Revolve is focused on millennial shoppers and the technology needed to sell this group the clothes it wants now.
Shares of Revolve Group LLC, an e-commerce retailer, soared in their public debut Friday, after the initial public offering priced at $18 per share, at the high end of the $16-to-$18 range.
Founded in 2003 by co-chief executives Michael Mente and Mike Karanikolas, Revolve is focused on millennial shoppers, both women and men, who rely on technology to browse and shop. The company is comprised of the namesake site, which generated 83% of the company sales through new, established and private-label brands, and luxury-focused Forward, which generated 17% of 2017 sales.
In addition, Revolve said it has never paid any cash dividends and doesn’t intend to “in the foreseeable future.” “We believe that much of our growth in our customer base to date has originated from social media and influencer-driven marketing strategy,” according to the prospectus. Andrew Garson, executive vice president of entertainment and influencer marketing at MWWPR says federal regulations could also become an issue.
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