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TechStyle Fashion Group

From Wikipedia - Reading time: 9 min
TechStyle Fashion Group
Type of site
Private
Available inEnglish
FoundedMarch 2010 as JustFab Inc.
Country of originUnited States
Area servedUnited States, Canada, United Kingdom, Germany, France, Spain, Sweden, Denmark, Netherlands, Australia, Belgium, Austria
CEOAdam Goldenberg
Key peopleDon Ressler and Adam Goldenberg, Founders
IndustryE-commerce
ProductsShoes, handbags, jewelry, denim, activewear, lingerie, children's apparel
ServicesFashion membership, marketing, merchandising
Divisions
URLwww.Techstyle.com
RegistrationRequired
Users5 million[2]
Current statusActive

TechStyle Fashion Group, formerly JustFab Inc., is an online, membership fashion retailer that has a portfolio of five direct-to-consumer brands including JustFab, FabKids, ShoeDazzle, Savage X Fenty, and Fabletics.[3][4][5] Its brands carries selections of shoes, handbags, jewelry, lingerie, activewear, and denim.[6][7] It offers a personalized shopping experience based on members' indicated fashion preferences.[8] As of 2019 the company has over 5 million paying VIP members, earning revenues of $800 million.[2][9]

History

[edit]

TechStyle Fashion Group, originally operating under the name JustFab, company was founded by Don Ressler and Adam Goldenberg in March 2010.[8] Its portfolio of brands collaborate with celebrities and influencers to build capsules that resonate with their consumer base.[10] In recent years, TechStyle Fashion Group's brands have collaborated with Demi Lovato, Kelly Rowland, Maddie Ziegler, Rita Ora, and Normani.[11][12][13][14]

In August 2019, TechStyle Fashion Appointed former Chief Media Officer Laura Joukovski to the company’s new President of Global Fashion Brands.[15] In February 2020, TechStyle Fashion Group announced the appointment of Meera Bhatia as President of Expert Services.[9]

In August 2020, TechStyle Fashion Group partnered with philanthropy, Good360. JustFab and ShoeDazzle donated $1.5 million worth of clothing apparel with the purpose to lessen excess inventory waste.[16]

JustFab

[edit]
Main article: JustFab

In August 2016, the company was officially rebranded from JustFab, Inc. to TechStyle Fashion Group.[17] JustFab was spun out as one of the company’s brands under the TechStyle collection of brands.[17] A television show about TechStyle brand JustFab and Simmons titled "Kimora: House of Fab" premiered on the Style Network in January 2013. The show covered daily life at the JustFab offices, Simmons’ role as president and creative director, and the duties of the company's marketing, merchandising, and public relations departments.[18][19]

JustFab continued international expansion into Spain and France after acquiring The Fab Shoes in May 2013.[20]

In 2016, JustFab launched an "all size" campaign to promote that it's ready-to-wear collection would now include sizes XS to 3X, 24-34 and 16W- 24W.[21]

In August 2017 JustFab was issued an ASA ban for luring customers into a subscription via a promotion on its website.[22]

In November 2019, TechStyle appointed Daria Burke as Chief Marketing Officer of JustFab.[23]

In 2020, JustFab was included on Elite Daily’s list of plus-sized brands to try.[24] In July 2020, TechStyle Fashion Group Named Nina Fuhrman Chief Merchant for JustFab and ShoeDazzle.[25] Singer Kelly Rowland produced a capsule for office clothing and lounge wear through JustFab in 2020.[26]

FabKids

[edit]

In January 2013, TechStyle, then JustFab, acquired children's fashion-subscription company FabKids. Despite the similarity in their names, there was no previous association between the two companies.[27][28] In September 2020, Entertainment Tonight Online named FabKids on a list of the best kids shoes on the market.[29]

