Adam Goldenberg is a California-based entrepreneur. Goldenberg is the co-founder and co-CEO of TechStyle Fashion Group. The company was founded in 2010 as JustFab, Inc. and has grown rapidly over the years. It is now one of the largest online fashion retailers and recently changed its name to TechStyle Fashion Group. This includes the brands JustFab, FabKids, ShoeDazzle and Fabletics.
Adam Goldenberg’s Views on Techstyle Being a Unicorn
In August 2014, TechStyle raised $85 million in its last round funding. This brought JustFab’s total funding to $300million, bringing its valuation to over $1 Billion hence making it a unicorn. Adam Goldenberg said it is great to be recognized as a company that is committed investing in its operations so as to increase its value, but that did not change how they carry out their daily operations. In fact, he said that round of funding did not have as big an impact on their operations as some of the prior rounds. Mr. Goldenberg said the company is now fully funded and its cash flow is positive as all its operations are now running at a profit.
Why JustFab was changed to TechStyle Fashion Group
Mr. Goldenberg recently appeared on CNBC where he discussed the company’s decision to change their name from JustFab to TechStyle Fashion Group. Adam Goldenberg said that the fashion industry has evolved a great deal and TechStyle cannot be compared to other fashion companies that were started decades ago. Today, technology has taken over every industry and the focus is now on e-commerce and social media. TechStyle is trying to build its brands online first. He talked of TechStyle’s VIP membership program, a flexible membership program they created to improve customers’ shopping experience. The new name is also meant to take account of the fact that the company has grown and now has three other brands besides JustFab.
Mr. Goldenberg also said that using data and technology has enabled the company to establish a direct relationship with its customers. It has enabled TechStyle to offer its customers a personalized experience which they very much appreciate. Technology has also enabled the company to make its operations more efficient and minimize risk in the fashion space. They are now able to forecast inventory demand to over 90% accuracy. Accordingly, the company does not hold obsolete inventory and this minimizes the company’s inventory costs and resources wasted holding obsolete inventory. They are able to pass this efficiency on to their customers in the form of savings. Thanks to their improved processes and operations, their customers always get the greatest value for their money as they purchase quality items at very fair prices.
Follow On Fabletics: www.justfab.com