If you didn’t know yet, JustFab one of the hottest fashion retail companies out there, is now changing its name to TechStyle Fashion Group. This move is part of a grand plan that CEOs Adam Goldenberg and Don Ressler have to make it into something special through using special data and a great user experience. JustFab has already been a hit with its social media integration and membership options, and this name change is just another piece of the puzzle. Goldenberg also wants to continue opening physical retail stores so that more customers can get an up close and personal look at the merchandise.
Adam Goldenberg really knew very little about fashion when he and Ressler started up the company. Originally they both were part of the MySpace parent company, Intermix Media. Goldenberg first joined Intermix Media when they bought out his company, Gamer’s Alliance back in 1998. He was only 18 when he first started at Intermix Media, but he would do such an incredible job working there that he got promoted very quickly. While working there as chief operating officer, he teamed up with FitnessHeaven.com founder Don Ressler, a man who was also an expert marketer and who would build several companies with Goldenberg marketing health and beauty products. Most notably they formed Alena Media, an e-commerce branch of the company that helped generate a lot of revenue.
Goldenberg and Ressler decided to leave Intermix Media in 2005 because News Corporation had bought them out, and the two didn’t like where things were headed there. So they first founded a home-based company called Intelligent Beauty from which they marketed and sold several cosmetics and health supplement brands. In 2010, they decided to build a fashion retail company that would offer an experience unlike any that was currently being offered, and that company became JustFab.
JustFab was receiving the endorsements and support from many people who loved its affordable prices and fun shopping experience, but it also needed some venture capital. So Josh Hannah at Matrix Partners helped start the initial offering, and soon many other venture capital suppliers were coming on board as well. Goldenberg and Ressler’s company had also been initially targeted towards female shoppers, but soon they added subsidiary companies such as FabMen, Fabletics 2, and even FabKids. In 2013, the company became a “unicorn” after the latest surge of sales venture capital put its valuation at over $1 billion.