Revolve at Piper Sandler Conference: Strategic Moves in Luxury Space

On Wednesday, 10 September 2025, Revolve Group LLC (NYSE:RVLV) presented at the Piper Sandler 4th Annual Growth Frontiers Conference, outlining its strategic plans amidst the evolving online luxury market. The company highlighted its focus on customer engagement, inventory management, and innovative growth initiatives, alongside challenges in international markets and return rates.

Key Takeaways

• Revolve is capitalizing on online luxury consolidation, with a strong focus on its FWRD segment.
• A joint venture with Cardi B aims to launch a billion-dollar brand next year.
• The company is expanding into physical retail, AI, and new categories to drive future growth.
• FWRD achieved double-digit growth and improved profitability.
• Revolve mitigated most tariff impacts, slightly boosting gross margins.

Financial Results

• FWRD Growth: Achieved double-digit growth and improved profitability in the last quarter.
• Customer Engagement: Orders and revenue per active customer have surpassed pre-COVID levels.
• Category Performance: Dresses increased by 4% in Q2, fashion apparel by 14%, and beauty by 16%.
• Tariff Impact: Successful mitigation of tariffs contributed to a slight increase in gross margin.
• Return Rate: Decreased for five consecutive quarters, with a flat rate projected for the year’s second half.
• AI Impact: Enhanced search functionality led to a significant revenue lift.

Operational Updates

• New Brand Acquisition: FWRD is attracting new brands at an accelerated pace.
• Cardi B Joint Venture: Plans to launch a new beauty and apparel brand next year.
• Physical Retail Expansion: Permanent store in Aspen, with an LA store opening this fall; more locations planned by 2026.
• De Minimis: No significant impact; the company is expected to benefit.
• International Market: Performance faced challenges in July due to tough comparisons.

Future Outlook

• Growth Drivers: Physical retail, category diversification, and marketing investments are key growth areas.
• Investments: Continued investment in own brands, FWRD, and AI expected to yield long-term benefits.
• Physical Retail Potential: Seen as a billion-dollar opportunity, potentially half of the business.
• Return Rate: Expansion into beauty and retail expected to naturally lower return rates.
• Personalization Journey: Progress in AI-driven personalization to enhance customer experience.

Q&A Highlights

• Customer Evolution: Focus on next-gen consumers with relevant merchandise and service.
• Category Expansion: Progress in casual wear, work wear, and beauty.
• De Minimis: Expected to benefit Revolve, improving marketing efficiency.
• Monthly Trends: May and June saw double-digit growth; July slowed due to international challenges.
• Holiday Season: Plans to leverage strong merchandise and service for the upcoming season.

For a detailed understanding, readers are encouraged to refer to the full transcript below.

Full transcript - Piper Sandler 4th Annual Growth Frontiers Conference:

Ana Andreeva, Analyst, Piper: Erik’s coming in.

Jesse Timmermans, CFO, REVOLVE: Yeah, he’s out there.

Ana Andreeva, Analyst, Piper: Oh, yeah, there he is. Thanks. Okay. Great. Next up, we have REVOLVE. I’m very excited. Welcome to the conference again. We have the CFO, Jesse Timmermans, and Erik Randerson, IR, is in the audience. My name is Ana Andreeva, and I cover footwear, beauty, and brands here at Piper. Great to have you.

Jesse Timmermans, CFO, REVOLVE: Yeah, thanks for having us, Ana. Great to be here.

Ana Andreeva, Analyst, Piper: Absolutely. Starting with the big picture, there’s been a lot of malaise and consolidation in the online and offline luxury space where your FWRD segment especially competes in. We’ve talked about Farfetch, that was acquired in a distressed sale, Matches Fashion went bankrupt, and the list kind of goes on. Can you talk about what has worked for Revolve the best as you guys focus on capitalizing on these opportunities and just continuing to take share in e-comm?

Jesse Timmermans, CFO, REVOLVE: Yeah, yeah, absolutely. I think it starts from the founding and the founder-led aspect of Revolve. Mike and Michael co-founded the company over 20 years ago. They are still the Co-CEOs. Very long-term minded and make decisions for the best of the business from an investor mindset because they do own nearly half of the business still today. I think that is at the core, operating a steady growth, profitable company over 20 years and having that discipline. That discipline comes through in cost control, it comes through in inventory management. If you just look at the fundamental basics of operating a business, paying your bills on time, creating good brand partnerships, treating the customer right, having great customer service, all these things accrue to us and are core to our thesis.

