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Sites like revolve4/24/2023 To compensate in pandemic times, Revolve shifted to virtual events, including live Instagram workouts, cooking demos and collection previews. Arguably its most well-known event is the Revolve Festival-an exclusive party held at the Coachella music festival-where attendees have mingled with celebrities like Skrillex, Kendall Jenner, Migos and Chiara Ferragni. Pre-pandemic, the company threw parties for these influencers in fashionable destinations like the Hamptons, London, Thailand and Ibiza. Revolve sells clothing from a lineup of over 500 existing fashion brands, as well as more than 20 owned brands, including two influencer-led brands. Much of Revolve’s growth (and visibility) over the years has been bolstered by collaborations with its 7,500-strong network of influencers, who use their platforms to showcase the brands and items sold on the company’s website. Its 1.5 million active customers, primarily women aged between 18 and 44 years old, spent an average of $250 per order. Approximately 77% of Revolve’s net sales in 2020 were at full price. According to Mente, his team had to change purchases to merchandise more suitable to what consumers were looking for during the pandemic and adjust quickly. The technology mines data from a database built over the company’s 18-year history, consisting of thousands of styles and millions of customer interactions. Mente attributes Revolve’s resilience in the last year to a quick and decisive pivot toward cosmetics, skincare and athleisure for customers spending more and more time at home, thanks to the data-driven AI systems that the company has been developing for years. “It really feels great to be sitting where we’re at today compared to where we were a year ago,” Karanikolas says. His view: Things were going to get better. But as he watched other companies like Wayfair and The RealReal take these financial packages and see ownership diluted, he turned down the offers. Karanikolas says that as Revolve’s stock dropped to $14 last year, the company received many loan offers from banks. The company reported $56.8 million in net income in 2020, a year-over-year increase of 25%. We realized early that we could build a really powerful brand.”ĭespite the headwinds from the pandemic-revenue fell 3% last year to $580.6 million and the stock plummeted more than 50% from to a low of $7.30 a share in late March 2020-Revolve managed its business well in a tumultuous year, earning nearly $57 million in net income, up from $36 million in 2019. The customer is going to continue to shop online. A lot of the main themes from back then are still very true. “We did the front end, the back end and did everything working from the house-turned-office, including warehousing. “We built the website ourselves,” Mente tells Forbes.
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