Revolve paid Instagram stars to wear its dresses before most brands knew what an influencer was. The Los Angeles-area retailer flew them to resorts and festivals, and their followers bought the looks online. Revolve chose what to stock by watching sales data closely. When it went public in June 2019, shopping malls were closing across the country, and Revolve was selling to millennial women almost entirely through their phones.

Two Engineers Sell Dresses

Michael Mente and Mike Karanikolas founded Revolve in 2003. Both came from technology, not fashion. Their bet was that an online store could read its own data better than a department store buyer could read a runway. Revolve tracked what sold and reordered fast. It later built its own house brands and launched FWRD for luxury labels. Its marketing leaned on a large network of social media influencers.

An 89 Percent First Day

Revolve priced at $18 a share, the top of its range, and began trading on the New York Stock Exchange as RVLV on June 7, 2019. The stock opened about 40 percent higher and closed its first day at $34, up 89 percent. It was one of the year's best debuts. Mente and Karanikolas still run the company as co-CEOs, and Revolve still trades on the NYSE as RVLV.

Cover: Mrs. George Swinton (Elizabeth Ebsworth), John Singer Sargent. Art Institute of Chicago, public domain. Chosen for a society portrait in an evening gown (the look of the season).