I think we’ve been seeing some of these, starting with Farfetch, Matches Fashion, leading into Luisa via Roma, SSENSE of recent, and luxury especially has been tough. It’s a tough business, especially if you don’t focus on those basics. I think FWRD has the benefit of leveraging the Revolve infrastructure and scale. We have the fulfillment infrastructure, the team, the technology, all of our systems, inventory management, customer service, marketing are homegrown, so very capital efficient and very, not just capital efficient, but easy to maneuver and implement changes. I think we’re in a good space and all of this malaise accrues to us, both from a customer perspective where those dollars have to go somewhere, and then also again from the brand relationship perspective where the brands need distribution points.

We have a very young customer that is looking for newness, looking for those great styles, and FWRD especially being differentiated from, like a MyTheresa, one of the stronger existing players, differentiated just from the assortment and the focus on that next generation consumer and more of an LA kind of aspirational next generation vibe.

Ana Andreeva, Analyst, Piper: No, that’s great. You know, FWRD saw a really nice acceleration this past quarter. You grew double digits, so congrats on that, and at better profitability. This clearly shows that you are gaining share at the expense of a bunch of these players. Just curious, is this more of a new customer coming in? Is it you growing baskets with existing customers? Is it kind of a combination of the two? Just curious what’s worked at FWRD so well.

Jesse Timmermans, CFO, REVOLVE: Yeah, it really is both. We are seeing really great new customer ads on the FWRD business. You know, I think again, back to the brand acquisition, we’ve acquired a number of brands, acquiring being listing the brand on the site, not an M&A acquisition, but bringing the brand on the site. A lot of new great brands, also focusing on new business kind of avenues, such as focusing on the affluent customer. We have a really great FWRD Renew program where that customer can find the amazing Hermès Birkin bag on the FWRD platform. There is a big new customer component to that. At the same time, repeat customers continue to perform really well, and this extends beyond FWRD, but what we’re seeing is more frequency from that existing customer.

Our orders per active customer have ticked up and are higher than they were back in 2019 in the pre-COVID era. We’re also seeing revenue per active customer tick up that had been kind of compressing for a number of quarters previous to the last couple. Seeing that come through, and that’s in part due to category diversification, kind of leaning into some other categories and giving her more of a reason to come back more frequently.

Ana Andreeva, Analyst, Piper: You mentioned a number of new brands, and I think this is specific to FWRD on the last call. It sounds like you’re attracting newer brands to the business at a faster clip. Can you talk about how you think about the breadth and depth as you work with brands?

Jesse Timmermans, CFO, REVOLVE: Yeah, on the FWRD side, the breadth is a little bit tighter and depth is a little bit more dictated by the brand versus REVOLVE, where coming out of COVID, we’ve always been very broad and shallow and reading what works and then reordering into what works. Of our incoming inventory, about two-thirds is a reorder. We know the data on that initial order and then we’re reordering into that product. Coming out of COVID, we expanded the breadth at the same depth, supporting the scale and the growth through breadth, not depth. That’s really important. We continue to acquire more data points on the products and the brands that we’re bringing in. I think the brands value it too. We have a very active customer, a very engaged customer, and we’re able to provide a lot of feedback to the brands on what’s working.

Ana Andreeva, Analyst, Piper: Okay, okay, no, that’s great. We often get the question, how has the core REVOLVE customer evolved over time? Just curious, in your view, what is that secret sauce that allows you to stay close to that next gen type of a consumer? As part of this question, the lower income customer has been pressured really for some time. I have not heard you guys call out a weakness with that demo as of late, but wanted to check in on that too.

Jesse Timmermans, CFO, REVOLVE: Yeah, at the core, staying close to the customer and keeping that engagement up at the core is customer service. Just continuing to serve her really well through fast and free shipping and free returns. We see that come through in the customer lifetime value and the frequency of those purchases. I mentioned the kind of purchase frequency per active customer, but if you look at our active customer base, about 50% of that active customer base is an existing customer. They make up over 80% of the sales. Over time, she’s coming back more frequently and purchasing at higher average order values. Number one, it’s the customer service. Number two, and these aren’t in rank order, but having great merchandise is really important. Having that newness, giving her a reason to come back, she has the trust in us to find what’s new.

