JustFabulous Gets New President Kimora Lee Simmons And a Blingin’ $33MSeptember 23, 2011
by Meghan Kelly
JustFabulous, an online style of the month club, announced a $33 million first round of funding from Matrix Partners today and the addition of fashion mogul and celebrity Kimora Lee Simmons (pictured right) as the company’s new president and creative director.
Amongst all the niche deals websites out there, JustFabulous attempts to make its user experience closer to that of a book club. The site targets women and offers a variety of handbags, shoes, denim and sunglasses based on a personality test taken upon joining. The personality test determines whether your style is classy, conservative, trendy, or other classification and assembles a boutique of discounted items matching your preferences. All of the offerings on the site are priced at $39.95. The site also offers fashion advice and recommendations based on the offer.
JustFabulous was born out of incubator Intelligent Beauty in March 2010. The company has since gained 2.5 million members and is seeing over $3 million in monthly revenue. In October, JustFabulous will add jewelry to its offering.
“The fashion industry has been slow to adopt technology,” said Josh Hannah, general partner at Matrix Partners. “But it’s not turning a corner and this is where some of the most exciting new business models are surfacing, particularly when it comes to personalization.”
Hannah is joining JustFabulous’ board of directors in this round.
JustFabulous has 130 employees and is headquartered in El Segundo, Calif. Currently, the company has raised $62 million in total, investors including incubator Intelligent Beauty, Matrix Partners, Technology Crossover Ventures, and Kimora Lee Simmons.