Lifestyle fashion company JustFab and online shoe retailer ShoeDazzle – two venture backed companies, merged.
JustFab has raised $109m from investors including Matrix Partners, Technology Crossover Partners and Rho Capital Partners. ShoeDazzle has raised $66m from Andreessen Horowitz, Lightspeeed Venture Partners, Polaris Partners and Crosscut Ventures.
The transaction, whose amount was not disclosed, will enable the two brands to expand their customer base in the United States and further accelerate international and category expansion plans, as well as leverage scale and operational synergies.
According to a note, the combined company is expected to be profitable in 2014.
With the merger, Adam Goldenberg and Don Ressler will continue to serve as co-CEOs of JustFab, which will operate a portfolio of lifestyle fashion brands including:
– JustFab, which offers shoes, handbags, jewelry and denim;
– FabKids, a children’s apparel brand;
– Fabletics, which will launch in October 2013 to offer athleticwear and accessories for modern women, and
– ShoeDazzle, a personal-styling shoe retailer.
President and co-founder MJ Eng will continue running ShoeDazzle, while CEO Brian Lee will join JustFab’s board of directors.
The two brands will be moving in early 2014 to share a new headquarters in El Segundo, CA.
FinSMEs
27/08/2013