TH

E A

NALYST D

AY P

RESEN

TATIO

N 2

018

March 16, 2020

ROTH ANNUAL CONFERENCE

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2

Note on Forward-Looking Statements

Information in this presentation contains forward-looking statements as defined within the meaning of U.S. federal securities laws, including, but not limited to, statements about REVOLVE and the environment in which REVOLVE operates, including statements regarding future results of operations and financial position of REVOLVE. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms.

Forward-looking statements are based on information available at the time those statements are made and on our current expectations and projections about future events , and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, without limitation, risks related to general economic conditions, our fluctuating operating results, seasonality in our business, our ability to acquire products on reasonable terms, our online business model, demand for our products, our ability to attract customers in a cost effective manner, the strength of our brand, competition, fraud, system interruptions, our ability to fulfill orders, and the potential impact of coronavirus on our supply chain and operating results. Additional risks and uncertainties are described in greater detail under the heading “Risk Factors” in our Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission and our other filings with the SEC.

We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

Unless otherwise indicated, all references in this presentation to “REVOLVE”, “we”, “our”, “us”, or similar terms refer to REVOLVE and Revolve Group, Inc. and its subsidiaries.

Use of Non-GAAP Financial Measures

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures, including Adjusted EBITDA and free cash flow. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures used by REVOLVE may differ from the non-GAAP financial measures used by other companies. We use these non-GAAP financial measures to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses that may not be indicative of our ongoing core operating performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and when planning, forecasting, and analyzing future periods.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliation of Non-GAAP Financial Measures” included in our earnings press releases and SEC filings.

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3: THE LEADING FASHION

DESTINATION FOR THE NEXT-GENERATION CONSUMER

DISRUPTIVE BRAND MARKETING CREATES AN EMOTIONAL

CONNECTION WITH OUR CONSUMER AND IS HIGHLY EFFICIENT AND

SCALABLE

UNIQUE OWNED BRANDS PLATFORM ENHANCES OUR OFFERING AND

GENERATES HIGHER GROSS MARGINS THAN THIRD-PARTY BRANDS

PROPRIETARY TECHNOLOGY PLATFORM ENABLES DATA-DRIVEN “READ &REACT” MERCHANDISING MODEL AND CUSTOMIZED USER EXPERIENCE

PROFITABLE AND CAPITAL EFFICIENT FINANCIAL MODEL UNDERPINNED

BY SUPERIOR CUSTOMER ECONOMICS AND LOYALTY

PAGE

4NEXT-GENERATION CONSUMERS AND DIGITAL WILL DRIVE THE INDUSTRY GOING FORWARD

Next Generation Consumers

eCommerce

0%

3%

13%

OFFLINE TOTAL ONLINE

25%

36%

2015A 2020E

SHOP DIGITALLY

ENGAGE SOCIALLY

WANT DISCOVERY

DRIVING ALL GROWTHIN $564Bn FASHION MARKET (1)

Source: Euromonitor and U.S. Census BureauNote:1. 2018 U.S. Apparel, Footwear and Beauty Market

Percent of Population Aged 18-44 in the U.S.

