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<DATE-OF-FILING-DATE-CHANGE>20130528
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<CONFORMED-NAME>MAVERICK FUND II LTD
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<FISCAL-YEAR-END>1231
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<BUSINESS-ADDRESS>
<STREET1>8080 N CENTRAL EXPRESSWAY STE 1300
<CITY>DALLAS
<STATE>TX
<ZIP>75206
</BUSINESS-ADDRESS>
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<REPORTING-OWNER>
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<CONFORMED-NAME>AINSLIE LEE S III
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<COMPANY-DATA>
<CONFORMED-NAME>BLUEFLY INC
<CIK>0001030896
<ASSIGNED-SIC>5961
<IRS-NUMBER>133612110
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0403
</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>MAVERICK CAPITAL LTD
<CIK>0000934639
<STATE-OF-INCORPORATION>TX
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<BUSINESS-ADDRESS>
<STREET1>300 CRESCENT COURT
<STREET2>18TH FLOOR
<CITY>DALLAS
<STATE>TX
<ZIP>75201
<PHONE>214.880.4050
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>300 CRESCENT COURT
<STREET2>18TH FLOOR
<CITY>DALLAS
<STATE>TX
<ZIP>75201
</MAIL-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>MAVERICK CAPITAL MANAGEMENT LLC
<CIK>0001286655
<STATE-OF-INCORPORATION>TX
<FISCAL-YEAR-END>1231
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<FILING-VALUES>
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<FILE-NUMBER>001-14498
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<BUSINESS-ADDRESS>
<STREET1>300 CRESCENT COURT
<STREET2>18TH FLOOR
<CITY>DALLAS
<STATE>TX
<ZIP>75201
<PHONE>2148804000
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<MAIL-ADDRESS>
<STREET1>300 CRESCENT COURT
<STREET2>18TH FLOOR
<CITY>DALLAS
<STATE>TX
<ZIP>75201
</MAIL-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>MAVERICK FUND LDC
<CIK>0001286658
<FISCAL-YEAR-END>1231
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<FILING-VALUES>
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<BUSINESS-ADDRESS>
<STREET1>MAVERICK CAPITAL LTD
<STREET2>300 CRESCENT COURT 18TH FLOOR
<CITY>DALLAS
<STATE>TX
<ZIP>75201
<PHONE>2148804000
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<MAIL-ADDRESS>
<STREET1>300 CRESCENT COURT
<STREET2>18TH FLOOR
<CITY>DALLAS
<STATE>TX
<ZIP>75201
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
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<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2013-05-23</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000934639</rptOwnerCik>
            <rptOwnerName>MAVERICK CAPITAL LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 CRESCENT COURT</rptOwnerStreet1>
            <rptOwnerStreet2>18TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
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            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000913446</rptOwnerCik>
            <rptOwnerName>MAVERICK FUND USA LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MAVERICK CAPITAL, LTD.</rptOwnerStreet1>
            <rptOwnerStreet2>300 CRESCENT COURT, 18TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>72501</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001286658</rptOwnerCik>
            <rptOwnerName>MAVERICK FUND LDC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MAVERICK CAPITAL, LTD.</rptOwnerStreet1>
            <rptOwnerStreet2>300 CRESCENT COURT, 18TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <otherText></otherText>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000851056</rptOwnerCik>
            <rptOwnerName>MAVERICK FUND II LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MAVERICK CAPITAL, LTD.</rptOwnerStreet1>
            <rptOwnerStreet2>300 CRESCENT COURT, 18TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>72501</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001286655</rptOwnerCik>
            <rptOwnerName>MAVERICK CAPITAL MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 CRESCENT COURT</rptOwnerStreet1>
            <rptOwnerStreet2>18TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001286654</rptOwnerCik>
            <rptOwnerName>AINSLIE LEE S III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>767 FIFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>11TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10153</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
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    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2013-05-23</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>3704101</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.0076</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These shares of common stock were held for the benefit of Maverick Fund USA, Ltd., Maverick Fund II, Ltd., and Maverick Fund, L.D.C. (the &quot;Portfolio Funds&quot;). Maverick Capital, Ltd. (&quot;Maverick Capital&quot;) is a registered investment adviser under the Investment Advisers Act of 1940, as amended, and acts as the investment manager for each of the Portfolio Funds and has sole voting and dispositive power over the securities held by the Portfolio Funds. Maverick Capital Management, LLC (&quot;Maverick Management&quot;) is the general partner of Maverick Capital. Lee S. Ainslie III is the manager of Maverick Management who is granted sole investment decision pursuant to Maverick Management's limited liability company regulations. Each reporting owner disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.</footnote>
        <footnote id="F2">Includes 705,817 shares held by Maverick Fund USA, Ltd.; 1,397,171 shares held by Maverick Fund II, Ltd.; and 1,601,113 shares held by Maverick Fund, L.D.C.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ John T. McCafferty, Attorney-in-Fact</signatureName>
        <signatureDate>2013-05-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
