Adam Goldenberg co-founded JustFab along with his friend Don Ressler, entering into a business neither of them knew that much about but one that they decided to get creative with and disrupt the way that others were doing it. There are always companies looking to cut costs on various goods and services, but JustFab specifically targeted online fashion shopping. The company sells stylish outfits at very affordable prices on cnbc.com, and users have special subscriptions that allow them to earn credits that can be used as discounts later and even VIP memberships. JustFab was originally a women’s line, but now they have athletic wear, men’s lines, and even shoes after acquiring Shoedazzle.com.
Adam Goldenberg’s career actually started off with Intermix Media, the company that had started MySpace. Intermix Media had taken an interest in Goldenberg because he had started up a business at only 15, and they could tell he was going to have a very special career on builtinla.com. Goldenberg became the Chief Operating Officer of the company at only age 20, and he began to develop plans for Intermix Media that would help churn profits. He soon met Don Ressler who he quickly became friends with, and the two helped start Alena Media, a major advertising network that helped MySpace gain traction.
News Corp bought out Intermix Media in 2005, and dissatisfied with the new direction the company began to take, Goldenberg and Ressler left and started up their own company. They began meeting in Goldenberg’s apartment with a few other former Intermix Media employees where they bounced ideas off each other, eventually leading to the founding of Intelligent Beauty. This company marketed and distributed various health and nutrition products, as well as cosmetics and beauty. But Goldenberg and Ressler began to explore Women’s fashion, a new field to them but one that they found to be fun.
In 2010, they got JustFab up and running, a fashion company that was going up against major retailers such as Calvin Klein and George Armani, but venture capital funders such as Josh Hannah of Matrix Partners took notice of this model and began to see how customers loved it. Goldenberg and Ressler have been able to acquire over $300 million in venture capital funding which has allowed JustFab to grow operations rapidly. But JustFab also took off thanks to the help of celebrities such as Kimora Lee Simmons who adopted the clothing line, as well as actress Kate Hudson and her brother Oliver.
Learn more about Adam Goldenberg: http://www.matrixpartners.com/entrepreneur-stories/adam_goldenberg/