Securing $139 Million In Funding – Well That’s JustFab.com
Champagne toasts and stiletto stomping is in order for super popular and ultra-chic fashion subscription site Justfab.com. Why, you may ask? Well, the company just raised $78 million in C-Round funding–led by Rho Ventures–to bring its fabulous funding total to $139 million. It doesn’t hurt that the president and creative director is the fashion-branding and catwalk-dominating powerhouse Kimora Lee Simmons, and the co-founders are Myspace vets Adam Goldenberg and Don Ressler. But, I can see how the site is addicting for its millions of users.
Miss Fabulosity Herself
If you’re a fashion brand, there are few people you would want more on your team than Kimora. The woman has some serious fashion and business skills. Let’s do a quick cred run-down:
- Modeling contract for Chanel at 13
- Former president and creative director of billion dollar brand Baby Phat
- Author of Fabulosity: What is it and how to get it
- Star of Kimora: Life in the Fab Lane
Needless to say, she’s got some bones in the bank and fashion forte to offer. But, she’s not the only reason Justfab.com is so sensationally popular; The site is addicting for bargain fashionista newbies and wannabies, and the user base just keeps growing, and growing, and growing….
JustFab is Fast Fashion
JustFabulous—or JustFab—was incubated and launched in 2010 by parent company Intelligent Beauty and has since seen a remarkable growth in users and revenue—we’re talkin’ half a million users a month and a projected $100 million in revenue this year (up from $28 million in 2011). It’s in the “fast fashion” category of footwear (think Nine West NOT Jimmy Choo). Currently, there are 4-5 million pairs of shoes ordered through the site.
Here’s how it works:
- Essentially, it’s a shoe and handbag club
- You first take the style profile
- You’ll then find out if you’re bohemian, classic, conservative risk-taker
- Based on what celebrity you’re like, the JustFab stylists will choose shoes or a handbag they think you’ll like
- Each month you get an email with different styles and you only buy what you love (but you’re “required” to buy)
- Everything is $39.95 and shipping is free
Of course, you can do it a la carte style, with prices ranging from $49 to $79.
It’s now time for JustFab’s international rollout. After the very successful launch in Germany, the site is hitting the global catwalk with a UK launch set for September. The cool $78 million in recent funding will be a nice first-class ticket for the international efforts.
According to Goldenberg, the funding will also help to expand JustFab beyond shoes and handbags, to compete with the likes of H&M and Zara.
I just did my style profile, but didn’t get past the sign-up form. I can imagine I’m boho classic. If you want to be part of JustFab.com’s “VIP” club, go take your style profile and sign up. Candy for your closet, apologies for your bank account.