Oftentimes, when you ask a customer on the street what she’s wearing, she doesn’t know the specific brand. She just knows it’s REVOLVE. She’s coming to the site, to the new section. She’s not coming to search her brand. Again, having the merchandise and that freshness and newness, at the same time, curating that enough and giving enough personalization where she can find the right product quickly for the event on the weekend or whatever it is. Cohorts have behaved very consistently over time. We, of course, saw some volatility through COVID and coming out of COVID, but if you kind of normalize things, a very consistent behavior from the cohorts.

Ana Andreeva, Analyst, Piper: Okay, okay, no, that’s great. The Cardi B announcement this spring, we thought was super interesting. This is the first time REVOLVE is doing something like this. You guys are calling this JV, right, as well. I think you’ve used the word a billion dollar brand at some point. Just curious if you could share any details on this and just how you think about the opportunity, anything on timing that we should be aware of.

Jesse Timmermans, CFO, REVOLVE: Yeah, not disclosing too much detail because we want to save it to the marketing and the buzz. Sure. In terms of timing, next year at some point, it will have a beauty component and an apparel component. Really excited about it. We think it’s a massive opportunity, and that’s why we are pursuing it. It is a joint venture, so both parties will have equity and skin in the game with the goal of making this a really big brand. Really excited about it. I think we’ve done some things in the past in collaborating with different, you know, whether it’s personalities, celebrities, influencers to kind of set the stage for this. This will be another great platform to show, I think, future potential partners what we can do, leveraging all of the infrastructure and platform that we’ve built.

Ana Andreeva, Analyst, Piper: Anything on the pricing that you can share? Is it fair to assume it’s going to be a little bit lower?

Jesse Timmermans, CFO, REVOLVE: Not quite yet, but yeah, I would say fair.

Ana Andreeva, Analyst, Piper: Okay, okay, no, that’s exciting. We’ll be watching for that. From a category expansion opportunity, you’ve talked, you know, for some time about the casual, the wear to work, you know, more kind of a fall and winter apparel categories. Just any color on how those are working? I’m not sure if you can share just the size of those and what the potential could look like. Is this more of an incremental consumer that’s coming in?

Jesse Timmermans, CFO, REVOLVE: Yeah, maybe I’ll go in reverse order. We think it is both an incremental consumer and then also our existing customer and giving her more reason to come back throughout the course of the year. Not just coming for the event, which if you rewind 10 years, it was always a compliment when you talked to a customer on the street and she was coming to us because she had that great event and that was great. Now it’s almost not an insult, but constructive criticism. When she says she comes to us for the event, we want her to say she’s coming to us for everything, for the beauty, for the event, for the athleisure, for the office wear. We’re making good progress there, still small pieces of the business, but making good progress. If you look at Q2 specifically, dresses were up 4%, fashion apparel was up 14%.

Within fashion apparel is where you see all those other product types. A couple examples, outerwear slash skiwear performed really well in Q4 into Q1. We have a location in Aspen now, which helps on that front. The curation and the shops on the site also help in that. Shorts have been performing really well in the recent couple quarters. I think we’re seeing good progress. If you take it one adjacency outside of the core female apparel, looking at beauty, men’s, home grew solid double digits. Beauty was up 16%. Again, gives her a way, both gives us a way to acquire a new customer at a lower price point, and then she buys up over time. Also, again, giving that existing customer more reasons to come back to the platform.

Ana Andreeva, Analyst, Piper: Okay, that’s great. That makes a lot of sense. De minimis has been a pretty hot topic as of late. Can you talk about that, how you think about those impacts to your model, and how could we think that Revolve would be a beneficiary of it?

Jesse Timmermans, CFO, REVOLVE: Yeah, yeah, no significant impact to our model. We were taking advantage of it to a lesser extent in 2024. Applicable to own brands, which is 20% of our REVOLVE business, and we were only utilizing that for a minority of that own brands. We stopped doing that in 2024. 2025 guidance and performance is all fans de minimis. We think we’re a net beneficiary, and I think you’re starting to see examples of that. More broadly, it levels the playing field and pricing, as that pricing differential between us and the lower price point players is compressed. You’re seeing real world examples of this with the recent bankruptcy filing from Matches Fashion, where de minimis was kind of the final straw that pushed them into that situation. We think we’re a net beneficiary, and that’ll continue to play out over the coming quarters.

