The wildly successful company, JustFab Inc, announced a name change to TechStyle. Co-CEO Adam Goldberg spoke to CNBC about the goal of changing the name after seeing such massive success. He has always put technology first when it comes to customers and is proud that his companies have all focused on digital marketing as a way to meet customer needs. The change of name further cements that his companies will continue to utilize data and digital media to innovate. JustFab was founded in 2008 by Goldenberg and has since grown to have 400 million members across the world.
The company has been called a “unicorn” after gaining an incredible $300 million in funding in 2014 and receiving a valuation of more than $1 billion. Goldenberg spoke at a Splash Oakland event and gave his perspective on being labeled a “unicorn” company. He humbly said that while he and his leadership staff don’t place a huge amount of value on the term or let it go to their heads, the external validation of being called a unicorn company means a lot when he sees all the people that have worked for years to bring JustFab to the position it is in now. However, he said that his focus will stay on continuing to ensure he is building great brands and providing products that make customers happy, not on external titles or praise.
Another of Goldenberg’s companies, Fabletics, which is widely known for a membership model that allows customers to receive an outfit of high quality, trendy athletic wear. The company recently announced that it was upping its distribution game by expanding its size offerings to include sizes that would fall in the plus-size category. This expansion of its line of athletic apparel is designed to allow women of all sizes to have access to fun and quality athletic wear. The goal of Fabletics is to provide a truly great product that makes women feel good about their bodies as they exercise, and the company believes that this should apply to all women. This is another example of how Goldenberg and his leadership team continue to innovate and expand and look for needs in the marketplace, even after a company has seen such massive success as Fabletics has. The company was launched just three years ago and since then has sold $250 million in merchandise and has a subscriber base that spans the globe.