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With eyes looking westward, fashion subscription e-commerce company JustFab today announced a $40 million series C round led by Hong Kong-based Shining Capital Management with participation from existing investors. The growing company recent forays into new fashion categories and international markets have contributed to its rise in subscribers.
"JustFab is experiencing unprecedented growth worldwide as we continue to deliver high quality products at amazing prices," said Adam Goldenberg, JustFab Inc. co-CEO, in a statement. "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."
Launched in 2010 as a footwear provider, JustFab has since diversified its wares, now offering products ranging from handbags to children’s apparel for $39.95 a month. Not only that, the company also recently opened a retail location in Glendale, Cal., a unique move for an subscription e-commerce brand.
Today, JustFab customers number fully 35 million across the globe, thanks to a portfolio of brands including the eponymous JustFab, FabKids and ShoeDazzle, which it acquired in August.
Next, the JustFab team aims to expand its affordable yet fashionable subscription service to Asian markets, making Shining Capital Management an ideal investor. “Adam and Don [Ressler, co-CEO] 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."
Within the last year, JustFab made its service available to shoppers in Canada, Germany, the United Kingdom, France and Spain. With the new funds, the company will seek out additional growth opportunities as well as potential acquisitions.
