In a recent interview at CNBC, Adam Goldenberg talked about his company JustFab, its business model and why it changed its name to TechStyle Group. Three years after being established, the company raised close to $85 million as of August 2014. The company received huge funding from multiple investors such as Passport Special Opportunity Fund along with other investors such as Matrix Partners. The recent funding of the business has seen it receive it a total of $300 million, making it grow to become valued at over $1 billion. As such the company has moved to be called a “unicorn.”
Goldenberg recently mentioned how it feels to be in the so-called exclusive clubs of unicorns. He mentioned that while it is great to be a unicorn, it is not easy to remember that when one is at the office. The company has thousands of employees that have dedicated five years of their lives to build the great brand the company is today. Mr. Adam Goldenberg continued to note that while external valuation is important, the employee base and their hard work nature is of more value. The company hasn’t shifted its focus after being valued as a unicorn. Adam noted that the firm has had a smaller impact in the year round compared to their previous rounds.
Adam Goldenberg success in business dates back to being a teenager. He became one of the youngest Chief Operating Officers of a publicly traded company. He later advanced his work to become the co-founder and co-CEO of JustFab. JustFab later renamed to TechStyle, a parent company of many fashion brands such as JustFab, Fabletics, FL2, ShoeDazzle, and Fabkids. TechStyle has increasingly grown to have a large customer base of more than 2,000 employees. The firm is today one of the fastest-growing fashion companies.
At the heart of the enterprise is a VIP membership business model which promises an exclusive personalized experience. Adam Goldenberg recently shared his insights on how he has used personalization to rethink on retail experience. At the start of the business, Mr. Goldenberg had no idea of how to run a fashion setup. What he knew was how to run an e-commerce business. By focusing on the scale of growth, he has transformed the business to become a creative, style team and the best-designed e-commerce fashion platform. People that share the same vision have enjoyed kind of services delivered by the company. Through the leadership of Adam Goldenberg, TechStyle is on the fast path to growth and there is a lot to expect from the company in the recent future.
Learn more about Adam Goldenberg on Vator.TV