2018-2021 U.S. Apparel, Footwear and Beauty Market CAGR

PAGE

5YET, NEXT-GENERATION CONSUMERS ARE UNDERSERVED

AND MANY TRADITIONAL RETAILERS FAIL TO CONNECT WITH THEM

SPECIALTY STORES

NARROW ASSORTMENTLIMITED REACH

STRUGGLING TO COMPETE IN DIGITAL WORLD

TRADITIONAL E-COMMERCE

UNINSPIRING BRANDS AND OFFERINGSTRANSACTIONAL AND COMMODITIZED

OVERLY BROAD ASSORTMENTDOES NOT SUPPORT DISCOVERY AND ENGAGEMENT

DEPARTMENT STORES

TOO BROADMISSING ON-TREND BRANDS AND STYLES

LACK INSPIRATION AND EMOTIONWHERE HER MOM SHOPS

PAGE

6REVOLVE HAS UNIQUELY CONNECTED WITH HER

NEGINMIRSALEHI5.7M--USUKFRANCE

LILLYMAYMAC4.0M

--VIETNAMPHILIPPINESTHAILAND

CHIARAFERRAGNI18.5M

--ITALYUSBRAZIL

OLIVIACULPO

4.6M

--USUK

AUSTRALIA

CAMILACOELHO

8.6M

--BRAZIL

USFRANCE

ARIELLECHARNAS

1.3M

--USUK

CANADA

NATASHA OAKLEY

2.1M

--AUSTRALIA

USUK

INNOVATIVE | ONGOING | SCALABLE | REPEATABLE | GLOBAL | ONCE-IN-A-LIFETIME

WITH A HIGHLY SCALABLE NETWORK OF OVER 4,500 PASSIONATE INFLUENCERS

WE CREATE EXPERIENCES THAT EXCITE AND ENGAGE OUR COMMUNITY

POWERFUL BRAND AND INNOVATIVE MARKETING STRATEGY

ROLASATO5.8M

--JAPANUSTAIWAN

#REVOLVEAROUNDTHEWORLD

#REVOLVEFESTIVAL #REVOLVESUMMER

#REVOLVEAWARDS

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7

DIFFERENTIATED, CURATED SELECTION:SALES BY TYPE OF BRAND (FY 2019)

UNIQUE MARKET POSITIONING

EMERGING

BRANDS

40%of Net Sales

E STABLISHED

BRANDS

23%of Net Sales

OWNED

BRANDS

36%of Net Sales

76% of Net Sales fromEmerging and Owned Brands(1)

REVOLVE IS THE FASHION DESTINATION FOR NEXT-GENERATION CONSUMERS

HIGH MIX OF EMERGING AND OWNED BRANDS = LIMITED SKU OVERLAP WITH COMPETITITORS

CONSTANT NEWNESS -- >1,000 NEW STYLES PER WEEK AT LIMITED AVAILABILITY, BRINGS CUSTOMERS BACK FREQUENTLY

REVOLVE HAS EARNED CUSTOMER TRUST TO SHOW NEW BRANDS THAT ARE ON TREND

> 50% OF NET SALES FROM CUSTOMERS THAT VISIT THE SITES AT LEAST TWICE EACH WEEK

$275 AVERAGE ORDER VALUE, ILLUSTRATES PREMIUM OFFERING

Notes:

1) In the REVOLVE Segment.

PAGE

8REVOLVE BY THE NUMBERS

Notes:

1) Net Sales Retention defined as portion of 2019 sales attributable to total active customers from the previous year 2) Adjusted EBTDA and Free Cash Flow are non-GAAP measures. See Appendix for GAAP financial measures and reconciliations

2019 FINANCIAL RESULTS HIGHLIGHT OUR SCALE,

PROFITABITY AND CAPITAL EFFICIENCY

89%2019 NET SALES RETENTION (1)

79%2019 NET SALES AT FULL PRICE

ATTRACTIVECUSTOMER ECONOMICS

53.6%GROSS MARGIN

9.3%EBITDA MARGIN

5.6% FREE CASH FLOW MARGIN (2)

(2)

45% 74%PRE-EXISTING CUSTOMERS (45% OF 2019 TOTAL) DRIVE 74% OF 2019 NET SALES

$601M NET SALES

$36M NET INCOME

$46M NET CASH PROVIDED BY OPERATING ACTIVITIES

MEANINGFUL SCALE

ATTRACTIVE MARGIN

PAGE

9KEY GROWTH INITIATIVES

ACQUIRE

NEW

CUSTOMERS

FURTHER

INCREASE

CUSTOMER

LOYALTY

AND WALLET

SHARE

GROW SALES OF

OWNED BRANDS

GROW

INTERNATIONAL

SALES

ENHANCE AND

BROADEN OUR

OFFERING

CONTINUE

TO INNOVATE

PAGE

10BIG OPPORTUNITY TO EXPAND ACTIVE CUSTOMERS

PROVEN, SCALABLE MARKETING APPROACH LARGE MARKET OPPORTUNITY

57 MILLION

U.S. WOMEN AGE 18-44(1)

RVLV Penetration:

