Revolve Group, a luxury online retail company, has announced a significant increase in revenue and earnings for the year 2021. This growth can be attributed to the accelerated growth in active customers and sales during the fourth quarter. In the fourth quarter alone, net sales reached a remarkable $239.8 million, marking a 70% increase compared to the previous year. This also reflects a remarkable two-year growth of 63% compared to the fourth quarter of 2019, prior to the Covid-19 pandemic.
A key driver of this growth was the accelerated growth in active customers. Revolve Group saw an impressive quarterly growth of 162,000 active customers, bringing the total number to 1.8 million. This represents a significant 25% increase compared to the previous year, highlighting the strong appeal of their offerings to consumers.
Mike Karanikolas, co-founder and co-CEO of Revolve Group, expressed his pride in the company’s outstanding fourth quarter results. He emphasized that these results demonstrate the power of their brands and their connection with the next generation consumer. The net income for the quarter reached an impressive $29.4 million, marking a 55% increase compared to the previous year. This also reflects a substantial two-year growth of 250% when compared to the fourth quarter of 2019.
Revolve Group’s net sales for the quarter amounted to $200 million, showing a significant 68% increase compared to the previous year. FWRD sales, another luxury portal owned by Revolve Group, reached $39.8 million, indicating an 83% increase compared to the previous year. Geographically, domestic sales experienced a substantial 80% year-over-year increase, while international net sales increased by 34% year-over-year.
For the full year ending on December 31, Revolve Group saw sales surge to an impressive $891.4 million, signifying a substantial 54% increase compared to the previous year. This also represents a substantial 48% growth compared to 2019. The net income for the year reached a remarkable $99.8 million, showcasing a significant 76% increase compared to the previous year, and an outstanding 180% growth compared to 2019.
Overall, Revolve Group’s impressive growth in 2021 can be attributed to the accelerated growth in active customers and sales during the fourth quarter. Their strong appeal to the millennial market and their ability to navigate challenging macro environments and supply chain headwinds have been key contributors to their success. With their continued focus on delivering outstanding results, Revolve Group is well-positioned for further growth in the future.
Useful links:
1. Revolve Group Official Website
2. Revolve Group’s Success Story – Business of Fashion
