FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person *   Jenny Kara B 2. Date of Event Requiring Statement (Month/Day/Year) 03/13/2008 3. Issuer Name and Ticker or Trading Symbol BLUEFLY INC [BFLY] (Last) (First) (Middle) C/O BLUEFLY, INC., 42 WEST 39TH STREET 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chief Financial Officer 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) NEW YORK, NY 10018 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 112,590 D Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	  (1)	02/26/2012	Common Stock	240,000	$ 0.91	D	Â
Stock Option (Right to Buy)	  (2)	03/23/2015	Common Stock	25,000	$ 1.26	D	Â
Deferred Stock Units	  (3)	  (3)	Common Stock	200,000	$ (4)	D	Â
Deferred Stock Units	  (5)	  (5)	Common Stock	10,278	$ (4)	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Jenny Kara B C/O BLUEFLY, INC. 42 WEST 39TH STREET NEW YORK, NY 10018	Â	Â	  Chief Financial Officer	Â

Signatures

/s/ Kara B. Jenny		03/19/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Fully vested.
(2)	Vested with respect to 18,229 shares. Remainder vests on March 23, 2008.
(3)	The deferred stock units vest as follows: (i) one-third vest in four equal quarterly installments commencing on December 1, 2006, (ii) one-third vest in eight equal quarterly installments commencing on December 1, 2006 and (iii) one-third vest in twelve equal quarterly installments commencing on December 1, 2006. There is no expiration date.
(4)	One-for-one.
(5)	The deferred stock units vest as follows: (i) 3,333 will vest in substantially equal quarterly installments over 2 years beginning on the date of grant (2/26/06); and (ii) 6,945 will vest in substantially equal quarterly installments over 3 years beginning on the date of grant. There is no expiration date.

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