Shoedazzle

[edit]
Main article: ShoeDazzle

TechStyle (then JustFab) acquired rival shoe subscription service ShoeDazzle in August 2013, but the two companies continued to run as separate brands.[30] In July 2020 ShoeDazzle was recognized by Forbes for its personalized loyalty program following collaborations with Jessie James Decker, Erika Jane, Porsha Williams and Aliya Janell.[31]

Fabletics

[edit]
Main article: Fabletics

Fabletics, an online athletic wear retailer, was founded by Adam Goldenberg, Don Ressler and Kate Hudson in July 2013. In 2015, Fabletics was TechStyle's fastest growing label. [32][33]

In April 2019, Fabletics expanded to brick and mortar retail with its first store in Soho, Manhattan.[34] Fabletics has opened 50 North American stores with eight of these locations opened after COVID-19 restrictions lifted in June 2020.[34][35] In April 2020, Fabletics expanded to menswear, signing Kevin Hart as an investor and the face of the new brand.[35]

Savage X Fenty

[edit]
Main article: Savage X Fenty

In May 2018, TechStyle partnered with Rihanna to launch Savage X Fenty, a lingerie, sleepwear, and accessories brand for women and men.[36] The original launch in 2018 included four capsule collections in the main line, and the brand expanded and launched numerous capsules, often with celebrity partners Normani and Lizzo.[36] Associated with diversity and body-positive messaging, Savage X Fenty bras are available from a 32A to 44DD, with lingerie, undies, and loungewear coming in sizes from XS to 3XL.[36] Savage x Fenty has also made headline news for the last three consecutive years during New York Fashion Week, with the brand’s fashion shows frequently being dubbed as a highlight of the week.[37] In March 2020, Fast Company named Savage x Fenty one of the 10 most innovative style companies of 2020, alongside brands such as Madewell and Levi Strauss & Co.[38] In October 2020, Savage x Fenty launched the brand’s first menswear collection with Christian Combs, which debuted at the 2020 Fashion Show during New York Fashion Week.[39]

Funding

[edit]

In 2011, TechStyle (operating under the name JustFab) received $33 million in funding from US venture capital firm Matrix Partners.[8][40] In 2012 the company received an additional $76 million from Matrix Partners, Rho Ventures, Technology Crossover Ventures, and Intelligent Beauty[41] and expanded its operations internationally to Canada, Germany, and the UK.[42]

In September 2013, TechStyle's CEOs Adam Goldenberg and Don Ressler announced that the company closed $40 million in its third round of funding to accelerate its already-fast international growth and enter new product categories.[43]

In August 2014, TechStyle (then called JustFab) closed an additional round of funding for $85 million which was led by Passport Special Opportunity Fund and included participation from existing investors Shining Capital, Matrix Partners, and Technology Crossover Ventures.[44] The additional round of funding brought the company's total capitalization to $250 million.[45]

Membership

[edit]

TechStyle’s Fashion Group operates a membership model — a subscription-like offering in which consumers are offered the opportunity to become members to one or more of the TechStyle brands to get discounted prices and other perks, such as exclusive clothing items.[46] Member prices fluctuate across brands.[47][48] Members of JustFab, Shoedazzle, and Fabkids pay $39.95 per month while members of Fabletics and Savage pay $49.95 per month.[48] The registration process requires members to complete a survey regarding their fashion preferences. At the beginning of each month, a member can choose one of the selections, request new options, or skip the month altogether without charge.[49][50]

In February 2019, TechStyle reached more than 5-million members.[51][52][53]

