Revolve at William Blair Conference: AI and Growth Drive Strategy

On Thursday, 05 June 2025, Revolve Group LLC (NYSE:RVLV) presented at the 45th Annual William Blair Growth Stock Conference, outlining a strategic focus on leveraging artificial intelligence and expanding market share. The company reported robust financial results, emphasizing AI-driven efficiencies and international growth, while also addressing challenges like tariffs.

Key Takeaways

• Revolve reported a 10% increase in Q1 2024 sales and a 57% rise in income from operations.
• The company highlighted its customer-centric approach, using AI to improve customer experience and reduce return rates.
• Revolve is expanding into men’s and beauty categories and investing in physical retail locations.
• The company’s strong balance sheet, with over $300 million in cash and no debt, supports its growth strategy.
• Tariffs remain a challenge, but Revolve is focusing on diversifying its supply chain and strengthening owned brands.

Financial Results

• Q1 2024 sales increased by 10% year-over-year, following a 14% increase in Q4.
• Income from operations rose 57% year-over-year, and adjusted EBITDA grew by 45%.
• Free cash flow reached $45 million, an 18% increase year-over-year.
• Active customers increased by 6%, totaling 2.7 million, with net sales per active customer at $424.
• Return rates decreased, benefiting variable costs by 30-50 basis points per percentage point reduction.
• Owned brands represented 18% of the business in 2024, an increase from previous quarters.

Operational Updates

• Revolve is utilizing AI for site search, product recommendations, virtual styling, and customer service, driving revenue gains.
• The company is expanding into men’s, beauty, and home categories, with promising results.
• Physical retail expansion includes new locations in Aspen and The Grove, enhancing customer acquisition and brand awareness.
• A head of retail has been hired to strengthen expertise in physical store operations.

Future Outlook

• Revolve plans to continue investing in marketing, customer acquisition, and AI development.
• The company is exploring M&A opportunities and has a $100 million share buyback program.
• Significant growth potential is seen in international markets, particularly China.
• Owned brands are expected to drive future profitability, with new brands and category expansions planned.
• Physical retail expansion will focus on data-driven decision-making and profitability.

Q&A Highlights

• The CFO addressed tariff uncertainties, noting that the company’s guidance already accounts for various scenarios.
• The reduction in tariffs to 30% provides confidence in the guidance range, with mitigation strategies in place.
• Revolve views tariffs as an opportunity to diversify its supply chain and strengthen owned brands.

For a detailed understanding, please refer to the full transcript below.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Dylan Carden, Analyst Chair: Alright. Oh, mic’d up. My name is Dylan Carden. I’m the analyst chair that covers Revolve. All you really need to get from me is the fact that you can find all our disclosure from a compliance standpoint on our website.

I’ve got here the CFO of Revolve, Jesse Timmermans, and he’s gonna give you a little bit of a spiel, and we’ll do a breakout afterwards, which I’ll tell you the room as soon as I figure it out.

Jesse Timmermans, CFO, Revolve: Richardson, I think. Richardson. I think so. Thanks, Dylan, and thanks for the highly coveted early morning spot on the last day of the conference. I really appreciate that, but good turnout.

Thanks for joining us here early this morning. I will get started with a quick background on Revolve just in case some of you are new to the story. We started twenty years ago founded by Mike and Michael who are still our co CEOs and co founders still in the office today just grinding it out. They still own just less than 50% of the company. So, we have a very long term focus, owner mindset.

Our owners are investors. So, we’re really focused on the long term and really building this out. The thesis behind Revolve and some of the core differentiators are really the same today as they were twenty years ago. Founded by Mike and Michael, we’re not fashion guys. Relight on data and technology to make their decisions.

Our systems are homegrown. Our ERP is homegrown. Warehouse management system, inventory management, technology, and data science is really ingrained into everything we do from inventory to customer service, to marketing, to the back office. And really important, especially in today’s day and age with the advent of AI. AI is not just a buzzword for us.

We are leveraging it in really all aspects of the business and really moving fast. And that data driven culture from day one has really enabled us to embrace AI in this this new day and age. That data and technology backbone supports a focus on the next generation consumer. When upon founding, Mike and Michael saw that the department stores were big and stale, broad assortment but no curation, And then, you have on the other side a small boutique across the country that doesn’t have national or global distribution. So, Revolve’s goal was to really combine those and have a broad selection, but very curated and really focused on this next generation consumer.

