AP ImagesKimora Lee Simmons is President and Creatove Director of JustFab.
JustFab, an online fashion brand and personal style company, has raised $76 million in Series B venture funding as it expands internationally.
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.
JustFab is only two and a half years old, but co Chief Executive Officer Adam Goldenberg tells us the company will generate about $100 million this year.
JustFab expects to generate $100 million in revenue this year and has a goal of reaching $500 million by 2015.
Goldenberg and his 300 employees want to build an H&M or Forever 21 type e commerce 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.
Goldenberg says JustFab is also trying to build a complete fashion brand, not just a shoe brand (although it does ship millions of pairs of shoes per year).
Unlike Beachmint, JustFab is one brand and one site; Beachmint is creating a network of fashion brands.
In addition, JustFab will continue aggressively growing its customer base.
Saroo Buffett is a fashion journalist based in Mumbai, India. Saroo has a passion for fashion stories and loves writing about fashion news and fashion opinions that matters most to its audience. Saroo 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.
