Bluefly.com Hires Managing Director of Thomson Financial to Lead Investor Relations; Brian Stanton Joins Company As Director Of Investor Relations.

Business Editors, High-Tech Writers

NEW YORK--(BUSINESS WIRE)--Feb. 23, 2000

Bluefly, Inc. (NASDAQ SmallCap:BFLY), a leading Internet retailer of designer fashions and home furnishings at outlet store prices (www.bluefly.com), announced today the appointment of Brian Stanton, a former Managing Director of Thomson Financial Investor Relations, as Director of Investor Relations.

Stanton will manage the company's investor relations efforts and establish a proactive communications program designed to build Bluefly's visibility within the investment community and broaden the company's shareholder base.

"Part of our responsibility as a publicly traded company is to share our vision of Bluefly's future with the investment community," said Patrick Barry, Chief Financial Officer. "We believe that Bluefly has a tremendous opportunity to capture a significant share of a potentially very large market. In the past 17 months, Bluefly has established itself as a leader in the online apparel category, increased its sales and customer base tremendously, and created meaningful barriers to entry for any potential competitor. Adding someone like Brian, who has a wealth of experience formulating strategies for companies to communicate effectively with Wall Street, should help raise Bluefly's profile and could ultimately increase shareholder value," added Barry.

Formerly a Managing Director with Thomson Financial Investor Relations, the world's largest investor relations consulting practice, Stanton has more than four years' experience in investor relations. Stanton joined privately-held Georgeson & Company in 1995 as a Director, where he helped publicly traded companies identify and communicate with their institutional shareholders. Stanton also helped clients create and implement communications strategies designed to enhance equity valuation. Stanton joined Thomson in September 1998 when it acquired Georgeson's Investor Relations practice, and was appointed Managing Director of Thomson's Market Intelligence Division in August 1999.

"Bluefly is reinventing a 27 billion dollar industry," said Brian Stanton, Director of Investor Relations. "They have made shopping for off price apparel and home accessories fashionable, established a loyal customer base, received numerous accolades, and created an entirely new channel for the best designers in the business to liquidate their merchandise in an upscale environment. I believe that Bluefly has a tremendous story to tell Wall Street analysts, the investment banking community and both individual and institutional shareholders, and I look forward to helping the company convey that story," added Stanton.

Bluefly is a NASDAQ SmallCap public company headquartered in New York City, in the heart of the fashion district. Distinguishing itself with discounts of up to 75%, products from over 350 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, 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; risks 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 online commerce security risks; governmental regulation and legal uncertainties; management of potential growth; and unexpected changes in fashion trends.