Here are 1-3 brief analogies to describe Revolve (RVLV):

• ASOS for the influencer generation.

• Shopbop meets Instagram, for contemporary fashion.

• Women's Fashion Apparel: A diverse collection of clothing including dresses, tops, bottoms, outerwear, and swimwear catering to women.
• Footwear: A curated selection of shoes, boots, sandals, and other footwear options.
• Fashion Accessories: Items such as handbags, jewelry, sunglasses, and belts designed to complement outfits.
• Beauty Products: A range of cosmetics, skincare, hair care, and fragrances from various brands.
• Luxury Apparel & Accessories (FWRD): High-end designer clothing, shoes, handbags, and accessories for women and men, offered through their premium FWRD segment.

Revolve (RVLV) primarily sells directly to individual consumers, operating on a business-to-consumer (B2C) model. It does not have major corporate customers in the traditional sense of selling its products to other companies for resale or internal use.

The company serves the following categories of individual customers:

1. Fashion-Forward Young Women (Millennials and Gen Z): This is Revolve's core demographic, typically aged 18-35. These customers are digitally native, highly engaged with social media and influencer culture, and seek trendy, contemporary fashion for various aspects of their lifestyle, from everyday wear to special occasions. They are often early adopters of trends and value unique, stylish pieces.
2. Event and Occasion Shoppers: Customers specifically looking for unique and stylish outfits for special events such as weddings (as guests or bridesmaids), parties, festivals, vacations, and other social gatherings. Revolve's curated collections and wide array of dresses and event-specific attire cater strongly to this segment, offering options that stand out.
3. Aspirational Consumers Seeking Curated Brands: Individuals who value a carefully selected assortment of contemporary and emerging premium brands. These customers are often looking for distinct styles and brands that may not be readily available through mainstream retailers, appreciating Revolve's ability to discover and offer unique fashion labels with a specific aesthetic.

null

Michael Mente, Co-Chief Executive Officer

Michael Mente is a Co-Founder and Co-Chief Executive Officer of Revolve, a role he has held since the company's inception in 2003. Before co-founding Revolve, he worked as an analyst at NextStrat from 2001 to 2002. Mente, along with co-founder Mike Karanikolas, started Revolve with $50,000 after their previous employer, NextStrat, ceased operations following the dot-com bubble burst. He primarily focuses on merchandising and influencer marketing for Revolve.

Mike Karanikolas, Co-Chief Executive Officer and Chairman of the Board

Mike Karanikolas is a Co-Founder, Co-Chief Executive Officer, and Chairman of the Board at Revolve, roles he has held since the company's founding in 2003. Prior to Revolve, he was a software engineer at NextStrat from 2000 to 2002. Karanikolas co-founded Revolve with Michael Mente after NextStrat went bankrupt. He is responsible for the technology, finance, and logistics aspects of the business, having developed Revolve's proprietary data-driven platform.

Jesse Timmermans, Chief Financial Officer

Jesse Timmermans has served as Revolve's Chief Financial Officer since February 2017. In this role, he oversees finance, accounting, treasury, and administration. Before joining Revolve, Timmermans was the Chief Financial Officer of Jobalign from June 2014 to January 2017. He also worked at Blue Nile from July 2004 until June 2014, where he held the position of Vice President of Finance and Controller. Timmermans played a key role in leading Revolve through its initial public offering (IPO) in 2019.

Raissa Gerona, Chief Brand Officer

Raissa Gerona has been Revolve's Chief Brand Officer since April 2016. She co-founded Alliance Apparel, Inc. in 2010.

Mitch Moseley, Chief Executive Officer of Owned Brands

Mitch Moseley has served as the Chief Executive Officer of Revolve's owned brands division since 2014. He is also one of the co-founders of Alliance Apparel, Inc. Prior to his involvement with Alliance Apparel, he was the President of Lovers + Friends.

The key risks to Revolve Group (RVLV) include:

