Adam Goldenberg, the CEO of TechStyle, previously known as JustFab, was recently interviewed on CNBC on the company’s rebranding. According to Goldenberg, the company has made vast improvements to its fashion subscription service based on the feedback of its customers. Customers who choose to opt into their VIP program are charged a monthly fee, but can easily skip a month. According to Goldenberg, the TechStyle has made it a priority to ensure that customers are always informed of their obligation to visit monthly in order to opt out of a given month.
When asked about what differentiates TechStyle from other online fashion companies, Goldenberg argued that TechStyle is about building brands and not just selling. According to Goldenberg, most current brands in fashion were built at least 30-40 years ago, before the rise of e-commerce on TechStyle.com. He believes there is an opportunity to build brands at an accelerated rate using the online subscription and sales model.
TechStyle is one of the most watched e-commerce start-ups in the world. In 2014, Adam Goldenberg secured $85 million in a single round of funding at a whopping 1 billion-dollar valuation. Goldenberg pointed out that as the company is a specialty realtor, TechStyle handles the entire design, manufacturing, and retail process, which makes it a much more capital-intensive type of enterprise. As a result of the investment at https://www.businessoffashion.com/articles/tags/people/adam-goldenberg, the the company has a springboard to growth, which has allowed it to establish an international operation and open a new distribution facility on the West Coast.
Adam Goldenberg established the company in 2012 with co-founder Don Ressler. The pair then recruited Kimora Lee Simmons of Baby Phat fame as creative director and embarked on an expansion of the company, with several high-profile celebrities running their own lines under the Just Fab/TechStyle brand. The start-up has undergone rapid growth, acquiring a number of smaller companies and going through multiple rounds of financing. In addition, the company also has plans to establish up to 100 physical stores in the United States over the course of the next five years.