And to have the online customer experience similar to in person customer experience. So from day one, the home was a dressing room. You have to be able to try on three dresses just for that one that you’re gonna keep for the Saturday event. So customer is at the center of everything we do. Merchandise assortment is really important.

That merchandise and assortment feeds into our brand and our messaging. So, our merchandise is supported by a really powerful brand marketing engine and we’re getting really focused on that next generation consumer. We were early to social media and influencer marketing, really the pioneers there, but it went even before that. We were working with bloggers before they turned into influencers. Facebook turned into Instagram turned into TikTok.

Static posts turned into video. So, it’s really the theme is just being where the customer’s at and really embracing her shopping behavior. And, underlying all of that is a profitable and capital efficient business model that we will get into. We operate in a large and growing growing TAM. So, there’s a almost $700,000,000,000 market just in The US, Thirty Seven Percent of which is online.

If you look at our either the number of customers we have or our revenue, we’ve we estimate that we’re only 3% penetrated in that core market and that’s just domestic. The international market, the global market is four times the size of that domestic market and our international business today is only 20% of the overall business. So, we believe that can be a much bigger piece of the business over time. And we’re operating in really favorable market dynamics. Purchasing power is shifting to that next generation consumer.

We are still, although at a slower rate, still shifting online. So, we are squarely centered right in the middle of these great kind of demographic shifts that are happening out there. We operate in that global market with two complementary, we say complementary segments because they are very complementary. We have Revolve that’s 86% of the business versus Forward that’s 14%. If you compare the two, Revolve is that premium, mostly focused on fashion apparel, about 30% of that assortment is dresses.

Compared to Forward, they complements that assortment with primarily handbags and shoes. We know that the girl that’s buying a 200 to $300 dress is also complementing that with a great pair of shoes, a very nice handbag. Then we have curation is probably the consistent theme across both of those. While forward is higher end and luxury, it’s still very curated and still focused on this next generation consumer. So, very young luxury, not, you know, kind of the the stale luxury of the past.

And, we have a long term track record of profitable growth. I mentioned this in the opening remarks. Consistent sales growth over time despite some volatility with COVID and other macro cycles that we’ll get into, but a 17% CAGR and doing so profitably. So 73% increase in net income year over year last quarter and 60% increase in adjusted EBITDA. So again, consistently profitable and going back to kind of that founder led mentality, that’s really key for the success that we’ve had in managing through difficult cycles like we’re in today.

And, we’ve outperformed the competition and taken share over time. If you compare our 17% CAGR to the e commerce of 13% or the premium department stores who are essentially flat to down since 02/2016. And, that’s still where billions and billions of dollars are sitting is going through that physical department store door. And, it’s very stands out among e commerce peers especially. So, Us and Zalando being the only ones that are GAAP profitable and positive free cash flow versus this long list of others.

So, if we kind of maybe step back now and double click into what’s driving that, number one is active customers. I mentioned only 3% penetrated. We have about 2,700,000 active customers. That’s a 15% CAGR over time. This is up 6% in q one.

We’ve been kind of hovering around a 5% growth that ticked up in q one. And active customers are really important. We’ll get into the dynamics of our existing customer in a second. Net sales at full price is really important. She comes to us for what’s new and exciting, not for the discount.

It’s not a value place. She’s coming to us for the great merchandise and being part of that Revolve ecosystem. Consistently, on average, around eighty percent. Even before COVID, it was seventy nine percent. We’ve been averaging around eighty percent

So seventy nine percent was already good, and we’ve improved that since COVID. Kind of driving that is that data driven merchandising. So buying very shallow on that initial buy, reading the data even before the sales, reading impressions on the product, and then reordering into what’s working. Over half of our purchases, our inventory purchases are reorder, which have a higher full price sell through and higher margin as a result. Average order value.

Premium average order value. So, this is really important and gives us a lot of leverage on the P and L and gives us the ability to absorb that high return rate, giving the customer the ability to purchase and return and really, really try on the product and offer fast and free shipping and all the great customer experience that she expects from us. So, that customer loyalty that I mentioned several times has driven incredible loyalty and strong customer dynamics in LTV over time. So, number one, free shipping, free returns, really core to the story from day one still today. I think we’re one of the first, if not the first, to offer free shipping and free returns online.

