Creativity is Trending at TechStyle.
Three industries are on the rise, e-commerce, technology, and fashion. Last year, revenue from retail e-commerce was at $72 billion. This revenue is expected to increase to $116 billion in the next four years. From adopting social media marketing to implementing CRM technology, fashion brands are exploring all options available to ensure that they capture today’s digital consumer. Membership programs are one of the programs that are being adopted. Its success varies from one company to another but TechStyle Fashion Group has seen tremendous success as a result of this program.
TechStyle Fashion Group is led by Adam Goldenberg and Don Ressler. It is one of the first companies to use subscription programs, yet not many people have heard of it and an even smaller number know the role it plays in marketing and technology.
The first retail fashion membership programed was launched in 2010 by JustFab. Its subscribers enjoyed benefits such as discounts on prices, free shipping, loyalty points, access to special products and exclusive promotions. Within two years, they had 6 million subscribers. The company went on and acquired Shoedazzle and FabKids and expanded into eight countries, among them Germany and the UK. JustFab, together with Kate Hudson, launched Fabletics, and in 2016 JustFab rebranded and changed its name to TechStyle.
Adam Goldenberg has over 20 years of experience in startups. His first startup was an online bulletin board which he started at the age of 13. That board became Gamer’s Alliance, a gaming website. Adam later sold Gamer’s Alliance to Intermix, who later offered him the chief operating officer post at the company. He was only 19 then and became the youngest COO of a public company in history. He later left the company and started Intelligent Beauty, an e-commerce site.
Tim Collins is TechStyle’s Chief technology officer. In an exclusive interview with NewsCenter, he revealed that he had previously worked with the two co-founders, Adam Goldenberg and Don Ressler, and how he was amazed by their focus on building an optimization culture in the fashion industry. He also pointed out that their aim is to satisfy the customers by offering products and user experience that is relevant and more efficient for them. This will, in turn, decrease the cost of acquiring consumers and increase the lifetime value.
The company has invested heavily in technology and is likely to earn an annual revenue of $700 million this year. It has 2,000 employees and its membership stands at 4.5 million subscribers. They are scheduled to launch a new product line mid next year.