Adam Goldenberg On Why JustFab Became TechStyle Fashion Group
Adam Goldenberg recently appeared on CNBC to discuss a change to his company, JustFab. The company was rebranded as TechStyle Fashion Group just this last year, a move that Goldenberg and his co-CEO Don Ressler made because of how he perceives the fashion shopping model is changing. Goldenberg’s company has opened physical retail stores and plans to open more in the future, so shopping in outlet malls is not likely to change. But online branding is something that spurred the popularity of JustFab, and big data analysis in running the company’s inventory has become a mainstay, that Goldenberg and Ressler decided to name the company TechStyle Fashion Group as a signature of what happens when technology meets fashion shopping.
Adam Goldenberg has always been a man who has used technology and marketing to his advantage, starting his first company when he was only 15 years old called Gamer’s Alliance. This company became quite a phenomena, and digital media agency Intermix Media decided to buy it and hire Goldenberg on their technical team. Goldenberg had just barely completed high school when he went to work for Intermix Media, and at only 20 years old he became the company’s chief operating officer. While there, he also met the founder of FitnessHeaven.com, Don Ressler who would become Goldenberg’s friend and primary business partner.
Goldenberg and Ressler began experimenting with various brands and e-commerce business ideas while still at Intermix Media, and they came up with the idea to launch Alena, an e-commerce store that became a hit when MySpace was founded. But in 2005, News Corp took over Intermix Media and Alena went by the wayside. Unhappy with the new management, Goldenberg and Ressler decided to leave the MySpace parent company. In 2006, they founded Intelligent Beauty through which they started several health and beauty product brands.
Goldenberg and Ressler decided to become fashion salesmen in 2010 when the idea for JustFab started taking off. It began with some ideas from friends of theirs in the fashion industry, and soon evolved to hosting functions and other meetings. But the idea to run a VIP member company along with affordable merchandise also resonated well with celebrities such as Kimora Lee Simmons, and later actress Kate Hudson who has become the face of subsidiary Fabletics. As of today, JustFab has become fully independent of venture capital funding and is also valuated at over $1 billion. https://twitter.com/adamgoldenberg?lang=en