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Exhibit 99.4


                                  Bluefly, Inc.
                               42 West 39th Street
                            New York, New York 10018


                                                                          [Date]


Dear Stockholder:

         Enclosed are the Prospectus and other materials relating to the rights
offering by Bluefly, Inc. ("Bluefly").

         Please carefully review the Prospectus, which describes how you can
participate in the offering. You will be able to either exercise your
Subscription Rights to purchase additional shares of Bluefly, Inc. common stock
or sell your Subscription Rights only during a limited period.

         You will find answers to some frequently asked questions about the
offering beginning on page ___ of the Prospectus. You should also refer to the
detailed Instructions for Use of Bluefly, Inc. Subscription Certificates,
included with this letter. The exercise of Subscription Right will be
irrevocable.

                      SUMMARY OF THE TERMS OF THE OFFERING.


         o        You will receive 1.735 of a transferable Subscription Right
                  for each share of Bluefly common stock you owned on
                  __________, 2000. You will not receive fractional Subscription
                  Rights, but Bluefly will round your number of Subscription
                  Rights down to the nearest whole number. For example, if you
                  own one hundred (100) shares of common stock, you will receive
                  173 Subscription Rights. If you own two hundred (200) shares
                  of common stock, you will receive 347 Subscription Rights.

         o        You may purchase one (1) share of common stock for each
                  Subscription Right you receive at the Subscription Price of
                  $2.34 per share. This right is referred to as the Basic
                  Subscription Privilege.

         o        If you fully exercise the Basic Subscription Privilege issued
                  to you, you may subscribe for additional shares through the
                  Oversubscription Privilege. If Bluefly's other shareholders
                  receiving Subscription Rights do not elect to purchase all of
                  the shares offered under their basic subscription privilege
                  than shares purchased through

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Stockholders
[__________]
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                  the Oversubscription Privilege will be allocated among
                  shareholders who oversubscribe in proportion to the number of
                  shares purchased by those oversubscribing shareholders through
                  the basic subscription privilege, as more fully described in
                  the Prospectus.

         o        The Offering expires at 5:00 P.M., Eastern Standard Time, on
                  ________, 2001. If you do not exercise your Subscription
                  Rights before that time, they will expire and will have no
                  monetary value.

                  If your shares are held in your name, a Subscription
Certificate is enclosed. If your shares are held in the name of your bank or
broker, you must contact your bank or broker if you wish to participate in this
offering.

                  [Bluefly expects that the rights will trade on the [_________]
under the symbol [______]. You should contact your bank or broker if you wish to
sell your rights.]

                  If you do not exercise your Subscription Rights, your
ownership in Bluefly may be diluted. Please see page ___ of the Prospectus for a
discussion of dilution and other risk factors.

                  If you have any questions concerning the Offering, please feel
free to contact the Company=s information agent, [__________], at
[____________].




                                           Sincerely,


                                           ____________________________________
                                           Name:  [_________]
                                           Title: [_________]