Ana Andreeva, Analyst, Piper: From the marketing standpoint as well, right? Your marketing efficiency could actually improve as a result of competitive action.

Jesse Timmermans, CFO, REVOLVE: Yeah, exactly. Some of those players being forced to, or deciding to or forced to pull out of the market, creating opportunity on the marketing efficiency.

Ana Andreeva, Analyst, Piper: Okay, that’s great. Just on the near term, you reported the second quarter in early August, and you talked about May and June up double digits, both of those months, but then July slowed to up 7%, and primarily on international, which had a difficult compare last year. Is there anything you can share how U.S. performed, maybe in July compared to the second quarter, and any additional color of what you saw by brand or any KPIs you could share?

Jesse Timmermans, CFO, REVOLVE: Yeah, not too much more detail. I’ll say that, yeah, that core domestic business performed closer to Q2, not quite there, but closer to that level. More challenged on the international front, given the comps that you mentioned, and kind of optimizing for full price sales in the month of July. In terms of other KPIs, AOV continued to show improvement. We had entered the quarter in that April timeframe where AOV exited Q1 and entered into Q2 with some AOV challenges, and right around Liberation Day and some of the challenges the customer was seeing, we saw AOV compress. That started to tick up in the back half of Q2, and into July that continued.

Ana Andreeva, Analyst, Piper: Okay, understood. Looking at your monthly compares, right, August, already in September, but August and September were more difficult, and same, you know, the fourth quarter gets more difficult. That’s ahead. Just maybe talk about what are you doing differently, potentially, to drive the business, you know, on top of these tougher comparisons versus last year. Specifically with the holiday, how do you feel about just the industry, this holiday season, and just maybe any opportunities from last year that the business, you know, potentially missed?

Jesse Timmermans, CFO, REVOLVE: Yeah, I can’t think of any significant missed opportunities last year. We had the pop-up at The Grove in the holiday season of last year. That performed well, so that was something we executed well on. That led to the expansion of that location into a permanent facility, a permanent store that should open this Q4. That’s kind of feeding into the Q4 commentary. Comps do get tougher. You know, we’ll manage through that. I think we’ve got a lot of good things that we’re doing internally, a lot of investments that we’re making this year. You are seeing some deleverage on the G&A as a result of these investments, but we do think they’re meaningful investments that will pay off over time. Own brands, more investment in FWRD, physical retail, AI, and AI has been a really great story that I’m sure we’ll get to.

I think continuing to do what we do, offer great merchandise, that great customer service, and then layer on physical retail, category diversification. We’ve got some exciting marketing things, as always, planned for the coming quarters.

Ana Andreeva, Analyst, Piper: Okay, okay, that sounds great. Let’s actually pivot into physical retail. That’s a pretty exciting part of the story. Aspen now is a permanent location for REVOLVE. LA store is coming this fall. Sounds like physical retail is a really nice new customer acquisition tool for you, and also showcases both brands at the same time, which is great. How do you think about the potential opportunity there over time? I’m curious if you can talk about the team that’s running retail for you and their prior experiences.

Jesse Timmermans, CFO, REVOLVE: Yeah, yeah, absolutely. We’re really excited about physical retail. That said, we are taking a kind of a test and read approach, as we always do. Aspen has been phenomenally successful, but we acknowledge that Aspen is a very unique market. It’s a destination. It skews more affluent, higher income, lower traffic, higher conversion. We’re seeing some $60,000 bags being sold out of that door.

Ana Andreeva, Analyst, Piper: Nice.

Jesse Timmermans, CFO, REVOLVE: Conscious of the fact that that’s a unique market, we need some more data points. One of those will be The Grove, which is the higher traffic, lower conversion, more mainstream customer. Between those two, that will tell us that physical is working, and we’re confident that it will work. At that point, we’ll start to push the pedal down harder. We’re seeing own brands outperform in-store relative to online, so that’s a great margin maximization opportunity. To your point on new customers, we’re seeing new customers over index store relative to online. We actually even saw a small halo effect in LA, which is our backyard, where we thought everybody knows what REVOLVE is, but we are seeing a small halo effect there. Really excited about that. I think we could reasonably see a couple more stores as we exit 2026.

