Adam Goldenberg is a successful businessman and the co-CEO of JustFab Inc. Following JustFab’s successful year, Built in LA recognized him as one of the three CEOs you ought to know. In 1999, he sold Gamer’s Alliance to Intermix Media. At the time, the gaming network was two years old. In 2006, Goldenberg established Intelligent Beauty, an internet-branding platform. Subsequently, he created JustFab, four years after founding Intelligent Beauty.
In a short time, JustFab has gained exceptional traction. In 2013, it raised $55 million to enhance its operation. Additionally, the company purchased ShoeDazzle, a shoe discovery service. Presently, its own program for celebrity stylist membership is used in over five countries. The company is also increasing its offerings with new undertakings like Fabletics, an athletic brand.
Speaking on what other entrepreneurs can learn from how he has run JustFab, Adam noted there is the need to understand the market. The company has also adapted well to its business. He went on to posit that they observe data and other crucial information on a daily basis. This strategy helps them to identify any deviations from the norms and undertake corrective actions in time.
Additionally, he asserted that he has been a firm believer of openness within his organization. By sharing numbers with his team, whether good or bad, it helps each one of them to understand the tactical changes that are required. While speaking about their hiring strategy, Adam Goldenberg contended that they focus on the candidate’s passion. This is in addition to focusing on what they sale rather than how to sell it. These factors have enhanced the company’s success in the competitive market.
In August 2014, JustFab raised $85 million in a funding round spearheaded by Passport Special Opportunity Fund. Existing investors like Matrix Partners and Shining Capital also participated in that round. This fund brought the company’s total funding to $ 300 million. It also turned the firm into a unicorn, which is a company that has a valuation of more than $ 1 billion. When asked how he feels to be part of the $1 billion club, Goldenberg noted that they never view themselves as a unicorn. Adam asserted that all the credit should go out to the team of hard working professionals that are committed to creating excellent brands. The team is also dedicated to making the company’s customers happy. Recently, JustFab rebranded to TechStyle Fashion Group. It aims to reinvent the fashion business industry by engaging each customer and delivering trendy outfits at an affordable price.
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