Adam Goldenberg has been referred to as a “business prodigy.” As a teenager, he founded Gamer’s Alliance, which is an internet network of game players and professionals. Goldenberg’s intuition, at such a young age, was golden. Gamer’s Alliance was scooped up by Intermix Media who hired Goldenberg as its Vice President of Strategic Planning. Goldenberg was promoted to be Intermix Media COO, becoming the youngest person to be a COO of a publicly traded company.
At Intermix, Adam Goldenberg met Don Ressler. This chance meeting was a bellwether of much more to come. Goldenberg and Ressler teamed up to become internet sales gurus and fashion sales geniuses. They left Intermix Media and started their trend with the development of numerous successful companies. They fine tuned their Internet marketing skills and chose to market beauty products and cosmetics. This choice opened up a flood of financial opportunities as a result of their co-founding Intelligent Beauty.
Intelligent Beauty was expanded. Goldenberg and Ressler turned up the heat on the internet fashion market and made Intelligent Beauty more of a personal platform in fashion and styling, and JustFab was born in 2010.
Built In LA picked Adam Goldenberg’s brain about JustFab’s best practices and Adam Goldenberg gave up his secrets as to how he drove JusFab’s growth. JustFab had consultants, designers and a subscription model that was affordable. JustFab’s subscribers or members were offered a selection of shoes with accessories, priced at only $39.95 a month.
With investors like Passport Special Opportunity Fund, Shining Capital, Matrix Partners, and Technology Crossover Ventures, JustFab raised $85 million resulting in a possible valuation of $1 billion. By 2014, JustFab’s total capitalization went to $250 million.
JustFab became a top e-commerce subscription company, satisfying its approximately 35 million members all over the world on hudl.com. JustFab has been renamed to Techstyle and is referred to as “unicorn” company which is a name given to businesses that have valuations over one billion dollars.
Other companies were formed such as Fabletics, ShoeDazzle, and Fabkids. Fabletics is a subscription-based online business with its emphasis on fitness apparel or “workout” gear. Fabletics is another example of marketing genius because the fitness apparel is created by Kate Hudson. Fabletics became co-founder Goldenberg’s most successful brand, with over 6 million members.
CNBC has interviewed Goldenberg on JustFabs name change to Techstyle. Goldenberg, speaking like a true guru, stated that Techsytle is about building brands and not just selling.