The worlds of technology, fashion, and e-commerce are exploding. The total revenue in retail e-commerce in 2016 was $72 billion and is expected to hit $116 billion by 2021. Startup fashion brands are increasingly looking for ways to keep up with today’s digital- savvy consumers. They have adopted advanced CRM technology and embraced social media as a market channel. TechStyle Fashion Group is one of the pioneers of subscription programs. Over time, it has emerged top in online retail sales. However, almost no one knows about TechStyle’s role as a technology and marketing trailblazer. It is led by co-CEOs Don Ressler and Adam Goldenberg.
TechStyle Fashion Group began as JustFab in 2010. It launched the first fashion membership program for footwear in the retail industry in 2010. Clients enjoyed over 30 percent off the retail price after subscribing to TechStyle’s VIP monthly subscription. It came along with loyalty reward points, exclusive access to special products, and free shipping. In just two years, JustFab had reached six million subscribers and sold over 2.5 million pairs of shoes. Over time, JustFab acquired ShoeDazzle and FabKids in an attempt to expand its operation in Germany and the United Kingdom. Later on, Adam and Don Ressler teamed up with Kate Hudson to launch Fabletics. In 2016, JustFab changed its name to TechStyle, a name that reflects the company’s position as a reemargining platform in the fashion retail.
Adam Goldenberg, a co-founder of TechStyle began his 20-year career in the fashion industry at the age of 13 years. He started with Gamer’s Alliance, an online bulletin board that converted into a gaming website. Four years later, Adam Goldenberg sold his gaming website to Intermix, the parent company of MySpace. Upon the merger, Intermix appointed Goldenberg as the company’s Chief Operating Officer at the age of 19 years, making him one of the youngest COOs in history. Afterwards, Goldenberg left Intermix to start Intelligent Beauty, which is an early e-commerce site. Over time, Intelligent Beauty spawned several other startups including JustFab and DermStore.
TechStyle Fashion Group has invested heavily in technology. It has also innovated its marketing and product selection techniques. TechStyle Fashion Group launched a customized styling system that pairs personal stylists with sophisticated algorithms with the aim of offering a better shopping experience. Over time, TechStyle has grown to become a leader in predictive analytics, one of the trends affecting the fashion industry. Moving forward, TechStyle wants to invest heavily in machine learning and personalization.