Adam Goldenberg is the co-founder of a company that spun out of his old parent company, Intelligent Beauty. The company is TechStyle Fashion Group, though they’re better known by their original name, JustFab. The company recently became a “unicorn”, the fancy way for saying valuated at $1 billion after a final $85 million of venture capital was brought in. Goldenberg certainly is happy to see the progress his company has made since its founding at http://www.bloomberg.com/research/stocks/private/person.asp?personId=1477272&privcapId=37181322, but by no means does he allow unicorn status to dictate where his company goes. To him, it’s more of a landmark along the way to opening more doors in the fashion industry.
Adam Goldenberg first started marketing in the gaming industry when he founded Gamer’s Alliance at only age 15. Gamer’s Alliance became sought after by a mass marketing and soon to be social media company, Intermix Media, the founders of MySpace. Goldenberg joined the company in 1998 and soon became their Chief Operating Officer. As COO, Goldenberg started building subsidiary companies designed to bring in revenue to Intermix Media. He became friends with Don Ressler who had founded FitnessHeaven.com. Goldenberg and Ressler’s biggest achievement on Twitter while working at Intermix Media was founding Alena, an e-commerce branch of MySpace.
Goldenberg and Ressler decided to leave Intermix Media because News Corp had bought them out and were taking the company in a direction Goldenberg and Ressler did not want to go in. They started up Intelligent Beauty, a parent company to several health and cosmetic brands on cnbc.com, and an incubator through which they would start future endeavors. They ran Intelligent Beauty for about four years, then in 2010 they spun a brand new fashion chain out of it. This is how JustFab got started.
Goldenberg and Ressler didn’t really know much about fashion when they got into it, but they had a clear direction they wanted to go in, and were able to find success. They attracted the intention of Matrix Partners, one of the first venture capital companies to start funding them, and soon JustFab started expanding operations to new markets. They started buying up subsidiaries such as ShoeDazzle and Fabletics, and even actress Kate Hudson adopted Fabletics as her personal clothing line. JustFab also opened physical stores in the following years, and then decided to change the name to TechStyle because they started using big data analytics as part of their customized shopping interface.