Adam Goldenberg and Don Ressler, the co-CEOs of a billion-dollar fashion company recently announced they are changing the company name to TechStyle Fashion Group. The name is being changed not because Goldenberg is planning to change the business model, but is actually improving it. He and Ressler had began rolling out data analytics in their marketing strategy and using that to determine what their customers’ interests were. In other words, TechStyle is integrating fashion shopping into the high-end technology phase even more rapidly with this new name. Goldenberg has already had physical retail stores for TechStyle started to add to its former online-only presence, and he plans to add about 100 more around the nation in the next 5 years.
Adam Goldenberg was actually part of the original team at Intermix Media, the company that started MySpace. He had previously started Gamer’s Alliance back when he was in high school in the mid 1990s, and Intermix Media was a growing company at the time when they bought Gamer’s Alliance. Goldenberg had become chief operating officer of Intermix Media when he was still only 20, and for the first 5 years working there it looked like Intermix Media and later MySpace was going to become an unstoppable force.
Goldenberg met Don Ressler, the founder of FitnessHeaven.com and the two began working together on marketing businesses under Intermix Media’s roof. Goldenberg and Ressler’s businesses were essentially the only part of Intermix Media that was bringing in revenue, but when News Corporation bought out the company in 2005, those businesses were ignored. Goldenberg and Ressler were unhappy with the new direction News Corporation was taking things, so they left the company and decided to start their own.
Goldenberg and Ressler’s first parent company was Intelligent Beauty, under which they started up various cosmetics and health products. In 2010, they got the idea to start a fashion retail company that would sell clothing lines at a highly discounted price and with special membership benefits. That company became JustFab, starting out as a distributor of women’s fashion lines, but then buying subsidiary companies including FabKids, ShoeDazzle, Fabletics, FL2 and FabMen.
Joining JustFab was model Kimora Lee Simmons, someone who took a keen interest in what Goldenberg and Ressler were doing and adopted it as her own brand. Actress Kate Hudson and her brother Oliver also joined JustFab. The company became a billion-dollar enterprise in 2013 when after a series of $285 million in venture capital combined with the sales income to make it a “unicorn.”