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| Bluefly.com |
| http://www.bluefly.com |
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| Address: | 42 W 39th st
New York - 10018
NY/New York |
| Contact: | L Nadler |
| Email: |  |
Company description:
Bluefly, Inc. (NASDAQ SmallCap: BFLY) operates Bluefly.com, the online store where fashion savvy customers can find more than 350 designer men’s and women’s apparel, accessory and home brands at discounts up to 75% off suggested retail prices. A leader in off-price apparel on the Web, Bluefly combines the designer fashions of Neiman Marcus, the discount prices of Loehmann’s, the convenience of Amazon.com, and the world-class service of Nordstrom. Its customer-friendly Website offers 24/7 access, a 90-day money-back guarantee, and additional features that make it simple for shoppers to find exactly what they want.
History
Bluefly was built on a history of innovation. By early 1998, Bluefly founder Ken Seiff had already successfully reinvented one traditional apparel business, golf sportswear, with his first company, Pivot Rules. While doing research at an outlet store, Seiff realized that the off-price apparel business could also be transformed if combined with the efficiencies of the Internet. At the time, outlet stores offered little advantage to consumers beyond discounts, and the Internet presented an irresistible opportunity to deliver customers better selection, service and convenience – in short, a better shopping experience all around.
Further research by Seiff showed that such a business could potentially attract revenues from three large categories -- full-price, off-price and catalog apparel -- a combined market estimated at approximately $225.8 billion at the time. In addition to giving customers a better shopping experience, it could offer compelling advantages to vendors as well, enabling them to obtain superior economics for their products, reduce brand dilution, win new customers, and mask inventory problems.
Over several months, Seiff put together a business plan, and in September 1998, his vision became reality. The new Website was dubbed Bluefly.com: the “fly” symbolized its ability to be nimble, fast, and ready to change direction on a dime, and the adjective “blue” was added to give the name a friendly personality.
Bluefly Today
In the next four years, Bluefly’s net sales grew from approximately $5 million in 1999 to more than $30 million in 2002, establishing the company as a pioneer in online apparel retail. Its pacesetting approach has garnered media coverage in The Wall Street Journal, The New York Times, Vogue, InStyle and Harper’s Bazaar, and the Website was named to Forbes.com’s 2002 “Best of the Web” directory. In 1999, Vogue accepted Bluefly as its first off-price advertiser, a milestone in the publication’s 110-year history.
Going forward, as mainstream shoppers become online shoppers, overall online retail sales are projected to reach $96 billion in 2003 (source: Shop.org and Forrester Research). These new customers increasingly demand a seamless experience and, more than ever, great values. Bluefly is well positioned to capture this expanding market – the company has successfully combined technology and high quality products to create a stylish, simple-to-use Website that makes it easy for customers to get luxury for less.
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