Our customer service experience continues to get better and better, and we continue to drive up our customer satisfaction score. In most recent quarters, the last two quarters, we’ve been at modern day records, so really great to see that and not taking our foot off the pedal in terms of just providing a great customer experience. That results in, again, really high full price sell through. And if we go to the customer dynamics, just over 50%, fifty four % of our active customer base is an existing customer. They purchase more frequently and at higher average order values over time.

After they get in, they’re really sticky. We have a first order drop off from first order to second order, but from second to third, fourth, fifth, they’re very sticky. So, you can see 54% of the active customers are existing. They place 80% of the orders and represent 81% of the net sales. That’s driven by both, like I mentioned, an increase in the frequency, so their orders per year go up and their average order value goes up over time.

Net sales per active customer, 424 in 2024, so that continues to increase again as a result of this purchase frequency and higher average order value. Now, if we get into a couple more recent drivers of our success, first is AI. AI and other technologies. Again, from day one, we are data driven, data driven merchandising, technology focus, ingrained in the culture, systems homegrown. This has really enabled us, and I think that data driven technology culture mindset is very underappreciated and undervalued.

Having that having that center within the company and people that are really focused on that enables us to embrace things like AI. So a few examples of our AI developments. In the center of the page here, site search. So historically, our on-site search was driven by a third party, probably the best in the search business. Our data science and BI team took that upon themselves to develop our own internal AI algorithm for our internal search.

This not only outperformed the third party, driving significant revenue gains, but also we don’t have to pay the third party several hundred thousand dollars a year for the use of that technology. A lot of AI initiatives on the site itself from the edits on the site, personalization for the customer, size and fit, product recommendations. We just launched a virtual styling tool on the site that we’re testing. We’re testing video. So, a lot of great things happening on the site in terms of merchandising, assortment, and that customer experience.

Also, driving a reduction in returns, so we’re leveraging AI to drive a reduction in returns. And, again, reducing returns in the right way, so not making it harder on the customer to do the returns, but making that first purchase more educated and making it actually easier for her. And then a lot going on in the back office. And we do think AI can touch all aspects of the business. Just a couple on the back office and operational front, intelligently routing customer service inquiries to the most appropriate agent, so that’s driving that really high customer satisfaction score.

Also, translating voice calls into text so we can better mine the data behind those customer inquiries and again serve the customer better. Also, intelligently placing inventory around the world from our distribution center in LA, Pennsylvania, UK, so that the inventory is placed appropriately. For example, a customer in Europe purchases an item, we ship it from LA to that customer in Europe, they return the item, our algorithms determine the probability of that item reselling within Europe or the likelihood of it selling back in The US if it’s likely to selling not shipping back to The US just to ship it to another customer back in Europe. So just one example of the inventory algorithms behind the scenes and a lot of other things we’re working on on the AI front, but a lot of opportunity as we look ahead into the future. So kind of wrapping up maybe with this first section, The consistent growth, consistent profitability, consistent cash flow generation has led to a very strong balance sheet.

So, we broke the $300,000,000 mark this past quarter, no debt. Really important in times like this and cycles like this. We’ve managed through several difficult cycles. Having $300,000,000 on the balance sheet allows us to continue to invest, is really important. We see this cycle as an opportunity.

So, you think about our capital allocation priorities, number one is invest back into the business. 3% penetration in this core market, we have a long ways to go. So, we’re going to continue to market, continue to acquire customers, invest in AI, invest in great talent, and continue to take market share. At the same time where others are forced to pull back given their less than optimal financial profiles. Number two, thoughtfully evaluate M and A opportunities.

We think again during this cycle, there’s a great opportunity to acquire other accretive platforms and brands that we can tuck into the Revolve platform and leverage everything that we’re good at. The technology driven, data driven merchandising, the powerful marketing, the operational platform that we have. And then three is return of capital through our share buyback program. We have a hundred million dollar share buyback program authorized. We still have ample room to purchase there.

We are quiet on that front in the last couple quarters. We were back in the market in Q2 and that’s been a really great return of capital. I guess I covered this. So now we’ll go to the more recent quarter, this past q one. So, unfortunately, a really strong quarter was kind of masked and covered by all of the attention around tariffs.

But, I start with the positive and the really strong quarter that we had, top line was up double digit 10%. That’s off of a 14% positive q four. So a couple of quarters of really strong growth and back into the double digits, which was our goal. On top of that, again, profitable growth. So, 57% increase year over year in income from operations, 45% adjusted EBITDA.

