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James Gallagher Joins Bluefly as Chief Financial Officer



  James Gallagher Joins Bluefly as Chief Financial Officer

Business Wire

NEW YORK -- November 29, 2012

Bluefly, Inc. (NASDAQ Capital Market: BFLY), a leading online retailer of
designer brands, fashion trends and superior value (www.bluefly.com / 
www.belleandclive.com), today announced that James Gallagher has joined the
Company as Chief Financial Officer. Mr. Gallagher comes to Bluefly with over
33 years of extensive financial, strategic and operations experience with
growth oriented international, entrepreneurial and corporate entities across a
broad range of industries, including Internet focused marketing, e-commerce,
entertainment, and technology companies.

Most recently, Mr. Gallagher was CFO at Vertro, a publicly traded Internet
search engine, marketing and technology company that manages a network of
websites and builds and markets browser based consumer applications. Prior to
his experience at Vertro, Gallagher owned and operated Gallagher Enterprises,
a strategic financial and management consulting firm he founded in 2001, which
provided strategic consultancy on financial and operational issues as well as
structuring and funding resources to start-ups and high-growth companies with
revenues up to $150 million. Prior to Gallagher Enterprises, Gallagher held
senior financial and operations positions at a number of growth oriented
entrepreneurial entities including Vice President, Chief Financial Officer and
Secretary at technology company, VRex, Inc., and Chief Financial Officer at
publicly traded international software technology company, Viz-rt, Inc. Mr.
Gallagher has also held senior-level financial positions at companies
including Infocus Employee Services (a XEROX spin-off), Medsite, Inc., Sony
Music Entertainment, Inc., and Reiss Media Enterprises, Inc. In addition,
Gallagher also spent 10 years as a Senior Audit Manager at the international
accounting and consulting firm of Arthur Andersen LLP.

"We're pleased to announce James's appointment as our new Chief Financial
Officer," commented Joseph C. Park, Bluefly’s Chief Executive Officer. "James
has a proven financial and operations track record, and a wealth of highly
relevant experience in growth-oriented businesses. We believe that adding
James to our executive team will enable us to better capitalize on strategic
and growth opportunities at this exciting time in our Company's evolution,"
continued Mr. Park.

"This is a tremendous opportunity to join a Company that has embarked upon a
new, focused strategy that is emphasizing lowering its customer acquisition
costs, increasing lifetime value of its customers, and increasing its return
on invested capital," commented Mr. Gallagher. "I believe my extensive and
highly relevant experience will enable me to quickly contribute to and further
enhance the Company's financial, operational and business strategy, and I
greatly look forward to the opportunity and challenge of helping Bluefly
achieve continued and sustainable growth and profitability."

About Bluefly, Inc.

Founded in 1998, Bluefly, Inc. (NASDAQ Capital Market: BFLY) is a leading
online retailer of designer brands, fashion trends and superior value. Bluefly
is headquartered at 42 West 39^th Street in New York City, in the heart of the
Fashion District. In 2011, Bluefly expanded its portfolio, launching Belle &
Clive, a Members-only shopping destination that presents highly-curated
selections of important brands via limited-time sale events. For more
information, please call 212-944-8000 or visit www.bluefly.com or
www.belleandclive.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-K, 10-Q and 10-K. These risks and uncertainties include, but
are not limited to, the following: the Company’s history of losses and
anticipated future losses; the risk of availability of additional capital, if
required, to satisfy the Company’s needs for cash flow, inventory supply and
growth of the business; the Company’s ability to realize benefits from new
initiatives such as its members-only web site Belle and Clive; risks related
to the Company’s shift in strategy to emphasize inventory turns over product
margin; the risks that our reduction in spending on offline marketing in favor
of online methods will continue to be successful; risks associated with the
new Belle & Clive initiative; risks associated with the slow recovery from the
unfavorable general economic environment; risks associated with affiliates of
Rho Ventures, LP, affiliates of Soros Fund Management, private funds
associated with Maverick Capital Ltd. and affiliates of Prentice Capital
Management, LP each owning a significant portion of our stock; the potential
failure to forecast revenues and/or to make adjustments to our operating plans
necessary as a result of any failure to forecast accurately; unexpected
changes in fashion trends; cyclical variations in the apparel and e-commerce
markets; risks associated with our dependence on certain concentrations of
suppliers for a material portion of our inventory; the risk of default by us
under our credit facility and the consequences that might arise from us having
granted a lien on substantially all of our assets under that agreement; risks
of litigation related to the sale of unauthentic or damaged goods and
litigation risks related to sales in foreign countries; our potential exposure
to product liability claims in the event that products sold by us are
defective; the dependence on third parties and certain relationships for
certain services, including our dependence on UPS and USPS (and the risks of a
mail slowdown due to terrorist activity) and our dependence on our third-party
web hosting, fulfillment and customer service centers; online commerce
security risks; our ability to raise additional capital, if needed, to support
the growth of our business; risks related to brand owners’ efforts to limit
our ability to purchase products indirectly; management of potential growth;
the competitive nature of our business and the potential for competitors with
greater resources to enter the business; the availability of merchandise; the
need to further establish brand name recognition; risks associated with our
ability to handle increased traffic and/or continued improvements to our Web
Site; rising return rates; dependence upon executive personnel who do not have
long-term employment agreements; the successful hiring and retaining of new
personnel; risks associated with expanding our operations; risks associated
with potential infringement of other’s intellectual property; the potential
inability to protect our intellectual property; government regulation and
legal uncertainties; uncertainties relating to the imposition of sales tax on
Internet sales and our ability to utilize our net operating losses.

Contact:

Investor/Press:
Bluefly, Inc.
James Gallagher, 212-944-8000 ext. 286
Chief Financial Officer
james.gallagher@bluefly.com
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