Chief Executive Officer of TechStyle, formerly known as JustFab, attended an interview session on CNBC to discuss the corporations re-branding. He stated that the company had made advancements on its subscription services based on their customers’ feedback. For the customers who opt to enroll in their VIP program, they are expected to pay a certain fee at the end of every month but are allowed to skip a payment at least for a month. He continued to say that the company has prioritized always to inform their customers to pay a monthly visit so as to emit a certain month of payment.
After Mr. Goldenberg had been asked about what makes TechStyle stand out from other online based fashion companies, he said that their aim is not only to sell brands but also build them. He is confident that they have a chance to create brands at a fast rate with the help of a sales model and online subscription. Back in 2014, Adam directed a funding which they managed to raise $85 million during a valuation of $1 billion. He stated that TechStyle is an enterprise that is capital-intensive as it handles all its retail, manufacturing, and design processes.
Mr. Goldenberg founded the company alongside Don Ressler in 2012. They later recruited a creative director, Kimora Simmons, among other celebrities so as to run their lines under their firm. They have undergone massive growth and also acquired several small companies which go through a couple of rounds of investing. The company is also planning to set up an average of 100 stores in the USA in the coming five years.
Shawn Gold, a newly recruited corporate marketing officer, developed the new industrial name, TechStyle, which was inspired by the brands ShoeDazzle, JustFab, Fabletics, and Fabkids. At this position, his role is to oversee the efforts of the brands so as to ensure consistency with the corporate identity. Gold mentioned that they have only been building the business without putting in enough focus. He continued to state that many companies which deal with online fashion are normally less steak and more of sizzle.
After raising the $85 million, Don Ressler stated that the obtained money was not going to change them regarding their operating methods. He has always believed that to build a great business, one ought to create value rather than building towards a certain outcome. Their aim is to build a $3 billion- $5 billion Company despite the much work they have to do so as to eliminate the distractions. http://rgtadvisors.com/bio/adam-goldenberg/