Return rate, significant reduction in return rate, and this is the third quarter we’ve had pretty meaningful reduction in return rate. And that’s important if you go back up to the income from operations and adjusted EBITDA. For every point of return rate reduction, there’s a 30 to 50 basis point benefit in our variable cost line items of selling and distribution and fulfillment. So this has been a really important profitability driver in the last few quarters. And strong free cash flow, 45,000,000 up 18%, again, going back to the $300,000,000 cash balance.

Owned brands, we’re really excited about. We’ll get to this in a minute with our growth opportunities. Owned Brands was higher year over year, the mix of Owned Brands on a Revolve segment for the first time in ten quarters. Owned Brands carry significantly higher gross margin than a third party. So, again, a really important profitability driver over the long term.

Now, all that good was covered by all of the attention around tariffs, which is definitely a challenge, but we also see as an opportunity. And maybe to rewind, still very uncertain out there. At the time we released earnings, it was right at the point when China was at a 45%, the rest of the world was at 10%. So a lot of a lot of scenarios going into our modeling around gross margin guidance in particular, and there’s still a lot of uncertainty out there. There was a even though we’re down to 30% for China today, there was a time of twenty four to thirty six hours last week that it was we thought it was zero.

Europe could be going up to 50% here in a couple weeks. So I think the theme is very uncertain. The movement from a hundred and forty five down to 30 doesn’t change our our mitigation strategies, our diversification objectives on own brands. 30% is still high. We think it’s more manageable, of course, and gives us more confidence in our gross margin range, but again, very uncertain out there both in terms of timing and level of tariffs.

But if we step back a little bit, again, I’ve mentioned the cycles and difficult cycles a couple times, having a strong balance sheet, the ability to manage through those cycles. We’ve done it before, and we’ve come out stronger, and I think that’s important. Again, Mike and Michael owning just less than half of the company, very long term focus, seeing challenges as opportunities. And there’s been two in our history. The first was the global financial crisis back in o eight, o ’9, and then most recently COVID.

And COVID was a really interesting case study, and you all lived through that. Our brand is really focused on going out, dresses, living your best life, travel, parties, etcetera. We were geared up for our peak season in q two of twenty twenty when COVID hit and everybody was, of course, locked down. So we had to quickly pivot from dresses, from going out, from our big marketing activities that we had planned to more stay at home, both apparel, attire, beauty, etcetera, and we were able to do that really pivoting on a dime. Dresses were down 26%.

That’s our biggest category. But with the pivot, we were able to manage the year to down only 3% with really significant profitability gains during that year. So, just an example, during a very very challenging time, we were able to not just manage through it, but come out stronger, and we think the same is true, for this most recent, cycle. On top of that, a lot of challenges in the luxury market. You see the examples here from Farfetch to matches, Saks and Neiman having challenges, while at the same time Ford is growing and we are investing in Ford.

That’s again reminder, our luxury platform over a $600 average order value. We’re acquiring great talent. We’re leveraging AI. We’re cross marketing Revolve customers to that Ford platform. Physical retail has enabled us to really double down on that cross marketing with Revolve and Ford under the same roof.

So, although the luxury market is challenged right now, we see it as a great opportunity to continue to take share and really complement that REVOLVE assortment again with the FORWARD higher price point handbags, shoes, accessories, etcetera. Okay. So, now on to the future and our growth opportunities. I mentioned this already, but we do believe there is just a long runway of growth opportunity just in our core customers. So, if you just look in The US, Three Percent penetrated, whether you look at that eighteen to forty four year old female in The US or our revenue as a percentage of the TAM.

And if you don’t believe either of those, you can compare our active customer base to some of the other players out there where there’s still, again, billions of dollars of share to be taken from even just the premium department stores alone. So, that’s number one. Invest back into the business, continue to market, continue to acquire customers, have great merchandise, have a great customer experience. Number two, and these aren’t necessarily in order after this first kind of focus on the core, but we see a great opportunity to expand categories. Again, historically, she’s looked to us for going out for dresses for that special occasion.