1. Reliance on Influencer Marketing and Regulatory Scrutiny: Revolve's business model heavily depends on social media influencers for its marketing strategy. This approach is currently facing significant legal and regulatory challenges, including a proposed $50 million class-action lawsuit alleging deceptive marketing practices due to undisclosed paid partnerships. The lawsuit claims that influencers failed to clearly disclose their financial ties with Revolve, potentially misleading consumers and artificially inflating product value. Revolve has acknowledged the legal risks associated with its influencer partners not adhering to Federal Trade Commission (FTC) guidelines in its annual reports, and regulatory bodies have previously flagged concerns about the company's social media disclosures. Failure to comply with these regulations could lead to substantial fines, lawsuits, and damage to the company's reputation, forcing a significant shift in its marketing operations.
2. Supply Chain Dependence on China and Tariff Exposure: A significant portion of Revolve's inventory, especially its own brands, is sourced from manufacturers in China. This reliance exposes the company to tariff risks imposed by the U.S. or foreign governments, which can increase the cost of products and potentially necessitate price increases for consumers. Such price adjustments could lead to a decline in customer demand. The company has stated that a considerable percentage of its direct imports are from China, making it vulnerable to geopolitical tensions and global trade wars that can further disrupt supply chains and raise operational costs.
3. Intense Competition and Rapidly Changing Fashion Trends: Revolve operates in a highly competitive and dynamic e-commerce fashion industry that targets Millennials and Generation Z consumers. This demographic is characterized by rapidly evolving fashion preferences and trends. The company faces significant competition from numerous online retailers and traditional brands. A failure to accurately anticipate and respond to these shifting customer preferences and industry trends in a timely and cost-effective manner could adversely affect Revolve's business, financial condition, and operating results.

The rapid expansion and growing market share of social commerce platforms, notably TikTok Shop, which allow influencers and brands to sell products directly within the social media app. This model disintermediates traditional online fashion retailers like Revolve by providing a direct sales channel from influencer content to consumer purchase, potentially diverting customer traffic and sales that Revolve previously captured through its influencer marketing strategy and curated e-commerce platform.

• U.S. Online Fashion Retail Market: This market was valued at approximately US$226.55 billion in 2024, with a projected growth rate of 5-10% for 2025. Another estimate places the U.S. online fashion e-commerce market size at US$144.97 billion by 2025, with an expected growth to US$336.86 billion by 2032, at a compound annual growth rate (CAGR) of 12.8% from 2025 to 2032.
• U.S. Luxury Fashion Market: Relevant for Revolve's FWRD segment, the U.S. luxury fashion market is valued at US$116.16 billion in 2025 and is anticipated to reach US$187.39 billion by 2033, growing at a CAGR of 6.16%. The broader U.S. luxury goods market is valued at USD 112.68 billion in 2025 and is projected to reach USD 127.93 billion by 2030, with clothing and apparel holding a dominant share. The luxury apparel market specifically in the U.S. is expected to reach USD 26.57 billion by 2032.

• Growth in Active Customers: The company consistently reports an increase in its active customer base, which is a fundamental driver of sales. Active customers grew to 2.6 million in Q3 2024 and further to 2.747 million in Q3 2025, representing a 5% year-over-year increase in both periods.
• International Expansion: Revolve views international expansion as a significant long-term growth initiative. This is evidenced by international net sales increasing 20% year-over-year in Q3 2024 and 6% year-over-year in Q3 2025. The company also highlighted a 50% year-over-year growth in Mainland China in a Q3 2025 summary.
• Owned Brand Growth and Penetration: Expanding the penetration of its owned brands is identified as a key catalyst for the company. Increased owned-brand penetration has contributed to higher gross margins and is expected to continue supporting revenue growth.
• Strategic Marketing Investments and Brand Development: Revolve plans to continue investing in strategic priorities, marketing events, and brand development to achieve profitable growth and gain market share. Significant marketing investments are planned for 2026 to support these growth initiatives.
• Expansion into Physical Retail: The company is exploring and testing physical retail locations, including an existing Aspen store and a planned new store at The Grove in Los Angeles. These physical stores are considered exciting long-term initiatives for growth.

Share Repurchases

• Revolve Group authorized a stock repurchase program of up to $100 million of its Class A common stock in August 2023.
• As of September 30, 2025, $55.6 million remained available under the $100 million stock repurchase program.
• The company repurchased approximately 93,000 shares for $1.7 million in Q2 2025 and 14,612 shares for $0.3 million in Q3 2025.

Share Issuance

• Revolve announced a $2 million private placement in October 2025.
• Issued and outstanding Class A common stock increased from 39,699,150 shares as of December 31, 2024, to 40,415,438 shares as of September 30, 2025.

Outbound Investments

• Revolve acquired a majority stake in the French couture house Alexandre Vauthier in June 2024.
• The company made investments in Versus Game (June 2022) and Ten Little (June 2021).

Capital Expenditures

• Capital expenditures for fiscal years ending December 2020 to 2024 averaged $3.907 million.
• Capital expenditures peaked at $6.853 million in June 2025.
• The build-out of a permanent retail store in Los Angeles is expected to add $8 million to $9 million to capital expenditures in 2025, focusing on physical retail expansion.