Revolve Group, Inc. Announces $100 Million Stock Repurchase Program
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"Our cash flow generation and strong balance sheet afford us the financial flexibility to authorize a stock repurchase program as part of our efforts to enhance stockholder value while continuing to invest in exciting growth opportunities ahead," said co-founder and co-CEO Mike Karanikolas. "While the current economic environment remains challenging, the
Repurchases under the program will be funded from REVOLVE's existing cash and cash equivalents or future cash flow. As of June 30, 2023, REVOLVE had
Under the repurchase program, REVOLVE may purchase shares of its Class A common stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans. The timing and amount of any stock repurchases will depend on factors such as REVOLVE's stock price, trading volume, economic and market conditions, alternative uses of capital and corporate and regulatory requirements, and the program does not require REVOLVE to repurchase any specific number of shares of Class A common stock. The program has no expiration date but it may be modified, suspended or terminated at any time.
About Revolve Group, Inc.
Revolve Group, Inc. (NYSE: RVLV) is the next-generation fashion retailer for Millennial and Generation Z consumers. As a trusted premium lifestyle brand and a go-to online source for discovery and inspiration, we deliver an engaging customer experience from a vast yet curated offering of apparel, footwear, accessories, beauty and home products. Our dynamic platform connects a deeply engaged community of millions of consumers, thousands of global fashion influencers and more than 1,000 emerging, established and owned brands.
We were founded in 2003 by our co-CEOs, Michael Mente and Mike Karanikolas. We sell merchandise through two complementary segments, REVOLVE and FWRD, that leverage one platform. Through REVOLVE, we offer an assortment of premium apparel, footwear, accessories and beauty products from emerging, established and owned brands. Through FWRD, we offer an assortment of curated and elevated iconic and emerging luxury brands. For more information, visit www.revolve.com.
Forward-Looking Statements
This press release contains ''forward-looking statements'' within the meaning of the safe harbor provisions of the
Contacts:
Investors:
Erik Randerson, CFA
1-562-677-9513
IR@revolve.com
Media:
Jennifer Walker
revolve@walkerdrawas.com
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SOURCE Revolve Group, Inc.
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