JustFabulous, which sells shoes and fashion accessories online through a subscription program, say it has raised $33 million in new funding.
Matrix Partners led the investment round, with Technology Crossover Ventures and fashion and TV celebrity Kimora Lee Simmons also taking part. Josh Hannah from Matrix Partners will join the retailer’s board of directors and Simmons will become president and creative director. The retailer says it plans to use the new funds to expand globally and into new merchandising categories.
"We have found the right partners that share our enthusiasm for creating a new and fun way for women to shop for fashion online," says Adam Goldenberg, CEO of JustFabulous. "We are thrilled to continue our work with Technology Crossover Ventures and now Matrix Partners and Kimora Lee Simmons to expand our brand and offer our members the best in fashion, social commerce and online innovation."
Similar to other subscription-type e-commerce sites like ShoeDazzle.com or HauteLook’s new subsidiary SoleSociety.com, shoppers on JustFab.com fill out fashion personality quizzes and then receive six personalized shoe and handbag recommendations each month based on their answers. All products cost $39.95 and shoppers can either buy one or more of the suggested items, opt to skip purchasing anything that month, or request new recommendations. If subscribers do not make a choice by the 5th of the month, they will be automatically charged $39.95 and receive a credit they can use in the future. Shipping is free.
JustFabulous launched in March 2010 and has 2.5 million members, the retailer says.
"We believe this space will experience explosive growth in the coming months, and the JustFabulous team is poised to transform the fashion industry," says Josh Hannah, general partner at Matrix Partners. "As the team continues to execute its vision, this will be an exciting company to watch."
Private sale site HauteLook is No. 156 in Internet Retailer’s Top 500 Guide and in February of this year was acquired by Nordstrom Inc., No. 34, for $180 million.