The Data-driven Duo of Revolve
Revolve Group Inc. has always been a little bit different. Michael Mente and Mike Karanikolas, who cofounded the company in 2003 from their home and this summer took it public as co-chief executive officers, started out with just $50,000 and a tendency to zig when everyone else zagged. In a go-go, venture capital-fueled start-up world that prized top-line growth above all else, Mente and Karanikolas leaned into a profitable business model. And fashion was not necessarily a passion — as it is for so many founders in the industry — but a place they could put their love of data to work and fertile ground to produce the kind of business they’d want to hold onto. That iconoclastic streak has served Revolve well. The company has a market capitalization of about $1.5 billion, no debt and employs approximately 1,100 people, most of whom work at the company’s headquarters in Mente’s hometown of Cerritos, Calif. Revolve still relies on algorithms and not a fashion director to point the way forward and expects sales to grow 20 to 22 percent this year to a range of $598 million to $608 million while adjusted earnings before interest, taxes depreciation and amortization expand by 10 to 20 percent to a rangeFollow WWD on Twitter or become a fan on Facebook.
from WWDWWD https://ift.tt/366MMsu
0 comments:
Post a Comment