Launched in early 2012, The Fab Shoes is essentially a members-only fashion sales club that targets women interested in buying affordable but trendy shoes and accessories by personalizing style recommendations.
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Terms of the acquisition were not disclosed, but the deal gives JustFab an extra 500,000 members (actually more than 573,000 according to The Fab Shoes’ website) in Spain and France, bringing the total tally to 15 million subscribers worldwide.
JustFab will make its official debut in France and Spain in July 2013, the company said, after which The Fab Shoes will cease to exist.
JustFab already boasts operations in Germany and the UK, where it has 1.5 million members, and is looking to explore more markets across Europe and likely Asia down the line.
Almost a year ago, JustFab raised no less than $76 million to push its business into new areas and develop its catalogue.
Earlier this year, it used part of the proceeds of the financing round to acquire children’s fashion and personalized e-commerce service FabKids, and now it has followed up with the purchase of The Fab Shoes.
The freshly acquired company’s team will stay on in a variety of roles at JustFab. The Fab Shoes had raised some seed funding according to CrunchBase data, but never disclosed how much.
JustFab has raised well over $100 million in funding but generated almost as much revenue in 2012, with 2013 looking to be “another high-growth year” according to co-founder and co-CEO Adam Goldenberg.
“We continue to surpass our goals, month after month,” Goldenberg said.
“With more than 13 million members in the US and Europe growing at such a fast pace, we are on track to reach $250 million in revenue by the end of this year.”
Part of the plan to pull this off is to expand into new fashion categories later this year – JustFab says its priority is to “dress its members from head to toe”. I will not be telling my wife.
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