2016: 0.7M active customers (~1%)

2019: 1.5M active customers (~3%)

BRAND MARKETING

~25% OF SPEND

ELITE INFLUENCERS

EXCLUSIVE EVENTS

PERFORMANCE MARKETING

~75% OF SPEND

RETARGETING PAID SEARCH

AFFILIATE

PAID SOCIAL

PERSONALIZED EMAIL/PUSH

Note:1) US Census data

PAGE

11GROW INTERNATIONAL SALES

INTERNATIONAL STRATEGICOPPORTUNITIES

• ENHANCE SITE EXPERIENCE

• STREAMLINE FULFILLMENT

• FURTHER IMPROVE SERVICE LEVELS

• REDUCE FRICTION WITHIN SHIPPING AND RETURNS

• AMPLIFY GLOBAL BRAND AWARENESS

• EXPAND AND FURTHER ACTIVATE LOCAL INFLUENCER NETWORKS

UK CASE STUDY: NET SALES TREND AFTER FREE EXPRESS SHIPPING / HASSLE-FREE RETURNS

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

UK NET SALES TREND2016-2018

BIG LIFT FROM Q2 18 LAUNCHOF ENHANCED SERVICES IN UK

2016 2017 2018

PAGE

12SIGNIFICANT OPPORTUNITY TO GROW OWNED BRANDS

NEW BRANDSCONTINUE TO USE DATA TO IDENTIFY BRAND

OPPORTUNITIES

ADDITIONAL CATEGORIESLOWER PRICE POINT | LUXURY

EYEWEAR | BEAUTY

EXISTING BRANDEXPANSION

SKU GROWTH OPPORTUNITIESWITHIN EXISTING BRANDS

INFLUENCER ANDCELEBRITY PARTNERSHIPS

CONTINUE TO PARTNER WITH INFLUENCERS AND CELEBRITIES TO DRIVE SALES AND AWARENESS

PAGE

13OPPORTUNITY TO EXPAND OUR OFFERING

LEVERAGING THE CORE REVOLVE PLATFORM

Note:1. 12 months ended December 31, 2019

PRICE POINT: $100-$30088% OF NET SALES (1)

AOV: $256 (1)GEN X / MILLENNIAL

LUXURY

MILLENNIAL

CONTEMPORARY

PRICE POINT: $300-$1,00012% OF NET SALES (1)

AOV: $636 (1)

010101111011 00100001010111101100100001010111101100100001010100010010100000010000111011001000

010101111011001000010101111011001000010101111011001000010101111011001000

0000000010101010001100011111111010101010101010111000000011010101101

OPPORTUNITYTO CONVERT REVOLVE CUSTOMERS

NEWER / FUTURE

OPPORTUNITIES

OPPORTUNITYTO CONVERT REVOLVE CUSTOMERS WORK

BEAUTY

MEN’S

PRICE POINT: $40-$100

GEN Z

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14

FINANCIAL MODEL + BUSINESS MODEL

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15

46.6%48.5%

53.2% 53.6%

2016 2017 2018 2019

TOPLINE GROWTH AND PROFITABILITY

($MM)($MM)

NET SALES

$312

$400

$499

$601

2016 2017 2018 2019

ADJUSTED EBITDA (1)

Notes:1. Adjusted EBITDA is calculated as net income before other expense, net taxes, depreciation and amortization, adjusted to exclude the effects of equity-based compensation expense, and certain one-time expenses. See Appendix for GAAP financial measures and reconciliations

GROSS MARGIN % ADJ. EBITDA / MARGIN

$9.5

$28.4

$46.5

$55.6

3.1%

7.1%9.3% 9.3%

2016 2017 2018 2019

PAGE

16UNDERSCORED BY STRONG CUSTOMER BEHAVIOR

ACTIVE CUSTOMER BASE (1)

(000s)

AVERAGE ORDER VALUE

REFLECTS PREMIUM NATURE OF PRODUCT OFFERING

(000s)

TOTAL ORDERS PLACED

712

842

1,175

1,488

2016 2017 2018 2019

1,999

2,552

3,710

4,715

2016 2017 2018 2019

$293$304

$279 $275

2016 2017 2018 2019

REVOLVE: $256 (2019) FORWARD: $636 (2019)

Note:1. An active customer is defined as a unique customer account from which a purchase was made across our platform at least once in the preceding 12-month period. In any particular period, we determine our number of active customers by counting the total number of customers who

have made at least one purchase in the preceding 12-month period, measured from the last date of such period.

