EL SEGUNDO, Calif.–(BUSINESS WIRE)–Feb 25, 2019–TechStyle Fashion Group, the brand-building platform operating popular brands including JustFab, Fabletics, Savage X Fenty, FabKids and ShoeDazzle, announced today that its global VIP membership has exceeded five million active members, making it one of the largest membership-based fashion companies in the world. The milestone caps a momentous year for TechStyle, in which the company expanded its brand portfolio, surpassed $750 million in annual revenue and experienced double-digit growth in retail.
TechStyle pioneered membership commerce in 2010 through the launch of its first direct-to-consumer brand, JustFab. TechStyle set a new standard for membership programs by championing a more flexible, inclusive iteration of the concept that allowed the company to offer high quality and stylish collections on a monthly basis at an unsurpassed value. The VIP membership program has gained a loyal base in more than 12 countries around the world, many of whom have become passionate evangelists for TechStyle’s growing portfolio of brands.
“The VIP Membership program has allowed TechStyle to build a closer, more meaningful relationship with our global customer base,” said Adam Goldenberg, TechStyle Fashion Group Co-CEO and Co-Founder. “The program’s benefits have driven customer satisfaction across our brands to levels previously unattainable in fashion, while also enabling unprecedented business efficiencies. Scaling the program to more than five million members has created new opportunities for enhancing every aspect of our business, from inventory management and distribution to merchandising and customer support.”
The VIP membership fosters genuine loyalty because it is free to join and adapts to members’ shopping preferences. Customers join the membership to gain access to steep discounts on all products, free shipping, and personalized style suggestions. In return, members are asked to visit the brand site or store once a month to preview the new collections and decide whether to buy or skip the month. Members who miss a month are provided a brand credit which never expires. This value exchange between TechStyle brands and its members drives the company’s efficient business cycle, allowing for more affordable prices and less obsolete inventory.
The transformation of TechStyle Fashion Group into a global brand-building technology platform reached the pinnacle of success in 2018 when it partnered with global superstar Rihanna to enter the intimates category through the launch of Savage X Fenty. Using its brand-building platform, including propriety FashionOS technology and suite of expert services, TechStyle Fashion Group launched Savage X Fenty across 12 countries on a single day, challenging the $30 billion global lingerie industry with its entirely new approach to building fashion brands.
Continuing its efforts to reimagine retail, in 2018 TechStyle expanded the use and capabilities of OmniShop, its proprietary omnichannel solution that facilitates a seamless customer shopping journey from online to offline. Powering Fabletics’ 25 stores, OmniShop contributed to the brand’s accelerated growth as it reached $300 million in annual revenue by gleaning customer insights from in-store experiences. With same-store sales experiencing a 24% increase year-over-year and plans to expand its retail footprint to 100 stores, TechStyle’s fastest-growing brand shows no sign of slowing down.
In 2018 TechStyle also launched a platform to inspire women and girls called the Impact of Women. Partnering with renowned photographer Amanda Demme, the campaign showcased the stories of stories of fearless women who have led by example. With women making up more than 60% of TechStyle executive positions, the campaign sought to extend the company’s mission of female empowerment to girls around the world.
TechStyle’s innovative operations, leadership and culture were recognized throughout the year by prominent organizations and publications, including:
Retail TouchPoints’ Store Operations Superstar Awards
– TechStyle received the highest honor in the category of Digital Transformation for its retail strategy.
– TechStyle Co-Founder and Co-CEO Don Ressler was named to the annual Glossy 50 list recognizing the year’s 50 biggest changemakers in fashion for the company’s launch of Savage X Fenty.
Great Place to Work
– For the third consecutive year TechStyle’s culture was certified as a Great Place to Work for its efforts to foster an inclusive and collaborative work environment.
ABOUT TECHSTYLE FASHION GROUP:
TechStyle Fashion Group is a global fashion and lifestyle company founded in 2010 to deliver access, quality and style for unprecedented value. TechStyle Fashion Group uniquely merges advanced technology with the latest fashion trends to offer an entirely new shopping experience to millions of customers worldwide, including 5 million VIP Members, through a portfolio of apparel and shoe brands. TechStyle Fashion Group is reimagining the business of fashion through data, personalization and vertical integration to benefit the modern shopper. TechStyle Fashion Group’s brands include JustFab, Fabletics, ShoeDazzle and Fabkids, and are available in the US, Canada, the United Kingdom, Germany, France, Spain, Sweden, Denmark and the Netherlands. TechStyle’s newest addition, Savage X Fenty is available worldwide at SavageX.com.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: OTHER CONSUMER RETAIL FASHION CONSUMER
SOURCE: TechStyle Fashion Group
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PUB: 02/25/2019 12:30 PM/DISC: 02/25/2019 12:30 PM