References

[edit]
  1. ^ "Is Rihanna's Savage X Fenty Lingerie Turning Its Hype Into Sales?". Business of Fashion. Retrieved 27 October 2020.
  2. ^ a b "TechStyle claims more than 5M active members". Retail Dive. Retrieved 27 October 2020.
  3. ^ "Is Kate Hudson's 'Fabletics' A Scam?". HuffPost. 2015-09-30. Retrieved 2021-01-21.
  4. ^ Maheshwari, Sapna (2020-02-11). "Rihanna's Lingerie Line Accused of Deceptive Marketing". The New York Times. ISSN 0362-4331. Retrieved 2021-01-21.
  5. ^ Bain, Marc. "Rihanna's Savage x Fenty site uses a shady trick to sign up more members". Quartz. Retrieved 2021-01-21.
  6. ^ "Tons Of People Have Gotten Screwed Over By Kate Hudson's Company Fabletics". BuzzFeed News. Retrieved 2021-01-21.
  7. ^ "Customers complain about Rihanna's 'scam' lingerie company". The Independent. 2020-02-13. Archived from the original on 2022-05-26. Retrieved 2021-01-21.
  8. ^ a b c Tomio Geron, Forbes. "Former Intermix COO Raises $33M For Fashion Brand JustFabulous." Sept 21, 2011. Retrieved Feb 22, 2012.
  9. ^ a b "TechStyle Fashion Group Names Meera Bhatia President of Expert Services". www.businesswire.com. 2020-02-04. Retrieved 2020-03-05.
  10. ^ "Musicians Navigate New Opportunities in Fashion". Sourcing Journal. Retrieved 27 October 2020.
  11. ^ "ShoeDazzle teams up with Rita Ora". Fashion United UK. Retrieved 27 October 2020.
  12. ^ "Fabletics Launches New Activewear Line with Demi Lovato". Los Angeles Business Journal. Retrieved 27 October 2020.
  13. ^ Rachel Brown, Women's Wear Daily. "JustFab Links With Avril Lavigne's Abbey Dawn Line." Feb 7, 2012. Retrieved Feb 22, 2012.
  14. ^ Sacramento Bee. "JustFab.com Announces Exclusive Collection with Online Fashion and Beauty Gurus Elle and Blair Fowler." October 16, 2012. Retrieved Oct 22, 2012.[dead link‍]
  15. ^ "TechStyle Fashion Appoints New President of Global Fashion Brands". WWD. Retrieved 27 October 2020.
  16. ^ "Behind TechStyle's New Recurring Apparel Donation Program". WWD. Retrieved 29 October 2020.
  17. ^ a b "JustFab No More: Recasting Itself As TechStyle Fashion Group". Inc. Retrieved 28 October 2020.
  18. ^ TechCrunch. "Kimora: House Of Fab Brings TV Audiences Behind The Scenes At Fashion Startup JustFab." January 23, 2013.
  19. ^ WWD. "Kimora Lee Simmons' New TV Gig for JustFab." November 27, 2012.
  20. ^ PandoDaily. "JustFab acquires The Fab Shoes in search of European domination, approaches $250M revenue rate." May 23, 2013.
  21. ^ Nieder, Alison. "New Sizes for JustFab". Retrieved 2016-12-14.
  22. ^ Stewart, Rebecca. "Shoe club JustFab hit with ASA ban after luring customers into 'subscription trap'", thedrum.com, August 16, 2017, accessed September 12, 2017
  23. ^ "Power Moves: MAC Cosmetics Names Marketing Lead, Tiffany Hires Ex-CEO of Barneys". Business of Fashion. Retrieved 27 October 2020.
  24. ^ "12 Plus-Size Fashion Brands To Try In 2020 That Won't Break The Bank". Elite Daily. Retrieved 27 October 2020.
  25. ^ "Nina Fuhrman Named Chief Merchant for JustFab and ShoeDazzle". Apparel News. Retrieved 27 October 2020.
  26. ^ "Kelly Rowland Teams Up With JustFab for a Crazy Chic Collection — See Our Favorite Looks". Us Magazine. Retrieved 29 October 2020.
  27. ^ TechCrunch. "JustFab Acquires Subscription-Based Kids Clothing Service FabKids." January 18, 2013.
  28. ^ PandoDaily. "Mother and child reunion: JustFab buys FabKids." January 18, 2013.
