Bluefly
Encyclopedia
Bluefly, Inc. is an American electronic commerce company. Headquartered in New York, New York, it was one of the first online retailers to sell fashion in a sophisticated manner. Ken Seiff and a team of six founded Bluefly.com, Inc. in 1998 and built it in less than four months from the time it was conceived. The fashion site launched with 30 brands including Ralph Lauren, Prada and Gucci with discounts of 40-70%. Its early partnerships with AOL, MSN, Lycos and Excite helped it to become the largest discount fashion e-commerce website. The Company was the first 'off-price' retailer to advertise in Vogue, including on two back covers. Bluefly Inc, has grown rapidly since its inception. Today, the site features discounts on the most popular contemporary brands, from such designers as Marc Jacobs and Diane von Fürstenberg.
. And, true to the spirit of its name, Bluefly was built in one summer.
and Peter Lynch
.
Name
The name Bluefly was born from the idea that web businesses should be fast and willing to change direction. And so the‘fly’ concept was born. The color blue was used because it started with the letter "B", and at the time, the portals alphabetized their apparel departments. Not coincidentally, at the time the company was named in 1998, Bluefly itself was evolving rapidly. Its predecessor company, Pivot Rules, Inc., sold its only asset, a golf apparel company, Pivot Rules. All that was left in the public company, was cash, a few energized employees and an idea to build an online retailer of discounted designer clothingDesigner clothing
Designer clothing is clothing that bears the logo of a recognizable fashion designer.The 'designer' whose name is on the label may be:* A European couturier, e.g. Chanel, Christian Dior* A European luxury goods house, e.g. Armani, Gucci, Louis Vuitton...
. And, true to the spirit of its name, Bluefly was built in one summer.
Finance
Bluefly.com is owned by Bluefly, Inc. Bluefly is a publicly traded company (NASDAQ SmallCap: BFLY). The company's predecessor, Pivot Rules, had its initial public offering on May 21, 1997, just 6 days after the Amazon.com IPO. In addition to this public offering, Bluefly has raised over $100 million from investors including George SorosGeorge Soros
George Soros is a Hungarian-American business magnate, investor, philosopher, and philanthropist. He is the chairman of Soros Fund Management. Soros supports progressive-liberal causes...
and Peter Lynch
Peter Lynch
Peter Lynch is a Wall Street stock investor. He is currently a research consultant at Fidelity Investments. Lynch graduated from Boston College in 1965 and earned a Master of Business Administration from the Wharton School of the University of Pennsylvania in 1968.-Fidelity:Lynch was hired as an...
.
Project Runway
Bluefly was a sponsor of the reality designer competition TV show Project RunwayProject Runway
Project Runway is an American reality television series on Lifetime Television, previously on the Bravo network, which focuses on fashion design and is hosted by model Heidi Klum. The contestants compete with each other to create the best clothes and are restricted in time, materials and theme...
Lawsuits and Legal Proceedings
- In October 2009, Bluefly was accused of infringing three patents owned by Charles E. Hill & Associates, Inc. in a lawsuit filed in the Eastern District of Texas.