Mente and Karanikolas also control the voting power. Mente's stake is worth an estimated $709 million, while Karanikolas's stake is worth an estimated $677 million, based on ownership figures provided in regulatory filings and Friday's closing price. The pair remain co-CEOs and will together own about 68% of the Class B shares after the offering, according to regulatory filings. To entice customers, they offered free shipping and returns from day one. They started Revolve when they found that it was difficult to buy premium jeans and other apparel online.
#REVOLVE STOCK SOFTWARE#
The two met at a software company called NextStrat that ended up going belly up after the dot-com bubble burst. Revolve was founded in 2003 by Michael Mente, now 38, and Mike Karanikolas, 41. “ This approach facilitates constant newness, with over 1,000 new styles launched per week on average, while mitigating fashion and inventory risk,” the company said in its regulatory filing. It then will monitor sales to identify top sellers and determine where additional orders should be placed. Revolve also touts its flexible merchandising strategy, in which it orders small quantities of items at first. Earlier this year, their data scientists found that consumers were interested in tie-dye, so they created more styles in tie-dye. This allows it to react quickly to trends.
The company sells clothing, accessories and other items from 500 brands, but in recent years has been emphasizing its own stable of 21 brands. During that time, its average order size fell from $304 to $279. The site’s average number of unique visitors also climbed from 7.3 million in 2017 to 9.4 million in 2018.
0 kommentar(er)
