It looks like for LA CEO wunderkind, Adam Goldenberg, has yet another success with his latest business venture. That company is JustFab and it has seen some great growth since it was first founded by Goldenberg and his partners in 2010. The company has been a success for a couple reasons. The first being the innovative business model and the second being the practical knowledge and expertise that the founder brings to running the business.
In 2010, Goldenberg saw the success that VIP membership shopping companies were having. He thought “why couldn’t that work in the fashion industry?”. That’s what led him to found the company JustFab. JustFab is a VIP membership company that is dedicated to bringing its customers great deals on clothing and fashion accessories.
Members of the company’s service pay a membership fee on builtinla.com. This payment can be made monthly or on a yearly basis. It is whatever is best for the customers. Sometimes the membership can be more affordable if it is all bought at once and paid for on a yearly basis. Members of the website will receive huge discounts on different fashion items. Goldenberg has partnered with a lot of popular brands to make the company’s services very desirable for just about any consumer. The ingenious business model of JustFab is the cornerstone of its success. The company couples its great sales with some top-notch funding. The company raised over 50 million in revenue last year alone. The success can also be attributed to the experience of its founder as well.
Goldenberg has used that experience to guide his actions more than ever. He understands that importance of metrics more than ever after learning and growing from his past two successful companies on cnbc.com. He has the intelligence to know when to stick with a product that is working. He also has the wisdom and lack of ego to abandon a product or idea that he may have had if it is not performing as well as he had hoped that it would. This is a skill that a lot of young CEOs have not yet developed.
Goldenberg cultivated these skills through his last two successes. The first was the gaming network “Gamer’s Alliance”. This was his first notable company. He built it and sold it in 1999 before starting the brand incubator “Intelligent Beauty”. He ran the brand incubator until 2010 when he founded the clothing membership company at http://www.matrixpartners.com/entrepreneur-stories/adam_goldenberg/.