Since e-commerce was introduced in the fashion industry, companies are gradually transforming the way consumers shop and purchase apparel online. TechStyle, formerly known as JustFab Incorporation is one of the fastest growing fashion retailers in the United States and global. The online fashion retailer is parent company of four major brands, including JustFab, Fabletics, ShoeDazzle, and FabKids. In 2016, Co-CEO Adam Goldenberg and his business partner announced they rebranded the company and changed its name to TechStyle Fashion Group. Mr. Goldenberg appeared on CNBC to share the concept behind the name change and rebranding the company.
TechStyle is one of the first companies to transform the fashion industry into a data-driven and membership subscription program. Adam Goldenberg discussed the program; how they are working to build brands; and challenges companies experience in the fashion industry. He told CNBC TechStyle offers consumers options to shop and purchase apparel at regular retail prices or through the VIP membership model. The membership was enhanced to address issues of the program, which is now opt-in. Goldenberg said what makes TechStyle different from its competitors is their ability to deliver great brands that fashion consumers love.
Adam Goldenberg says the most important thing about building brands is to have passionate customers. TechStyle is about using technology and integration from start to finish and building online brands. He said more than 1 million and half VIP members were referred by their family members or friends. By the end of 2016 fourth quarter, the company reached four million active members, internationally; and over 60 million products were shipped out to customers. Goldenberg ended the CNBC discussion by stating they are able to give back to their customers with savings by accurately forecasting yearly inventory demand.