In 2016, the eCommerce, fashion, and technology sectors accounted for sales revenues of $72B. By 2021, retail e-commerce is expected to bring in revenues of $116B. Here’s a tale of a little-known e-commerce company soon poised to rival the likes of Amazon, Alibaba, and E-Bay. The amazing e-retail company is called the TechStyle Fashion Group.
The TechStyle Fashion Group is run by the dynamic investment duo of Don Ressler and Adam Goldenberg. TechStyle uses the latest CRM technology to understand its members’ unique fashion tastes and preferences. TechStyle tracks the social media footprints of its members to figure out the kind of shoes and apparel they love.
TechStyle made e-commerce history in 2010 by becoming the first footwear brand to have a membership program. VIP members were entitled to price cuts of up to 30% on all products. VIP members got first priority on sales promotions. They also earned redeemable loyalty points for shopping. Free shipping was also included in the VIP package deal. Consumers instantly fell in love with the TechStyle Group. The sales figure skyrocketed to clock 2.5 million pairs of shoes by 2012.
As the fashion group expanded, it gave rise to new subsidiaries. By 2016, the TechStyle Fashion Group comprised of JustFab, ShoeDazzle, and FabKids. It owned fashion boutiques in places like German and the U.K. 2016 was also the year when the remarkably talented and gorgeous supermodel, Kate Hudson joined JustFab.
According to TechStyle’s Chief Marketing Officer, Gold, the startup has a unique open-door management policy with the over 2,000 employees. In 2017, JustFab is well on course to hitting sales revenues of $700M. Its membership stands at over 4.5 members.
Gold remained tight-lipped when asked whether there were any IPO plans in 2018. The CMO just quipped that holding an IPO was an option and anything could happen, in the future.
Meet the Owners
Adam Goldenberg began investing at the tender age of just 13 years. By 18, he’d created and sold a million-dollar gaming company, Gamer’s Alliance. The buyer, Intermix was so impressed by the young tech impresario that they offered him the position of COO. Upon assuming office, Adam went into the history books as the youngest ever COO of a publicly traded tech company. He was just 19 then. Adam’s entrepreneurial spirit saw him leave Intermix after a couple of years. He went on to start successful e-commerce websites like DermStore, Intelligent Beauty, and JustFab.
Don Ressler is a serial entrepreneur with a brilliant track record of creating successful e-commerce startups. TechStyle’s Co-CEO and Co-Founder sold his first company, FitnessHeaven.com to Intermix Media in the late nineties. Don was instrumental in growing the valuation of Intermix Media to a whopping $670M before it was acquired by News Corp.