TechStyle Fashion's Fabletics completes five years
Courtesy: TechStyle Fashion Group
TechStyle Fashion Group’s Fabletics, the innovative activewear brand co-founded by Kate Hudson, has completed five years. Since making its debut, Fabletics shows no signs of slowing down as it announces the next phase of retail and international expansion, enhanced collections, new additions to the leadership team and an aggressive vision for growth.
TechStyle Fashion Group is an industry-leading apparel and footwear company known for its proprietary platform to build global fashion brands.
Founded in 2013, Fabletics quickly became the fastest growing activewear brand in the history of ecommerce, renown for being at the forefront of innovation. Truly redefining the activewear category, the iconic brand was the first to introduce fashion, colour and print to the market and the first to create an upscale, personalised shopping experience that is accessible to all women. But Fabletics’ real secret to success has been pioneering membership commerce that has served as inspiration for countless digital brands.
Fabletics’ proprietary membership model allows the brand to deliver stylish, high quality, performance-driven collections at an unsurpassed value. Proving the strength of the concept, today the brand boasts 1.4 million VIP members who are highly engaged brand advocates, with more than 25 per cent having joined the VIP programme as a referral from a friend. Led by Hudson and co-founders Adam Goldenberg and Don Ressler, in just five years Fabletics rapidly surpassed $300 million in annual revenue, continues to rewrite the rules of online shopping and traditional retail, and shows no signs of slowing down.
“I am incredibly proud and humbled by how far we’ve come as a brand,” commented Kate Hudson, co-founder, Fabletics. “We set out to create an inclusive community where women would feel empowered to live an active lifestyle. Five years later, we’ve done that and so much more. The success we’ve achieved is a testament to the amazing team we have in place and our members, who inspire us every single day. I’m excited to take Fabletics to the next level as we set in motion our vision to double revenue through exciting new initiatives.”
Over the last few years, Fabletics has further disrupted the direct-to-consumer channel by taking its online innovation into brick and mortar retail, receiving accolades from industry associations for setting a new shopping experience standard. Fabletics was the premier brand to bring a membership model into physical stores, creating a truly unique and powerful omni-channel experience. Fabletic’s stores are powered by the company’s proprietary OmniSuite POS technology enabling members to seamlessly shop and transact across both online and in store experiences, which has bolstered business performance and enhanced brand loyalty. It also enables members to use all of their membership perks in stores and allows other guests to either sign up to become members or opt to shop standard retail.
With proven success across the brand’s current fleet of 24 retail locations across the US, which continue to see over 20 per cent increase in same-store sales year-over-year, Fabletics has announced that it is deepening its retail presence by adding more than 75 new doors, bringing the brand to a total of 100 locations. Fabletics also announced that it will roll out a new store concept this September that will debut at a new store in Bellevue, Washington.
Now sold in ten countries with European markets experiencing 25 per cent year-over-year revenue growth, Fabletics is also focused on aggressive global expansion. This fall will mark Fabletics’ first international distribution partnership that will introduce the brand to the Philippines through free-standing stores, shop-in-shop concepts and an online shopping destination. This premiere partnership agreement kicks off a series of other international partnerships as well as company-owned expansion plans, that will result in launching new territories throughout 2018 and 2019.
Taking Fabletics into this next phase of growth, Hudson has enlisted an executive team hailing from the world’s most admired fashion and activewear companies, who together will advance the brand’s mission of empowering women by making a healthy, active lifestyle accessible to everyone. It also announced hiring of Nancy Arnold as the brand’s new vice president, creative director. After establishing her career across a mix of emerging disruptors and admired brands such as Chloe + Isabel, Victoria’s Secret and Ann Taylor, Arnold will help shape the Fabletics brand, reporting directly to chief marketing officer Kristen Dykstra.
“Driven by innovation, inspired by community and grounded in authenticity, Fabletics embodies what today’s consumers value most in brands,” said Adam Goldenberg, TechStyle Fashion Group Co-CEO and co-founder. “Fabletics has succeeded beyond our expectations under Kate’s vision and our new team members, and I’m confident Fabletics will continue on its incredible growth trajectory.” (SV)
Fibre2Fashion News Desk – India