partners and Crosscut Ventures, and within a few years they had raised over $285 million in capital, pushing them over the $1 billion mark by 2014. https://angel.co/adam-goldenberg