International Expansion Fueling JustFab Inc.'s Fast-Paced Growth
JustFab, the World's Largest Fashion Subscription E-Commerce Company Tops Three Million Members in Europe
Raises $40 Million in Series C Funding to Continue Bringing Fast Fashion to Millions of Consumers Across the Globe
EL SEGUNDO, Calif., Sept. 26, 2013 /PRNewswire/ -- JustFab Inc., the worldwide leader in fashion subscription e-commerce, today announced record growth driven by its aggressive category and international expansion. Launched in 2010 as a fashion brand offering women's footwear, JustFab Inc. has since expanded into multiple categories including handbags, denim, jewelry, and children's apparel, with additional categories to be announced. JustFab also recently became the first fashion subscription e-commerce company to move into brick-and-mortar retail with the opening of its flagship boutique at the Glendale Galleria.
JustFab Inc. also announced $40 million in Series C funding led by Hong Kong-based Shining Capital Management to further its expansion plans for offering the latest fashions at affordable price points to consumers all over the globe.
"JustFab is experiencing unprecedented growth worldwide as we continue to deliver high quality products at amazing prices," said Adam Goldenberg, JustFab Inc. co-CEO. "We are adding over 400,000 new members every month in Europe, proving that our value proposition and subscription model resonates with shoppers all over the world."
JustFab Excels Abroad, Track Record of Success Leads to $40 Million Series C
Within the past year, JustFab has established its international presence, extending its service to Canada, Germany, the United Kingdom, France and Spain. In Europe alone, JustFab has garnered more than 3 million members, and continues to surpass its goals and add record numbers of members every month.
With plans to increase the range of its product offerings and to push further internationally, JustFab Inc. will use the capital to provide cash flow for future acquisitions and other opportunities for growth. In addition to Shining Capital Management, existing investors Matrix Partners, Rho Ventures, Technology Crossover Ventures (TCV) and Intelligent Beauty participated in the round.
"We are excited to have Shining Capital join us as a new international partner who can offer expertise and insight into new opportunities in Asia and other parts of the world as we examine the potential for new markets," said Don Ressler, JustFab Inc. co-CEO.
"Adam and Don have built JustFab Inc. into the dominant force in fashion e-commerce both in the US and abroad in just three years," said Xiangwei Weng, founder of Shining Capital. "They are first-class entrepreneurs, and we are excited to be working with them as they apply their impressive expertise and vision to new global markets which have tremendous growth potential, such as China."
JustFab Inc. now reaches over 35 million members worldwide through its portfolio of lifestyle fashion brands including JustFab, FabKids, and ShoeDazzle, all of which offer a personalized and curated shopping experience with styling advice and outfit recommendations from style experts and fashion consultants.
About Shining Capital Management
Shining Capital is an investment management company managing a pool of charitable assets donated by one of the most influential entrepreneurs in China. With approximately $500 million of assets under management, Shining Capital's team of 22 investment professionals has been working with entrepreneurs with proven successes focusing on areas that hold promises for long-term superior growth. Taking advantage of continued strong growth in China's consumption markets, Shining Capital focuses its efforts in technology-empowered modern consumption in China, including areas such as e-commerce, modern agriculture, organized restaurant chain management, education, entertainment, and health care.
About JustFab Inc.
Founded in 2010, JustFab Inc. is a lifestyle fashion company that offers an engaging and personalized shopping experience to over 35 million members worldwide through its portfolio of brands including JustFab (www.justfab.com), FabKids (www.fabkids.com), and ShoeDazzle (www.shoedazzle.com). JustFab continues to change the way women shop for fashion all over the world, giving members in the US, Canada, Germany, the United Kingdom, France and Spain the celebrity treatment every month as they receive a new and customized selection of shoes, handbags, jewelry and denim. FabKids is a leading children's apparel brand that offers busy parents a new way to keep growing kids in stylish, affordable and ready-to-play outfits. Devoted to pampering their clients with world-class service, ShoeDazzle offers "Daily Fix" deals and both exclusive ShoeDazzle-label and designer-brand styles.
SOURCE JustFab Inc.