<SUBMISSION>
<ACCESSION-NUMBER>0001011438-06-000169
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20060217
<FILING-DATE>20060222
<DATE-OF-FILING-DATE-CHANGE>20060222
<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>06637310
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>888 SEVENTH AVE
<STREET2>33RD FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10106
</BUSINESS-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>06637309
</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>06637311
</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>
<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>06637312
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>888 SEVENTH AVENUE
<STREET2>33RD FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10106
<PHONE>(212) 872-1054
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>888 SEVENTH AVENUE
<STREET2>33RD FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10106
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edg06-0065_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-02-17</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <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>0001237658</rptOwnerCik>
            <rptOwnerName>QIH MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1></rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity></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>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>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001237660</rptOwnerCik>
            <rptOwnerName>QIH MANAGEMENT INVESTOR LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1></rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity></rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Option to Purchase Common Stock (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.14</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-02-17</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>20000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2007-02-17</value>
            </exerciseDate>
            <expirationDate>
                <value>2016-02-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>20000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>20000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents director options to purchase 10,000 shares of common stock issued to Neal Moszkowski and director options to
purchase 10,000 shares of common stock issued to David Wassong. Mr. Moszkowski serves as an advisor to QIP and Mr. Wassong is
 an employee of SFM (as defined below).</footnote>
        <footnote id="F2">These options 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>
    </footnotes>

    <remarks>Reference is made to the joint filing information statement attached hereto as Exhibit 99.1.</remarks>

    <ownerSignature>
        <signatureName>/s/ Jay Schoenfarber, as Attorney-in-Fact for Quantum Industrial Partners LDC</signatureName>
        <signatureDate>2006-02-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit_99-1.txt
<TEXT>

                            JOINT FILING INFORMATION


Reporting Person: QIH MANAGEMENT INVESTOR LP

Address:                   888 SEVENTH AVENUE
                           33RD FLOOR
                           NEW YORK, NY 10106

Designated Filer: QUANTUM INDUSTRIAL PARTNERS LDC ET AL

 Issuer and Symbol:        BLUEFLY INC [BFLY]

Date of Event
Requiring Statement:       2/17/2006


Signature:                 /s/ Jay Schoenfarber
                           ---------------------------------------------------
                           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.


Reporting Person: QIH MANAGEMENT LLC

Address:                   888 SEVENTH AVENUE
                           33RD FLOOR
                           NEW YORK, NY 10106

Designated Filer: QUANTUM INDUSTRIAL PARTNERS LDC ET AL

 Issuer and Symbol:        BLUEFLY INC [BFLY]

Date of Event
Requiring Statement:       2/17/2006

Signature:                 /s/ Jay Schoenfarber
                           ---------------------------------------------------
                           Jay Schoenfarber, as Assistant General Counsel of
                           Soros Fund Management, LLC, which is the Managing
                           Member of QIH Management LLC


Reporting Person: SOROS FUND MANAGEMENT LLC

Address:                   888 SEVENTH AVENUE
                           33RD FLOOR
                           NEW YORK, NY 10106

Designated Filer: QUANTUM INDUSTRIAL PARTNERS LDC

 Issuer and Symbol:        BLUEFLY INC [BFLY]

Date of Event
Requiring Statement:       2/17/2006

Signature:                 /s/ Jay Schoenfarber
                           ---------------------------------------------------
                           Jay Schoenfarber, as Assistant General Counsel of
                           Soros Fund Management, LLC

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