We also acknowledge, again, back to the kind of moving into this at a more moderate, kind of controlled pace. We’ve been doing online for 20+ years. We have that muscle. We’re really good at it. We acknowledge that we don’t have the physical retail muscle yet, so we are building that team. We hired a Head of Physical that has a lot of great experience opening stores. At her kind of two companies ago, she took that fleet from three stores to 40 stores, so very experienced there. We have a merchant/buyer that’s helping us manage the inventory buys for each store because the challenge and the opportunity is we have 100,000 styles across REVOLVE and FWRD. Which 100,000 of those do you put in the store and which store and how do you do that? Two great people there, visual merchandiser, another kind of store manager type.

Then we’ll start to fill the gaps as we start to build out the store fleet, utilizing a third-party consultant that has a lot of great experience opening, not just opening stores, but scouting out MSAs, markets, introductions with landlords, negotiating leases, etc.

Ana Andreeva, Analyst, Piper: Great, great. Do you think this is a 100 or 200 store opportunity over time?

Jesse Timmermans, CFO, REVOLVE: Yeah, not a comment on the number of stores, but we do think it’s a billion dollar opportunity and could theoretically be half of the business. You still see billions of dollars flowing through physical doors, especially department stores. The customer is getting back and seemingly wanting to be in person and engage in person. This is a great marketing tool for us as well. We think it’s a massive opportunity.

Ana Andreeva, Analyst, Piper: Any geographies that we should be watching out for? You mentioned a couple of stores next year.

Jesse Timmermans, CFO, REVOLVE: Yeah, I think we have a list of, you know, 20+ potentials, and it depends on what kind of space opens up where and when. If you think about it in maybe two types of stores, it’s the Aspen type store and The Grove type store. Aspen type store would be that more boutique, smaller footprint where it’s Aspen, Montecito, Hamptons, St. Barts. Then you’ve got The Grove type where that’s in the major metropolitan markets like LA, New York, Miami, Dallas, Chicago type areas in the perfect location. We are very picky about where we want to be.

Ana Andreeva, Analyst, Piper: Like you should be.

Jesse Timmermans, CFO, REVOLVE: Yep, yep.

Ana Andreeva, Analyst, Piper: Okay, okay, no, that sounds great. On the product return rate, that’s always a fun topic. Five consecutive quarters now of lower return rates, which is great. Out of the initiatives that you guys have discussed, can you talk about just what’s moving the needle the most? So far you’ve been focused domestically, which that’s the bulk of your returns anyway. What are you doing on internationally and kind of what’s the timeline for that?

Jesse Timmermans, CFO, REVOLVE: Yeah, really excited about the progress we’ve made on return rate. At the core, returns are core to the thesis. The home has to be the dressing room. She has to be able to try on five dresses to find that one that works. That said, we think we can get it down. We have gotten that return rate down in win-win ways and not impacted the customer experience. The exciting thing is it didn’t come from any one thing. It was across a number of different initiatives. We changed the return policy to a 30-day credit that was essentially back to our pre-COVID policies. That had an impact. Started focusing more on high return rate customers, again, in a very customer-friendly way and charging them for return shipping. That turned that cohort from negative contribution to positive contribution margin customers.

We’re constantly reassessing kind of who’s in and who’s out of that cohort. Applied that to FWRD, rolling that out to international customers. That is forthcoming. We have just a number of initiatives that are centered around site experience, conversion, recommendations on the site. Size and fit continues to be one of the highest return rate reasons. There’s more and more we can do on size and fit. This kind of feeds into AI as well, using AI machine learning, the data we have on the customer, the data we have on the styles to better recommend that initial purchase to reduce the return rate. We’ve made some great progress. That said, we are now comping that great progress. We’ve kind of guided towards modeling in a flat return rate in the back half of the year.

Optimistic that we can continue to get gains, but not modeling that in at this point. I think longer term, outside of just business as usual and continuing to make these improvements, we have a natural reduction in return rate as we expand into some of these other categories.

Ana Andreeva, Analyst, Piper: Like beauty?

Jesse Timmermans, CFO, REVOLVE: Yeah, dresses is the highest return rate category. You compare that and contrast that with beauty, which has a low single-digit, low to mid single-digit return rate. As the mix shifts into some of these other categories, it has a natural benefit to return rate. In stores, physical retail, in our experience and looking elsewhere and outside, has a, you know, call it a low to mid single-digit return rate. As the mix of the business shifts, we’ll continue to see return. It’s more long term, but continue to see return rate come down.