  29. ^ "The Best Kids Shoes: Sandals, Sneakers and More from Amazon". Entertainment Tonight. Retrieved 28 October 2020.
  30. ^ UpStart Business Journal. "Why the JustFab-ShoeDazzle merger was a fashion do." August 22, 2013. Archived February 21, 2014, at the Wayback Machine
  31. ^ "How This Company Revolutionized The Online Subscription Service With Stars Like Jessie James Decker". Forbes. Retrieved 27 October 2020.
  32. ^ Bhasin, Kim. "JustFab Is Reviewing Customer Service Practices as Complaints Pile Up". Bloomberg. Retrieved 19 April 2016.
  33. ^ O'Connor, Clare. "Fabletics, Kate Hudson's Controversial Athleisure Brand, Plans To Open 100 Stores". Forbes. Retrieved 19 April 2016.
  34. ^ a b "Fabletics, the Activewear Brand from Kate Hudson, Launches NYC Pop-Up Shop". TechCrunch. Retrieved 29 October 2020.
  35. ^ a b "Kevin Hart to Be Face of Fabletics Men's Line". WWD. Retrieved 29 October 2020.
  36. ^ a b c "Four Takeaways from Rihanna's New Lingerie Spectacle". The New York Times. Retrieved 27 October 2020.
  37. ^ "inside the Epic World of Rihanna's Savage x Fenty". Vanity Fair. Retrieved 27 October 2020.
  38. ^ "The 10 most innovative style companies of 2020". Fast Company. Retrieved 27 October 2020.
  39. ^ "Rihanna Launches Men's Collection of Savage x Fenty Featuring Brand Ambassador Christian Combs". Black Enterprise. Retrieved 27 October 2020.
  40. ^ Leena Rao, "Gilt Groupe Investor Matrix Partners Leads $33M Round In Fashion Retail And Styling Platform JustFabulous.", TechCrunch.com Sept 21, 2011. Retrieved Feb 22, 2012.
  41. ^ Ingrid Lunden, "JustFab Just Nabbed Another $76M To Take Its Fashion Platform International And Beyond Shoes.", TechCrunch.com, July 26, 2012. Retrieved Aug 1, 2012.
  42. ^ AllThingsD. "JustFab Raises $76 Million to Get Ahead in the Frothy Fashion Business." July 16, 2012.
  43. ^ "JustFab sews up $40M to become a global fast-fashion empire". Venturebeat.com. 26 September 2013. Retrieved 5 June 2017.
  44. ^ "JustFab raises $85M at what sources say is a $1B valuation". Pando.com. 28 August 2014. Retrieved 5 June 2017.
  45. ^ Carney, Michael. "JustFab raises $85M at what sources say is a $1B valuation". Pando. Retrieved 19 April 2016.
  46. ^ "Fabletics Backs Brick-and-Mortar Growth With OmniSuite Platform". Pymnts. 30 January 2020. Retrieved 27 October 2020.
  47. ^ "Fashio Site JustFab Buys Christina Applegate Company FabKids". Silicon Beat. Retrieved 27 October 2020.
  48. ^ a b "We may never know how many people have accidentally signed up to pay Rihanna $50 a month". Vox. 28 August 2019. Retrieved 27 October 2020.
  49. ^ "How JustFab Works". JustFab. Retrieved 27 October 2020.
  50. ^ Tricia Duryee, AllThingsD. "JustFabulous Secures $33 Million to Make Subscriptions Fashionable Again." Sept 21, 2011. Retrieved Feb 22, 2012.
  51. ^ "TechStyle hits 5 Million Members for Its Retail Empire". TechCrunch. 22 February 2019. Retrieved 28 October 2020.
  52. ^ Andrea Chang, Los Angeles Times. "Online shoe clubs are in step with fashion-forward women." Dec 29, 2011. Retrieved Feb 22, 2012.
  53. ^ Yeung, Ken (18 January 2013). "JustFab gives its 10 million members access to children's clothing with acquisition of FabKids". The Next Web.
Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/TechStyle_Fashion_Group
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