When Adam Goldenberg and Don Ressler co-founded Fabletics, that was a response to the pressing concerns and human needs. Americans consumers spent more than $ 44 billion in the year 2016, on active wear purchasing.
Based on the growing active wear consumption trend, it was projected the gross expenditure was going to double by the year 2010, reaching well over $ 83 billion yearly. Learn more about Adam Goldenberg: http://video.cnbc.com/gallery/?video=3000543492
Despite that massive growth curve, only a small number of companies had dominated that space in the market. As it’s anticipated in every industry where only a small number of companies have a monopoly that’s not challenged, the consumers are victims of exploitation.
The companies that are dominating rake in enormous profits while the consumer ends up settling with the smallest competitive value at an extremely high price. Fortunately, in 2013, active wear consumers noted an important industry change upon Fabletics entry.
Fabletics was a story that was inspiring of innovation plus consumer-specific brand. Fabletics didn’t add to the regular active wear passive lines, but a revolution in products of the active wear.
Goldenberg and Ressler co-operated with the personalities of the high-end consumer, among them was Kate Hudson, an actress, to pioneer an option for women that was competitive. The focus became the main concerns that the modern woman undergoes when she’s purchasing active wear, this has never happened.
In all the consumer groups, women are the ones who suffered the most, with standardized quality and insufficient products of active wear that infrequently served their needs, they were also expensive and unattractive.
Consequently, what Goldenberg and Ressler had seen was a market need that required an intervention urgently. At that time, the two owned the company called TechStyle Fashion Group.
Thus, TechStyle rose to that new challenge and began to respond to women cry across the United States, and internationally.
The idea became a mission to create a comfortable, attractive, functionally athletic, that was still a brand of clothing fashionable for women despite their color preference, shapes, or sizes. That led to Fabletics, based on the thriving business TechStyle had already become. Read more: TechStyle CEO Adam Goldenberg Talking Name Change on CNBC
JustFab was formed in the year 2010. JustFab is currently known as TechStyle Fashion Group. It changed its name to draw attention to its roots in technology. The headquarters of TechStyle is located in El Segundo, California. It’s called a unicorn because it has succeeded in achieving what others could have considered rare and difficult.