You rewind ten years ago, it was a compliment when you ran into a Revolve customer on the street and she says, go to Revolve for all of my occasions. Now it’s almost a not a criticism, but constructive feedback where want her to say she comes to Revolve for everything, for her workwear, activewear, outerwear, dresses, going out, and we think we have that opportunity. And even beyond that core female customer, we see an opportunity in men’s. Men’s is a very small piece of the business right now, but we’ve made great gains there and it’s growing in excess of the overall business. We don’t see another really great men’s multi brand platform out there.

We think there’s a huge opportunity. Up to half of the purchases out there for a male come from a female. We have a very engaged female audience and a great new leader on the men’s business that’s really curating that assortment from kind of the more fashion forward that we’ve historically carried to using that as a halo and then complementing that with the core basic stuff that the guy would wear Monday through Friday. Beauty is another great example and a great case study. We kicked off beauty back in 02/2016.

Over the past six years, it’s increased five x. Still only 4% of the business. If you compare that to premium department stores that are in the double digits, we think that is our target, and we think we can get there in terms of beauty mix as a percentage of the total business. First step, both on men’s and beauty, is really getting the assortment right and getting that merchandise right. Then we can really start to market and get the experience right for both of those customers.

These are really important in both capturing additional TAM, capturing more share of her wallet, and then also increasing that customer lifetime value. Her purchase frequency increases over time already, so increasing that even more by going more after more aspects of her life and getting her to come back to us for the beauty, for the basics, for the premium essentials. Just a couple quick stats on this. The combination of men’s beauty and home grew significantly greater than the overall business in q one and launched our foundations, basics premium essentials, this past January, have received great feedback from both brands and customers. And then as a result of that focus on these other categories, we did see fashion apparel increase 14% as compared to the 10% overall business and 4% for dresses.

So we are seeing some of that category mix start to happen. That impacts AOV in a negative way. Our AOV did come down, but also a lower return rate on these other categories. If you compare our overall return rate of, call it, in the mid 50% range, beauty has a low single digit return rate. So, over time, this has a natural benefit for reducing the return rate.

International, another huge growth opportunity. I mentioned the international market previously. If you look at the global mix of sales at 78, our mix is 20% on the business. So huge opportunity internationally. Every region, every market is different, has its own opportunities and challenges, but the theme is really consistent.

So our growth strategy is, number one, get the customer experience on par with that domestic customer. So that means free shipping, free returns, all inclusive pricing, payment types, payment methods that match with that local customer. Great example of that is in Canada. It’s probably been a couple years now. Previously, rewind five years ago, that customer in Canada would have to pay all of their duties, taxes, the HST, GST, PST separately.

That was not included in the price, so sticker shock when you get to the checkout. Then if that customer returns the product, he or she has not refunded those taxes, they would have to go to the Canadian government to recover those taxes. We layered in all inclusive pricing. When the return is returned, we refund the full amount, then we revolve, go to the Canadian government and recover those taxes. So, very seamless customer experience.

That resulted in Canada sales increasing triple digit for the following several quarters. Return rate, of course, increases because it’s much easier for her, but gross sales and net sales increased far greater. So that’s basically get the customer service experience right. Then we can start to merchandise and market better and more specifically for those markets. Great example is in the recent quarters, China.

We hired a leader in China about eighteen months ago. She comes from the live streaming sector and really good at understanding that Chinese customer and how she interacts both on the merchandising and marketing front and leveraging channels that work in that market. For example, Duyuan Red Tmall and using marketing methods that, again, resonate with that customer and choosing the right merchandise that resonates with that customer. So, what we’ve seen in China over the last couple of quarters is Revolve outperforming forward. Historically, China’s been more of a forward business, more about the brand name.

More recently, Revolve has taken over and has performed really well, which is really important and again goes back to the merchandise and marketing. A lot of the Revolve brands are not known to that customer. A lot of the Revolve brands aren’t known to even a US customer. They’re emerging brands. So, really important that the Revolve brand is resonating with that Chinese customer.

So, huge opportunity internationally and continue to make progress there. And then, owned brands. I mentioned earlier, owned brands have a significantly higher gross margin than that of a third party. So from a pure profitability perspective, massive opportunity on owned brands. It was about 18% of the business in 2024.

It was 36% back in 02/2019. I use that just as a reference point to say that own brands could be a much larger piece of the business. But we’re expanding very thoughtfully. We wanna make sure the assortment’s right, the brands are right, and the underlying economics of the own brand product is working. And that was our goal coming out of COVID is really to get those fundamental metrics right, and they’re performing better today than they ever have, which gives us confidence in our own brand expansion.

