AP ImagesKimora Lee Simmons is President and Creatove Director of JustFab.
JustFab, an online boutique that personalizes every user’s shopping experience, has raised $76 million.
Intelligent Beauty has their sights set on growing by 50 percent to over $600 million in revenues by 2013.
Intelligent Beauty put the first $30 million into the company and Matrix Partners led a $33 million Series A.
The new Series B round was led by Rho Ventures with participation from Matrix Partners, Technology Crossover Ventures and Intelligent Beauty.
Last year, the company made $28 million in revenue; this year, Goldenberg said he expects it to be closer to $100 million.
Our long term vision is to create the next H&M- or Forever 21 type brand.
JustFab has more than 120 fashion consultants who create the personalized boutiques.
Since there’s no designer or retailer in the equation, JustFab can afford to sell high quality items at very low prices.
JustFab has 6 million users and Goldenberg says 500,000 new customers are joining every month.
So whether they’re shopping or skipping, users always have to visit JustFab at least once per month; JustFab never has to re acquire its customers.
The company frequently gets compared to other LA startups, ShoeDazzle and Beachmint.
For starters, ShoeDazzle did away with its monthly subscription model a few months ago.
JustFab, which launched in 2010, said it’s been able to attract 6 million members by having in house fashion consultants design styles manufactured exclusively for the brand, as well as by providing a subscription plan that lets “VIP members” purchase monthly items for $39.99.
Unlike Beachmint, JustFab is one brand and one site; Beachmint is creating a network of fashion brands.
Adam and Don have aggressively grown JustFab’s membership base, both in the US and abroad.
Daniel Scuderi is a fashion journalist based in Brisbane, Australia. Daniel has a passion for fashion stories and loves writing about fashion news and fashion opinions that matters most to its audience. Daniel spends a lot of time discovering and researching latest fashion industry news stories in order to make sure the latest and greatest stories are brought to you first on Stylerchic.com.