Wall Street found its new fashion favorite.
Shares of the data- and influencer-savvy Revolve Group shot up 89 percent to $34 in their first day of trading Friday — a blockbuster initial public offering for what has been a relatively quiet player on the fashion business scene. The offering gave the company a market capitalization of $2.3 billion, including both the Class A shares offered to the public and the Class B supervoting shares.
The shares priced at $18 each in the IPO and almost all of the $211.8 million raised went to selling shareholders, particularly TSG Consumer Partners, which invested in Revolve in 2012.
The public market entrance — for a company that knows how to party and is famous for its influencer-laden soirées — puts a new kind of spotlight on Revolve, which is led by co-chief executive officers Mike Karanikolas and Michael Mente, who founded the firm in 2003.
Karanikolas is the more operations-minded of the pair and Mente plays more on the creative side, but both have a deep understanding of the whole business and work together on the big issues. They started Revolve with the long-term in mind and are determined to hold to that course now that the
Follow WWD on Twitter or become a fan on Facebook.