We have a couple brands launching later this year into early next year that we’re really excited about. The opportunity lies in a few different areas. One, new brands. Helsa is one of our most recent, has been a great brand, really unique in that it’s a higher price point for our own brands and carried across both Revolve and Forward and has performed extremely well. So, additional opportunities like this where we partner with with a personality and create a great brand.

Additional categories, another opportunity. We launched our first men’s kind of unisex brand, WAO, a few quarters ago. So, opportunity in other categories. So, it could be men’s, again, back to basics, premium essentials, activewear, a lot of opportunity to complement and supplement the assortment with our own brands. And then, brand expansion within our existing brands.

We have over 20 of our own brands. The customer wouldn’t know that these are our own brands necessarily. They’re not private label. They’re not priced at a discount to third parties. They’re priced on par with third parties for comparable products.

And they have a brand and a life and a and a aesthetic of their own. So, a lot of opportunity to expand the the products within each of those brands. And then finally, prudent expansion into physical retail. We do see a huge opportunity in physical retail. Of course, historically, we’ve been a % online until about a year ago when we opened our Aspen store.

We’ve experimented with pop ups over time. Aspen started as a pop up just to experiment. Those pop ups are usually focused on brand marketing activations and really customer engagement. We decided to really test physical retail with that Aspen pop up and make it more of a true store. It performed well, so we extended that lease.

This past holiday season, we opened a pop up at The Grove in LA, had the opportunity for, really, we think the best, actual spot within The Grove to test a holiday pop up there. Again, performed really well, so we extended the lease and made that or in the process of making that a permanent location. That should open this fall. Some of the things we like about physical retail and what we experienced in both Aspen and The Grove, 1, it over indexed on new customers. So, great new customer acquisition tool.

And this is really both great and surprising at The Grove in LA. LA is our hometown. We thought everybody in our core demographic knew what Revolve was in LA, but we saw incredible new customer growth and a halo effect, very small because it was a short time period, but a halo effect in the Greater LA area. Also, anecdotal examples where we had team members run into customers that we thought were core Revolve girls and were talking on the street and asking each other, Revolve, what is that? I think I’ve heard of it.

Is that a fashion brand? So, like, just kinda show the opportunity out there. Again, back to that 3% penetration. Return rate, a small fraction of what it is online. So with the expansion of physical retail, a natural way to get the return rate down.

Owned brands, I just mentioned. Owned brands performed at a higher rate than that of online. So both in terms of mix of sales and then sales to the inventory positioned in the store. So we see a great opportunity to assort own brands into the stores and drive even greater margin expansion. And we get the question a lot, why now?

I think a few reasons. One, behavior changed coming out of COVID. People are looking for experiences. Two, we have the scale in the brand. We have a very powerful brand and we think this is great opportunity and time to really use that brand to acquire new customers and be out there.

These will be different than a stale department store. They will be experiential, likely have events in store and make it a really great experience for that customer. That said, again, back to my opening prudent expansion, we are being very disciplined on our expansion. We’ll have Aspen in The Grove. We’ll read the data there.

If we get these stores, and we’re confident we will get these two stores performing to our very high standards, then we’ll talk about expansion. But we’re not rolling out a ten, twenty, 30 store expansion plan out of the gate. We need to build this muscle. We are, again, historically online, so we acknowledge we’ve got to build this muscle. We just hired ahead of retail.

So putting our best foot forward, but, again, reading and testing as we go. And with fifty seconds left, that is my close. Yeah. Nothing so the question, just in case, is kind of how we’re weighing tariffs and the uncertainty and how we’re feeling about, you know, kind of our guidance range, think is the gist of the question. So I would say nothing has changed.

It’s still very uncertain out there. And maybe just to back up, the guidance range at the low end assumed the elevated tariffs, so call it a 45% in China, and our best estimation of mitigation efforts. The high end assumed and this wasn’t any one scenario. There was dozens of scenarios in that range. The high end assumed some level of reduced tariffs and mitigation that would offset, you know, the vast majority.

So I think with the recent reduction to 30%, it just gives us more confidence in the range, but doesn’t significantly change our mitigation strategies or the range.

Dylan Carden, Analyst Chair: Heard it here first. Alright. The, breakout is in

Jesse Timmermans, CFO, Revolve: This presentation has now finished. Please check back shortly for the

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