BFLYD Bluefly (MM)

Bluefly, Inc. (NASDAQ Capital Market: BFLY), a leading online retailer of designer brands, fashion trends and superior value (www.bluefly.com), today announced that it has completed a 1-for-10 reverse stock split of the Company�s outstanding common stock. The reverse stock split, which was announced on March 14, 2008, was effective with respect to stockholders of record at 11:59 p.m. EDT, on April 3, 2008. As a result of the reverse stock split, each ten (10) shares of issued and outstanding common stock were combined and were reclassified into one (1) share of common stock and the total number of shares outstanding was reduced from approximately 133�million shares to approximately 13�million shares. No fractional shares were issued in connection with the reverse stock split. Shareholders who are entitled to fractional shares will receive cash in lieu of fractional shares. As of the opening of the Nasdaq Capital Market on April 4, 2008, the Company�s common stock began trading at the split-adjusted level. For a period of 20 trading days, the Company�s common stock will trade on a post-split basis under the trading symbol �BFLYD.� After this 20-trading-day period, the Company�s common stock will resume trading under the symbol �BFLY.� 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 39th Street in New York City, in the heart of the Fashion District. For more information, please call 212-944-8000 or visit www.bluefly.com.