PAGE

17

$0

$100

$200

$300

$400

$500

$600

$700

2014 2015 2016 2017 2018 2019

Net

Sal

es (

$M

M)

Calendar Year

2013 Cohort and Prior 2014 Cohort 2015 Cohort 2016 Cohort 2017 Cohort 2018 Cohort 2019 Cohort

89%2019 NET SALES

RETENTION

TRACK RECORD OFRETAINING 100%+

OF NET SALES AFTER YEAR 2

COHORT TRENDS DEMONSTRATE THE VALUE OF THE REVOLVE CUSTOMER BASE

Note:

1. Net sales retention defined as portion of sales attributable to total active customers from the previous year

NET SALES BY COHORT

NET SALES RETENTION BY COHORT

PAGE

18

($MM)

NET CASH PROVIDED BY OPERATING ACTIVITIES

($1.5)

$16.5

$26.7

$46.1

2016 2017 2018 2019

($4.5)

$14.2

$23.6 $33.6

2016 2017 2018 2019

FREE CASH FLOW (1)

Notes:1. Free cash flow defined as net cash provided by operating activities less net cash used for capital expenditures. See Appendix for GAAP financial measures and reconciliations

CASH FLOW GENERATION HAS CREATED A STRONG BALANCE SHEET

$~10M CapEx investment to consolidate several fulfillment centers into one newly-modernized fulfillment center

($MM)

$11.4 $10.6

$16.4

$65.4

2016 2017 2018 2019

Includes $12.5M in net proceeds from the IPO

CASH ON BALANCE SHEET ($MM)

STRONG YOY GROWTHDESPITE STEPPED UP CAPEX IN 2019

GROWING CASH POSITION

PAGE

19: THE LEADING FASHION

DESTINATION FOR THE NEXT-GENERATION CONSUMER

DISRUPTIVE BRAND MARKETING CREATES AN EMOTIONAL

CONNECTION WITH OUR CONSUMER AND IS HIGHLY EFFICIENT AND

SCALABLE

UNIQUE OWNED BRANDS PLATFORM ENHANCES OUR OFFERING AND

GENERATES HIGHER GROSS MARGINS THAN THIRD-PARTY BRANDS

PROPRIETARY TECHNOLOGY PLATFORM ENABLES DATA-DRIVEN “READ &REACT” MERCHANDISING MODEL AND CUSTOMIZED USER EXPERIENCE

PROFITABLE AND CAPITAL EFFICIENT FINANCIAL MODEL UNDERPINNED

BY SUPERIOR CUSTOMER ECONOMICS AND LOYALTY

PAGE

20GAAP TO NON-GAAP RECONCILIATION

FYE DECEMBER 31, 2016 2017 2018 2019

NET INCOME $2.2 $5.0 $30.6 $35.7

(+) OTHER EXPENSE, NET 0.9 1.4 0.6 0.9

(+) PROVISION FOR INCOME TAXES 2.4 14.1 10.5 11.5

(+) DEPRECIATION ANDAMORTIZATION

2.4 2.8 2.9 4.0

(+) EQUITY-BASED COMPENSATION 0.0 0.9 1.4 2.1

(+) NON-ROUTINE EXPENSES 1.6 4.1 0.4 1.5

ADJUSTED EBITDA $9.5 $28.4 $46.5 $55.6

FYE DECEMBER 31, 2016 2017 2018 2019

NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES

($1.5) $16.5 $26.7 $46.1

(-) PURCHASES OF PROPERTY AND EQUIPMENT

(3.0) (2.3) (3.0) (12.5)

FREE CASH FLOW ($4.5) $14.2 $23.6 $33.6

ADJ. EBITDA ($MM)

FREE CASH FLOW ($MM)