EXHIBIT 99.1

FOR IMMEDIATE RELEASE

                            Patrick Barry             Cathy Halgas Nevins
                            CFO, Bluefly, Inc.        Dir P.R., Bluefly, Inc.
                            212-944-8000 ext. 239     212-944-8000 ext. 388
                            pat@bluefly.com           cathy.nevins@bluefly.com

                    SOROS MAKES ADDITIONAL BLUEFLY INVESTMENT

NEW YORK, October 20, 2003 -- Bluefly, Inc. (NASDAQ SmallCap: BFLY), a leading
Internet retailer of designer brands at discount prices (www.bluefly.com),
announced today that affiliates of Soros Private Equity Partners LLC had
invested an additional $2.0 million in the Company.

Under the terms of the deal, Bluefly issued $2 million of convertible promissory
notes that bear interest at a rate of 12% per annum and have a maturity date of
April 14, 2004. The promissory notes together with any interest that has accrued
are convertible into equity securities of the Company in any subsequent round of
financing, at the holder's option, at a price that is equal to the lowest price
per share accepted by any investor in such subsequent round of financing. The
conversion of the notes is subject to certain limitations until such time as the
conversion provisions are approved by the Company's stockholders.

To date, Soros has invested approximately $55 million in the Company. Soros owns
approximately 89.8% of the Company's outstanding equity (excluding options and
warrants held by employees and others). On a fully diluted basis (i.e.,
including all options and warrants held by employees and others, regardless of
their exercise price), Soros owns approximately 75.5% of the Company's equity.

The securities sold in the above transaction have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), and may not be
offered or sold in the United States unless registered under the Securities Act
or an applicable exemption from registration is available. This press release
does not constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.

ABOUT BLUEFLY, INC.

Bluefly operates the world's first full service online store for designer
fashion, offering products from more than 350 designers at discounts of up to
75% off. With 24/7 access, a 90-day money back guarantee, and technology that
displays real-time inventory, Bluefly makes off-price shopping easy and
convenient. 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.

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