Bluefly Presentation at 15th Annual Needham Growth Conference at the New York Palace Hotel on January 17, 2013

  Bluefly Presentation at 15th Annual Needham Growth Conference at the New
  York Palace Hotel on January 17, 2013

Needham Growth Conference 2013

Business Wire

NEW YORK -- January 16, 2013

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 Joseph Park, the Company’s Chief
Executive Officer, will be presenting a company overview to participants at
the 15^th Annual Needham Growth Conference on January 17, 2013 at 2:50 PM EST.
The conference will take place at the New York Palace Hotel at 455 Madison
Avenue, New York, NY. The Company will host one-on-one meetings with
prospective investors throughout the conference. The presentation materials
are available at the Company’s website at www.bluefly.com and have been filed
as an exhibit to the Company’s Form 8-K filed with the Securities and Exchange
Commission on January 16, 2013.

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.

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