E-commerce company Revolve relies on social media influencers to attend its events and help drive buzz. Revolve, a Los Angeles-based online clothing company whose growth has been fueled by social media influencers, raised $212 million in an initial public offering on Friday.
The company has built a reputation for throwing extravagant parties for influencers and hosts more than 100 events a year, which take place in fashionable destinations like the Hamptons, London, Thailand and Ibiza. Its biggest annual event is at the Coachella music festival, where the alcohol is free-flowing and a mix of influencers, models and actors mingle by the pool and take in performances from the likes of Rick Ross, A$AP Rocky and Chance the Rapper.
The site’s average number of unique visitors also climbed from 7.3 million in 2017 to 9.4 million in 2018. During that time, its he company sells clothing, accessories and other items from 500 brands, but in recent years has been emphasizing its own stable of 21 brands. This allows it to react quickly to trends. Earlier this year, their data scientists found that consumers were interested in tie-dye, so they created more styles in tie-dye.
Revolve was founded in 2003 by Michael Mente, now 38, and Mike Karanikolas, 41. The two met at a software company called NextStrat that ended up going belly up after the dot-com bubble burst. They started Revolve when they found that it was difficult to buy premium jeans and other apparel online. To entice customers, they offered free shipping and returns from day one.
However, unlike many of these venture-backed companies joining the IPO parade, Revolve has largely resisted outside funding. It has only taken on one outside investor, TSG Consumer Partners, which put up $50 million for a 34% stake.
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