Ana Andreeva, Analyst, Piper: Makes sense. Okay, that’s great. Let’s talk about margins. On the last call, I thought this was really interesting. You mentioned that some of the tariff mitigation efforts that you’re putting in place are actually helping the gross margin structure longer term. Can you talk about that? What’s kind of the magnitude of some of those benefits ahead?

Jesse Timmermans, CFO, REVOLVE: Yeah, yeah. Tariffs were very significant when we released that Q1 earnings release right around Liberation Day, 145% in China and various rates across the world. We were confident in our mitigation efforts, but didn’t know how it would all shake out. In Q2, when we released, we were able to mitigate the vast majority of the tariff impact and actually squeaked out a slight increase in gross margin in that quarter. The abruptness and the magnitude of the tariffs enabled us to work with our brand partners to kind of modify the way in which we’re importing. It needed partnership from the brands, which we wanted to do for a number of years, but it was hard to do when you don’t have such an abrupt change.

This allowed us to partner with them and get the mitigation effect in this current quarter, but then also, to your point, give us a margin benefit in the out years, depending on where tariffs shake out. If they go back up to 145%, that’s a different story. You know, optimistic that we can continue to manage through that. In the current quarter, we changed the markdown algorithm, modified that to, you know, at the highest level, slow the turns and reduce the depth of markdowns, which gave us a significant margin benefit in the quarter, and that continues to live on as well.

Own brand expansion, been able to increase the own brand mix in the past couple quarters, and we have a few own brands launching in the coming quarters that will increase that mix even more, and own brands carry a much higher gross margin than the third party. Really optimistic there in 2026 and beyond.

Ana Andreeva, Analyst, Piper: Yeah, no, that’s great. In the last few minutes, I think we have 3 minutes left. AI is, you can’t talk to Revolve and not mention AI. You talked about the internally developed AI search algo, which we thought was really interesting. How do we think about the benefits of that innovation and what other AI applications you think make sense for the business?

Jesse Timmermans, CFO, REVOLVE: Yeah, we are really excited about AI. It’s not just vaporware, not just a buzzword. We are leveraging AI. We have our own BI and data science team that is implementing these things. The search functionality was a great example where we were leveraging a third party historically, somebody who was very good at search, probably the best in the world. We took that in-house, developed our own algorithm. One, we’re not paying the third party, and two, it performed better to the tune of seven-figure gross revenue annualized revenue lift based on the conversion. We own the algorithm, so we can continue to make changes. We made some modifications in the last quarter to look at more of the visual elements of the product to return better long-tail search results on site. That’s one example.

Also doing a lot on the side just in terms of conversion and how we sort and curate the product and create shops and different recommendations for the customer, post-purchase recommendations. AI is, you know, it’s new, it’s moving fast, but we were founded on data-driven merchandising. Mike’s an engineer, Michael’s a business analyst. We’ve been utilizing machine learning for years and years. This is a natural just kind of benefit for us and one we’re able to leverage really fast. Those are the more fun elements. There are also the more boring elements on the back end, but that are really critical again to customer service and efficiency, where intelligently placing inventory around the world, routing customer service calls using AI to create a better customer experience and more efficiency, translating voice calls into text. We can mine that data to create more efficiency and better customer service.

Starting to test routine things like processing invoices using AI. There are third-party platforms out there, but we have a team that can develop this internally, and then we own the technology.

Ana Andreeva, Analyst, Piper: You have so much data on your consumer, but it kind of feels like some of the personalization initiatives are relatively recent. Can you talk about where are you with the personalization journey?

Jesse Timmermans, CFO, REVOLVE: Yeah, making great progress, a lot of really good improvements over the last year. That’s a combination of AI, our technology, and the data that we have. A new Chief Merchandising Officer that started 18 months ago, two years ago, is making some great improvements in the merchandise. Not just the product itself, but again, the sort, the recommendations, how it’s merchandised, the editorial around it, the copy around it. I would say great progress. This is a kind of an ongoing infinite project where we just continue to get better and better and better.

Ana Andreeva, Analyst, Piper: Okay, okay, terrific. On that note, thank you so much.

Jesse Timmermans, CFO, REVOLVE: Yeah, thanks for having us.

Ana Andreeva, Analyst, Piper: Thank you, everyone, listening in and attending.

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