Be passionate about what you do, have a great product and, maybe most important, surround yourself with a phenomenal team is a quote by the start-up entrepreneur, Adam Goldenberg. Adam began his career as the founder of Mitzvah money. In 1994, he set up the online announcement platform before turning it into a gaming portal two years later. The new site, Gamers Alliance, was acquired by Brett Brewer, the president of Intermix, in 1997.Brett then hired Adam and promoted him to be the COO of Intermix while he was 19 years old. Adam holds the record of the youngest COO working for a public firm in history.
Brett then bought FitnessHeaven.com, a company owned by Don Ressler. In 2005, News Corp acquired Intermix, prompting Don Ressler and Adam Goldenberg to round up their previous team at FitnessHeaven.com and create Intelligent Beauty. The first brand under the new firm was DERMSTORE, an online skincare, and cosmetics shop. They then launched a weight loss program in collaboration with Dr. Alan Hirsch and Brett Brewer. They new brand, SENSA added to the high profits collected from Intelligent Beauty’s ventures.
In 2008, the firm received funds from Technology Crossover Ventures, $43 million in the total count.
In 2010, Intelligent Beauty expanded its ventures by creating JustFab. The enterprise’s growth is the result of support by a $33 million funding from Matrix Partners and Kimora Lee’s leadership as the creative director.
By April of 2012, JustFab had a subscription of six million members. In June of 2012, the brand accepted additional funds from Rho Ventures, Crossover Ventures, Matrix Ventures and Intelligent Beauty, amounting to $76 million in total. In January 2013, JustFab added FabShoes as its subsidiary company. It then set up Fabletics in October 2013 with the use of a series C funding round. In August 2013, JustFab bought ShoeDazzle. Fabletics increased its capital to $250 million with funds raised by Passport Opportunity Fund, Matrix Partners, Shining Capital and Technology Crossover Ventures.
Recently, JustFab rebranded their company with a name change. The new name, ‘TechStyle Fashion Group’ is a reflection of their beginnings in the tech industry and evolution to acquiring 4 million VIP members in all their four online companies. Adam Goldenberg recently discussed the name change on CNBC. He commented that the new identity marks the incorporation of fashion with Silicon Valley. In 2014, JustFab entered the $1 billion club, making it a unicorn. Adam commented that the company and its employees are humbled to have earned the status and continue to dedicate their lives to growing the company, daily.