When asked to list who some of the best young CEOs in Los Angeles are Adam Goldenberg is sure to come to mind. The CEO may not seem as young as he is because he had success so early in his career and has sustained that success for so long. He has hit the mark again, though, with his latest venture. He started JustFab, his most recent startup, in 2010 and the company has seen great success every since. JustFab even raised over $50 million in funding just last year.
JustFab is what is called a VIP membership clothing and fashion company. Clients of the service pay a membership fee on matrixpartners.com. This membership gives them access to special discounts and deals on fashion items through the JustFab website. These items are usually found at a steep discount to their equivalent at retail stores and in other e-commerce sites. One of the biggest assets of the company is Goldenberg’s ability to network with other companies and get their product on his website. One of Goldenberg’s biggest partnership is with the company Fabletics. Fabletics is a daily activewear company that is founded and owned by Hollywood actress Kate Hudson.
Finding great partnerships is not Goldenberg’s only usable skill. Goldenberg has a few other skills that he has developed in his almost 20 years as a CEO in LA to help make JustFab a quick success. Those attributes are the ability to use metrics correctly to abandon a product or idea before it is too late. The other attribute is his ability to hire and cultivate a great staff.
Metrics are a huge part of any successful business. Some CEOs have too big of a personality to be able to react to information about their company’s products or ideas on Bloomberg and end them. They can’t take information for what it is and not get emotional about it. Goldenberg does not have this problem. He is not afraid to take any product off of the shelves before it is too late and the company loses even more money off of it. This is even true if he brought the product in himself. This is a great asset for a CEO to have when it comes to reducing losses and maintaining a good bottom line.
Goldenberg also employs great hiring practices at http://www.builtinla.com/2014/01/18/3-la-ceos-you-need-know-now-adam-goldenberg-justfab with his company. He is known to forego a potential employee that may have a great resume and go with his guy on someone that is more passionate. It is his belief that you can’t teach passion and hard work. The other aspects of business can easily be taught.