Adam Goldenberg and Don Ressler are the founders and co-CEOs of fashion retailing giant, TechStyle Group. This is a conglomerate that incorporates fashion and technology to offer clients high-value brands. TechStyle Group encompasses several subscription-based beauty, accessories and clothing companies. Even though the two entrepreneurs didn’t have prior experience in managing a fashion brand, they have transformed TechStyle Group into a colossus in the industry.
Since its formation in 2010, TechStyle Group has carved a niche for itself by specializing in high-end lifestyle and fashion brands. The firm has similarly endeavored to personalize its clients’ shopping experiences. It boasts a membership portfolio of over four million subscribers. The company mainly sells shoes, clothes, and workout apparel.
What has stood out during the company’s existence is the ability of its co-CEOs to reinvent the fashion industry through innovation, personalization, and vertical integration. The duo oversees all operations besides providing insightful leadership to the conglomerate.
Global Outreach and Innovative Business Model
Despite its tentative beginnings, TechStyle has morphed into a leading player in the online fashion retailing industry. In the process, the conglomerate has also managed to stamp its authority in the global fashion market. Apart from its online store, TechStyle brands are available in physical locations in the US, Germany, Canada, Netherlands, Denmark, the UK, Sweden, and France.
TechsStyle’s major brands include ShoeDazzle, JustFab, FabKids, and Fabletics. The company’s subscription-based business model allows members to choose items that suit their preferences. After that, the company sends them items on a monthly basis based on their styles and preferences. Clients can choose to accept or reject items submitted to them. Upon acceptance, the cost of the item is automatically subtracted from their credit cards. This saves them a lot of time, which would have otherwise been spent visiting fashion stores.
TechStyle’s Funding History
Upon its formation, the company received its initial primary financial backing amounting to 33 million dollars from Matrix Partners, a venture capital firm. In 2012, the investment firm injected a further $76 million into TechStyle. This time round, it partnered with other venture firms including Technology Crossover Ventures and Rho Ventures.
This financial boost enabled TechStyle to acquire brands such as FabKids and ShoDazzle besides expanding its market outreach. Ressler and Goldenberg sought a further $40 million in 2013, which enabled TechStyle to increase its product line. In 2014, a consortium led by Passport Special Opportunity Fund injected $85 million into the firm, thus raising its total capital base to over $250 million. https://onmogul.com/adam-goldenberg