<SUBMISSION>
<ACCESSION-NUMBER>0000921530-05-000455
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20050624
<FILING-DATE>20050628
<DATE-OF-FILING-DATE-CHANGE>20050628
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>BLUEFLY INC
<CIK>0001030896
<ASSIGNED-SIC>5961
<IRS-NUMBER>133612110
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>42 WEST 39TH ST
<CITY>NEW YORK
<STATE>NY
<ZIP>10018
<PHONE>2129448000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>42 WEST 39TH ST
<CITY>NEW YORK
<STATE>NY
<ZIP>10018
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PIVOT RULES INC
<DATE-CHANGED>19970305
</FORMER-COMPANY>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>SOROS FUND MANAGEMENT LLC
<CIK>0001029160
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-14498
<FILM-NUMBER>05922309
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>888 SEVENTH AVENUE 33RD FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10106
<PHONE>2128721054
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O AKIN, GUMP, STRAUSS,HAUER,FELD,
<STREET2>399 PARK AVENUE
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>QIH MANAGEMENT LLC
<CIK>0001237658
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-14498
<FILM-NUMBER>05922310
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>C/O SOROS FUND MANAGEMENT LLC
<STREET2>888 SEVENTH AVENUE 31ST FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10106
<PHONE>2122626300
</BUSINESS-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>QIH MANAGEMENT INVESTOR LP
<CIK>0001237660
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-14498
<FILM-NUMBER>05922311
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>C/O SOROS FUND MANAGEMENT LLC
<STREET2>888 SEVENTH AVENUE 31ST FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10106
<PHONE>2122626300
</BUSINESS-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>QUANTUM INDUSTRIAL PARTNERS LDC ET AL
<CIK>0000922382
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-14498
<FILM-NUMBER>05922312
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>888 SEVENTH AVE
<STREET2>33RD FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10106
</BUSINESS-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-06-24</periodOfReport>

    <issuer>
        <issuerCik>0001030896</issuerCik>
        <issuerName>BLUEFLY INC</issuerName>
        <issuerTradingSymbol>BFLY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000922382</rptOwnerCik>
            <rptOwnerName>QUANTUM INDUSTRIAL PARTNERS LDC ET AL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>KAYA FLAMBOYAN 9</rptOwnerStreet1>
            <rptOwnerStreet2>WILLEMSTAD, CURACAO</rptOwnerStreet2>
            <rptOwnerCity>NETHERLANDS ANTILLES</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001237660</rptOwnerCik>
            <rptOwnerName>QIH MANAGEMENT INVESTOR LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>888 SEVENTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>33RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10106</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001237658</rptOwnerCik>
            <rptOwnerName>QIH MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>888 SEVENTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>33RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10106</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001029160</rptOwnerCik>
            <rptOwnerName>SOROS FUND MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>888 SEVENTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>33RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10106</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Series D Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.76</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-06-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2242.057</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1000.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2950075</value>
                    <footnoteId id="F4"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4668.262</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Series F Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.32</value>
                <footnoteId id="F6"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-06-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2904.6</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1000.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1251983</value>
                    <footnoteId id="F7"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2904.6</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">This amount represents the initial conversion price of the Issuer's Series D Convertible Preferred Stock, par value  $0.01 per share (&quot;Series D Preferred Stock&quot;), into the Issuer's Common Stock, par value $0.01 per share (&quot;Shares&quot;).  Each share of Series D Preferred Stock is convertible into a number of Shares equal to the face amount ($1000) divided by such conversion price.  The terms of the Series D Preferred Stock provide for certain anti-dilution adjustments to such initial conversion price.</footnote>
        <footnote id="F2">The disposition of shares of Series D Preferred Stock and the acquisition of shares of Series F Preferred Stock (defined below) reported hereby occurred simultaneously on June 24, 2005.</footnote>
        <footnote id="F3">These securities are immediately exercisable and have no expiration date.</footnote>
        <footnote id="F4">This amount is based upon the initial conversion price of $0.76 per share and is subject to certain anti-dilution adjustments.  In addition, the Series D Preferred Stock is subject to a 12% accruing dividend that is payable upon conversion, redemption or liquidation of the Issuer.</footnote>
        <footnote id="F5">These securities are held for the benefit of Quantum Industrial Partners LDC, an exempted limited duration company formed under the laws of the Cayman Islands (&quot;QIP&quot;).  QIH Management Investor, L.P., an investment advisory firm organized as a Delaware limited partnership (&quot;QIHMI&quot;), is a minority shareholder of, and is vested with investment discretion with respect to portfolio assets held for the account of, QIP.  The sole general partner of QIHMI is QIH Management LLC, a Delaware limited liability company (&quot;QIH Management&quot;).  Soros Fund Management LLC, a Delaware limited liability company (&quot;SFM&quot;), is the sole managing member of QIH Management.</footnote>
        <footnote id="F6">This amount represents the initial conversion price of the Issuer's Series F Convertible Preferred Stock, par value $0.01 per share (&quot;Series F Preferred Stock&quot;) into Shares.  Each share of Series F Preferred Stock is convertible into a number of Shares equal to the face amount ($1000) divided by such conversion price.  The terms of the Series F Preferred Stock provide for certain anti-dilution adjustments to such initial conversion price.</footnote>
        <footnote id="F7">This amount is based upon the initial conversion price of $2.32 per share and is subject to certain anti-dilution adjustments.  In addition, the Series F Preferred Stock is subject to a 7% accruing dividend that is payable upon conversion, redemption or liquidation of the Issuer.</footnote>
    </footnotes>

