Don Ressler and Adam Goldenberg have really made great strides in the online retail industry, and they only started several years ago. They are known to be part of the “unicorn” club meaning they have passed the $1 billion mark. They are the co-founders of JustFab, Fabletics, Intelligent Beauty, etc. As a matter of fact, the 2016 Inc. 5000 ranked JustFab number 679, and they are now worth over $1 billion.
The Name Change of JustFab
In recent news, Goldenberg and Ressler have decided to change the name of JustFab, which was found in 2010, to TechStyle Fashion Group. According to Goldenberg, their name must match their mission at this time. He also noted that over 60 percent of his personnel come from the fashion industry, and that 2015 revenue is over $505 million and 2016 projected revenue is over $650 million.
Ressler and Goldenberg will continue to use the subscription model stating that this model gives a much needed edge to the online retail company in regards to customer retention. They also defended their chose to continue the subscription model by noting that it’s more costly for an e-commerce website to encourage the customer to visit the site.
Read more: JustFab wants to be the next H&M
Data-driven Marketing Helping to Shape TechStyle and its Brands
With this move, the company is going through its tech roots, and they reflect their shift going from one e-commerce site to a global brand building platform having over 4 million members throughout all their four brands. The online retailer is rebranding towards a more edgy and more data driven outlook. Adam Goldenberg describes this move in comparison to Fashion Avenue meeting Silicon Valley. Additionally, this more personalized and tech centric shift arrives when JustFab is trying to reduce the recent controversies concerning the VIP membership subscription service. Several changes of their policy have already been made earlier this year, and they are continually striving to give the best of the best customer service possible on Forbes. Also, they are working on going public with getting one of the most proficient well known executives of a huge company to be their Chief Financial Officer and president. This is to ensure their brand is highly favorable within the market, and thus for customers.