Adam Goldenberg has an extensive history as a business man. He sold his first company to the parent company of Myspace, Intermix Media in 1999. He became one of the youngest COOs of this publicly traded company after he quit high school. Intermix Media was acquired by News Group for $650 million. After this acquisition, he started a new venture with his business partner. At this young age of 20 years old, he began his relationship with his now business partner Don Ressler.
In 2006, the company Intelligent Beauty was formed by Goldenberg and Ressler. They officially began their foray into the health and beauty ecommerce industry. Later on they decided to expand the brand and integrate a social interaction layer with fashion and began JustFab Inc. They hired style consultants and designers and initiated their monthly subscription model across the brand. The goal was to keep engagement high instead of simply selling shoes.
Kimora Lee Simmons joined into the venture early on, enticed by the company’s potential. The partnership with Simmons resulted in more social media interaction as Adams Goldenberg and Ressler planned. Now JustFab continues to offer its tailored, customizable services to women around the world and generate millions of dollars in revenue. Goldenberg has successfully created a company that leads the charge regarding the online subscription model.
Currently JustFab has over 35 million members and is active in over 7 different countries. JustFab Inc. has become an umbrella company for FabKids, Fabletics, and Shoe Dazzle. Goldenberg credits his success to being metrics driven and able to learn quickly. Merchandising decisions on wikipedia.org are based upon a team put together for the purpose of receiving feedback from customers. He knows his customers well, what they are willing to pay $39.95 for and what they are not. Goldenberg states, “We have a team dedicated to understanding our members and use their feedback to guide our product…”
Another credit to success can be attributed to his ability to choose team members that are passionate about the vision of JustFab and only focusing on these top performers. Goldenberg has also had a great deal of success raising capital and had a funding round in 2014 that resulted in $85 million. He didn’t stop there, JustFab has obtained over $300 million in funding resulting in a valuation of over $1 billion dollars. This makes the company very unique and part of a special club of companies with a valuation this high. JustFab has brought itself up to the ranks of Forever 21, The Gap, Abercrombie, and H&M. JustFab has opened a test store and plans to open more in the future, although more and more retail dollars are being spent online at http://www.racked.com/2016/2/15/10995348/fabletics-stores-kate-hudson.