It is no secret, the marriage between fashion, technology, and e-commerce has been an extremely successful one. In 2016 alone, the total retail e-commerce revenues came to a total of $72 billion, and they are not planning on decreasing any time soon. Startup fashion brands have done it all to keep up with this ever-changing digital world, from out of the box social media campaigns to adopting advanced CRM technology and more popularly, membership programs. One company that has managed to tap into the subscription channel and come out on top is TechStyle Fashion Group with its co-CEOs Don Ressler and Adan Goldenberg.
JustFab, from TechStyle Fashion Group, was the first in the retail industry to launch a membership program for footwear. If you were a VIP monthly subscriber, you would receive more than 30 percent off retail pricing. This deal would also come along with exclusive access to special products, free shipping, loyalty rewards, and promotions. In just the first quarter of 2012, the company had sold more than 2.5 million pairs of shoes.
In the next four years, JustFab went on to acquire FabKids and ShoeDazzle. It then launched Fabletics, together with Kate Hudson. The company’s rebrand to TechStyle felt like a better reflection of the company’s platform and what they planned to achieve.
Techstyle’s co-founder and co-CEO, Adam Goldenberg, has had a 20-year career in startups. His journey began when he started an online bulletin board at the age of 13, which became Gamer’s Alliance, the gaming website. He sold Gamer’s Alliance at age 17 to Intermix, which was MySpace’s parent company. Intermix, in turn, offered Goldenberg the position of COO. This move made him the youngest COO of a public company. After leaving Intermix, he went on to found an early e-commerce site called Intelligent Beauty which ended up spawning several companies which included JustFab.
This year, TechStyle is estimated to earn $700 million in revenue. The company has over 2000 employees and has a whopping 4.5 million members. They are set to launch a new product line mid-2018. There have been rumors of a potential IPO, but Adam Goldenberg and Don Ressler not letting anything out just yet. TechStyle’s success can be visibly seen in its edgy El Segundo corporate headquarters. The energy it exudes is very typical of a thriving startup. They have every intention of continuing to disrupt the industry while giving consumers products that benefit them.