    <remarks>The filing of this statement shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of any securities not held directly for its account for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise.</remarks>

    <ownerSignature>
        <signatureName>Jay Schoenfarber, as Attorney-in-Fact for Quantum Industrial Partners LDC</signatureName>
        <signatureDate>2005-06-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Jay Schoenfarber, as Assistant General Counsel of Soros Fund Management LLC, which is the Managing Member of QIH Management LLC, which is the General Partner of QIH Management Investor, L.P.</signatureName>
        <signatureDate>2005-06-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Jay Schoenfarber, as Assistant General Counsel of Soros Fund Management LLC, which is the Managing Member of QIH Management LLC</signatureName>
        <signatureDate>2005-06-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Jay Schoenfarber, as Assistant General Counsel of Soros Fund Management LLC</signatureName>
        <signatureDate>2005-06-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>attach_1.txt
<DESCRIPTION>POWER OF ATTORNEY, DATED AS OF MAY 23, 2005, GRANTED BY QUANTUM INDUSTRIAL PARTNERS LDC IN FAVOR OF JODY ANZALOTTA, ARMANDO BELLY, MARYANN CANFIELD, GAVIN MURPHY, JAY SCHOENFARBER, ROBERT SOROS AND ABBAS F. ZUAITER.
<TEXT>

                         QUANTUM INDUSTRIAL PARTNERS LDC
                            LIMITED POWER OF ATTORNEY


     KNOW ALL MEN BY THESE  PRESENT,  that the  undersigned  QUANTUM  INDUSTRIAL
PARTNERS LDC (the "Company"), an exempted limited duration company organized and
existing under the laws of the Cayman  Islands,  does,  pursuant to duly adopted
resolutions  of its  managing  director  dated  as of the  date  hereof,  hereby
designate, constitute and appoint:

     JODYE ANZALOTTA of 888 Seventh Avenue, New York, New York 10106;

     ARMANDO BELLY of 888 Seventh Avenue, New York, New York 10106;

     MARYANN CANFIELD of 888 Seventh Avenue, New York, New York 10106;

     GAVIN MURPHY of 888 Seventh Avenue, New York, New York 10106;

     JAY SCHOENFARBER of 888 Seventh Avenue, New York, New York 10106;

     ROBERT SOROS of 888 Seventh Avenue, New York, New York 10106;

     ABBAS F. ZUAITER of 888 Seventh Avenue, New York, New York 10106;

or any one of them,  acting singly and not jointly,  with power of substitution,
as   its   true   and   lawful   agents   and   attorneys-in-fact    (each,   an
"Attorney-in-Fact"):

(1)  to open accounts of any kind or nature whatsoever at any institution of any
     kind or nature  whatsoever  in any  jurisdiction  or location (a "Financial
     Institution")  and to  sign  related  account  opening  documents  for  the
     Company;

(2)  to give  instructions  for the settlement of  transactions  relating to the
     acquisition, disposition and holding for the Company's account of:

     (a)  any securities, debt obligations, commodities and currencies;

