JustFab is becoming a big name in the fashion world, even more so because actress Kate Hudson is heading up one of their subsidiaries Fabletics. But even more so than their membership bonuses and VIP program on wikipedia.org, they’ve been able to harness data analytics to help meet customer needs. As a result of the big data analytics, their CEOs Adam Goldenberg and Don Ressler have decided to rename the company to TechStyle Fashion Group. Goldenberg has felt this name is more fitting to the company based on their end objective, bringing silicon valley and fashion runway together to make something unique.
Adam Goldenberg has put a lot of ideas into JustFab in the few years it’s been in existence, but he has quite a history of doing the same at every other place he’s worked. While he was still only in high school, Goldenberg started tapping into the power of running a business online, something that even at that time was a relatively new concept on rgtadvisors.com. He founded Gamer’s Alliance, a website that caught the eye of Intermix Media. Intermix Media is the company that later started MySpace, and they hired Goldenberg before he even decided to attend college. He was the youngest Chief Operating Officer on a publicly-traded company at the time he assumed that role at Intermix Media. Goldenberg also worked closely with Don Ressler and became good friends with him. Ressler had previously founded FitnessHeaven.com.
Read more: TechStyle’s data-driven fashion – CNBC Video
Goldenberg and Ressler both had the idea to build an advertising network along with an e-commerce division at Intermix Media, and that’s when they built their first company together, Alena Media. That company was phased out when News Corp bought Intermix Media, so Goldenberg and Ressler both decided to leave the new MySpace social media juggernaut at https://twitter.com/adamgoldenberg?lang=en. Out of Goldenberg’s own home, they started Intelligent Beauty, an incubator company for several cosmetic and health product brands. In 2010, they decided they were going to launch a fashion company out of Intelligent Beauty, and that became JustFab.
JustFab became successful because Adam Goldenberg and Ressler saved on high spending advertising costs, and through their subscription model made the trendy fashion designs affordable. Model Kimora Lee Simmons liked this new company, so she joined them and became the Creative Director for some time, and then actress Kate Hudson joined the Fabletics division. JustFab has received over $285 million in venture capital during its time, enough to drive it to being valued over $1 billion, and today it’s cash-flow independent.