PARTNER AT MERCER CONSULTING AND BLUEFLY DIRECTOR JOINS AS EVP;
NEW YORK--(BUSINESS WIRE)--Nov. 8, 1999--Bluefly, Inc. (NASDAQ
SmallCap: BFLY), a leading internet retailer of designer fashions and
home furnishings at outlet store prices (www.bluefly.com), announced
today that Robert G. Stevens plans to join the Company as Executive
Vice President on January 1, 2000.
Stevens, currently a Partner and Vice President of Mercer
Management Consulting and a Director of Bluefly, will be responsible
for overseeing the Company's operations and strategy and will join the
core leadership team of the Company. Stevens will continue to be a
member of Bluefly's Board of Directors.
"We are very excited about Bob's decision to join us," said Ken
Seiff, Chief Executive Officer of Bluefly. "Bob brings a wealth of
experience in helping companies grow shareholder value through
customer-driven strategies. The breadth and depth of his strategic
skills and acquisition experience should be tremendously valuable to
Bluefly as it enters its next stage of development," added Seiff.
"As a Director of Bluefly, I have been watching its rapid
progress from the inside," said Robert Stevens. "Since its launch
thirteen months ago, I have been continually impressed by the team's
rare combination of professionalism, creativity, high integrity, and
focus that have propelled it to a leadership position in the online
apparel category. Even though I love my work at Mercer, it was a
relatively easy decision to assume a larger role in a business that is
on such a steep growth curve in such a potentially large market. I
can't wait to start," added Stevens.
Bluefly is a NASDAQ SmallCap public company headquartered in New
York City at the intersection of Fashion Avenue and the Information
Superhighway. Distinguishing itself with discounts of up to 75%,
products from over 200 designers and a 90 day money back guarantee,
Bluefly.com aims to be the world's first full service outlet store for
designer fashions. Its innovative MyCatalog feature is designed to
eliminate the "hit-or-miss" aspect of off-price shopping by allowing
shoppers to see only those products that are available for sale and
match their interests. The online merchant has established strategic
alliances with many of the most visited Web Sites and portals
including AOL, Excite, Go Network, Lycos, MSN, Netcenter, Tripod,
Women.com and Yahoo!. For more information, visit www.bluefly.com.
This press release may include statements that constitute
"forward-looking" statements, usually containing the words "believe",
"project", "expect", or similar expressions. These statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements inherently
involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. The risks and
uncertainties are detailed from time to time in reports filed by the
company with the Securities and Exchange Commission, including Forms
8-A, 8-K, 10-QSB, and 10-KSB. These risks and uncertainties include,
but are not limited to, the following: the competitive nature of the
business and the potential for competitors with greater resources to
enter such business; risk of litigation for sale of unauthentic or
damaged goods and litigation risks related to sales in foreign
countries; consumer acceptance of the Internet as a medium for
purchasing apparel; the Company's limited working capital and need for
additional financing; recent losses and anticipated future losses; the
startup nature of the Internet business; the capital intensive nature
of such business (taking into account the need for advertising to
promote such business); the dependence on third parties and certain
relationships for certain services; the successful hiring and
retaining of personnel; the dependence on continued growth of online
commerce; rapid technological change; year 2000 issues; online
commerce security risks; governmental regulation and legal
uncertainties; management of potential growth; and unexpected changes
in fashion trends.
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