     (b)  any puts, calls or other options,  any contracts for forward or future
          delivery,  and any other  contracts of any kind relating to any of the
          foregoing;

     (c)  any  derivative  instruments  of any kind  pertaining to, or providing
          investment  exposure  with respect to, any of the  foregoing,  whether
          relating  to  a  specific  security,  debt  instrument,  commodity  or
          currency,  or  relating  to a basket or index  comprised,  or based in
          changes  in the  level of  prices,  rates or  values,  of any group or
          combination thereof;


<PAGE>


     (d)  any other  instruments  or contracts of a kind dealt in by security or
          commodity brokers or dealers, or other Financial Institutions;

     (e)  any combination of any of the foregoing;

in each case  whether  now  existing  or  hereafter  developed,  and whether the
transaction is effected on any securities or commodity exchange,  board of trade
or contract market or through any inter-dealer or other over-the-counter  market
in any jurisdiction or location  (including,  without limiting the generality of
the  foregoing,  capital  stock;  shares  or other  units of  mutual  funds  and
investment companies; preorganization certificates and subscriptions;  warrants;
partnership   interests  or  units;   bonds,   notes  and  debentures,   whether
subordinated,  convertible or otherwise, and whether issued by a governmental or
private issuer;  commercial paper; certificates of deposit; bankers acceptances;
trade  acceptances;  trust  receipts;  depository  receipts;  assignments  of or
participations in bank loans; trade credit claims; equity swaps, commodity swaps
and interest rate swaps; equity index contracts;  interest rate index contracts;
repurchase agreements and reverse repurchase agreements;  master agreements; and
guaranties);

(3)      to give instructions or make arrangements for:

          (a)  trading on margin;

          (b)  effecting short sales;

          (c)  entering into repurchase agreements;

          (d)  otherwise  obtaining  credit or borrowing funds or any securities
               or other instruments or assets; and

          (e)  providing collateral security in relation to any of the foregoing

in  connection  with the  acquisition,  financing or  re-financing,  carrying or
disposition  of any of the items  referred  to in  paragraph  (2) above,  and to
cover, discharge or otherwise terminate any of the foregoing arrangements;

(4)  to give  instructions for payments and deliveries in connection with any of
     the foregoing transactions;

(5)  to exercise all rights, powers and privileges appurtenant to the ownership,
     and any  related  financing,  of any item  held for the  Company's  account
     (including  the  right to vote or  consent,  and the right to lend any such
     item to any other person);

(6)  to execute and deliver,  in the name of and on behalf of the  Company,  any
     investment management  agreements and discretionary trading  authorizations
     with  investment  advisers other than Soros Fund Management LLC and any and
     all such other agreements,


<PAGE>


     deeds,   instruments,   receipts,   certificates  and  other  documents  in
     connection therewith; and

(8)  to execute all such  documents and to take all such other actions as any of
     them may consider  necessary or  advisable  in  connection  with any of the
     foregoing.

     Each  Attorney-in-Fact  is hereby  authorized  and empowered to perform all
other  acts  and  deeds,  which he or she in his or her  sole  discretion  deems
necessary or  appropriate  to carry out to the fullest  extent the terms and the
intent of the foregoing.  All past acts of each  Attorney-in-Fact in furtherance
of the foregoing are hereby ratified and confirmed.

     Execution of this Limited Power of Attorney  shall  constitute a revocation
of any and all  previously  executed  limited  powers of attorney of the Company
appointing attorneys-in-fact to open accounts of any kind and nature whatsoever,
sign opening  documents and take all the actions set forth in this Limited Power
of Attorney. This Power of Attorney shall expire on October 1, 2005.

     IN WITNESS  WHEREOF,  the  undersigned  has caused  this  instrument  to be
executed effective as of this 23rd day of May 2005.

                                          QUANTUM INDUSTRIAL PARTNERS LDC

                                          By:  Curacao Corporation Company N.V.
                                               Managing Director

                                               By:  /s/ Sharine M. J. Salsbach
                                                    ----------------------------
                                                    Sharine M. J. Salsbach

                                                By:  /s/ Gwendel C.G. Sint Jago
                                                    ----------------------------
                                                    Gwendel C.G. Sint Jago



</TEXT>
</DOCUMENT>
</SUBMISSION>
