After acquiring FabKids earlier this year, JustFab announced today the acquisition of another “Fab” brand – The Fab shoes – for an undisclosed amount.
The Fab Shoes is a European-based e-commerce shoe club with over 500,000 members in France and Spain. And that fits well with JustFab’s plans. With its newest acquisition, the subscription-based online store from California adds fuel to its European expansion blueprint. It launched operations in Germany and U.K. last year, and this deal provides it a way into Spain and France.
“With our success in Germany and the U.K., we were ready to take JustFab into new territories. After getting to know the team at The Fab Shoes, we saw a natural fit for the businesses; it enables JustFab to quickly extend its European reach and gives The Fab Shoes a new way to distribute quality products to customers through our flexible subscription plan,” noted Don Ressler, a cofounder and co-chief executive of JustFab, in a statement.
JustFab has quickly grown its European presence to 1.5 million members, and it is adding more than 100,000 new customers every month. The Fab Shoes will take this toll to well over the 2 million customer mark.
Its competitors include companies such as H&M and Forever 21.
JustFab has raised $109 million in venture capital from Matrix Partners, Technology Crossover Ventures, Rho Capital Partners, and Intelligent Beauty. After accomplishing $100 million in revenue for the year, the e-commerce website is looking at 2013 as “another high-growth year.”
“We continue to surpass our goals, month after month,” said Adam Goldenberg, the other cofounder and co-chief executive of JustFab. “With more than 13 million members in the U.S. and Europe growing at such a fast pace, we are on track to reach $250 million in revenue by the end of this year.”
Image Credit: JustFab