Adam Goldenberg, the co-CEO of the superbrand fashion wear, JustFab, is expecting big things from his new fashion membership company. His expectations are backed by years of experience with past companies. Names such as Gamer’s Alliance, Intermix Media and Intelligent Beauty all bear the stamp of Goldenberg’s business expertise.
If the past and present give any indication of what is to come, then JustFab is on its way to superstardom within the fashion industry on LinkedIn. In 2013, the company was able to raise $55 million in order to purchase ShoeDazzle, an innovative shoe service company. JustFab also recently launched its athletic brand, Fabletics, which has been competing successfully so far with online retail giants like Amazon and offline retailers like Walmart.
So what is the secret behind Goldenberg’s and JustFab’s speedy rise in the fashion world? Below is a summary of Adam’s business practices and principles that have helped JustFab become the number one brand in athletic fashion wear.
Numbers Don’t Lie
Adam Goldenberg has always been a metrics guy. He believes that one can tell a lot about a company by the numbers it puts up. That is why he always insists on checking JustFab’s stats on a daily – sometimes hourly – basis. By doing so, potential problems can be spotted quickly and any needed changes implemented efficiently. Numbers, Goldberg believes, gives a company transparency which keeps everyone on the same page.
JustFab has a team dedicated solely to customer feedback. Since Adam Goldenberg feels that this one area can make or break merchandising decisions for a company, an entire management department has been delegated to this task. In the beginning, Goldenberg and crew made some pricing errors with their merchandise. They found out through feedback that their customers were willing to pay $39.95 for handbags and shoes but not for jewelry and glasses. They were quickly able to rectify the mispricing errors and satisfy their customers with across-the-board value.
Focus On The Product
Instead of spending too much time on selling the product, Goldenberg thinks that it is more pertinent to focus on creating a good product that sells itself. JustFab designs and manufactures their products according to their member’s suggestions at https://www.facebook.com/adamgoldenberg, and so are able to maintain a high standard of quality and value at the same time. Adam believes that if a company focuses all its energy on the sales side of the business and neglects the quality of its actual product line, then customers will most likely go somewhere else to find a brand that lives up to their standards.
About Adam Goldenberg
Adam Goldenberg started his business career as an entrepreneur at the tender age of 14. Since then he has gone on to become the youngest COO of a publicly traded company and helped start and run various innovative companies, including the recent JustFab, Inc. JustFab is the parent company to many unique fashion brands: Fabletics, FL2, ShoeDazzle, and Fabkids.
Goldenberg’s core business principles include personalization and data analysis, which he incorporates routinely throughout all his businesses. These two core practices have made JustFab one of the fastest growing fashion brands in history.