Online Fashion Report: 24 Brands Generating $600M+ in MRR

Double Oak & Royal Clips: $1M in Total Revenue

Mens accessories and grooming products

Sydney Bencriscutto founded two separate ecommerce brands in 2022 after leaving his role as an electrician.

The first business, Double Oak Essentials, sells a wide range of drinking supplies and other accessories.

The brand provides cocktail smokers, whiskey glasses, cigar accessories, groomsmen gifts and several other male-orientated products.

Sydney uses Amazon and other fulfilment services for many of the larger items and ships the smaller products himself from home. He found a supplier willing to provide the items containing his branding, and after an $8,000 initial investment, he earned $100,000 in revenue within a 30-day period in 2022.

The second ecommerce business launched by Sydney, assisted by his step-brother, was Royal Clips, a mens styling online store.

The website sells clippers, trimmers, shavers and beard fading kits; as well as proving guides on shaving and styling at home. Within the first six months the business generated $200,000 in revenue from a combination of Amazon and Shopify.

Together, these two online stores made over $1 million in the last 18 months, and Sydney revealed his businesses are on course to make $2.5 million in 2024.

Andrea Iyamah: $3M in Annual Revenue

African inspired couture clothing and swimwear brand

Andrea Iyamah founded her fashion business in 2011 to offer her African heritage inspired designs to a global audience.

The Nigerian designer started the business in Canada and initially made the garments herself after combining the skills she learned at an earlier age with her love for fashion.

The brand has since grown to provide bridalwear, dresses, jumpsuits, shoes, swimwear and more in an online store and within various retail outlets worldwide.

Andrea’s creations have since been worn by a number household names which has no doubt helped drive annual revenue to $3 million. A healthy increase on the $500,000 generated just three years prior.

FashioNica: $4.5M in Annual Revenue

Weekly collection of pre-loved designer handbags

FashioNica is a business featuring a curated selection of vintage designer handbags for sale that was founded in 2020 by Nica Yusay.

Nica took her love for used fashion items and turned it into a thriving business selling luxury pre owned items in an online store. She only sources products that she’d wear herself and each item is inspected and comes with a certificate of authenticity.

The handbags become available for sale each Wednesday, and customers can sign up to view a livestream showcase 90 minutes before that weeks drop go onto the store. The designer stock then tends to sell out very quickly.

Within the first year FashioNica had generated $100,000 in sales, which rose to $300,000 in 2021. Nica went full-time with the business in early 2022 and generated $2.4 million for the year. Sales for 2023 exceeded this as the brand hit $4.5 million.

Gemnote: $6.2M in Annual Revenue

custom merchandise and promotional products

Gemnote operates as a custom gift supplier for companies looking to provide branded products to clients and staff after being founded in 2015 by Ashley Wong Tsui, with Diane Liu joining the team as co-founder shortly after.

The full-service offering allows customers to design their own custom merchandise and connect with suppliers. Before Gemnote takes care of packaging, storage and fulfilment of the items.

Some of the custom merchandise available on the site include things like bags, books, bottles, hats, t-shirts and much more. These products can be used as promotional material such as corporate gifts, at events, sales of branded products and even welcoming new members to the company.

Gemnote has supported the teams of some very notable brands including the likes of Google, Netflix and Strava. And whilst there are no public prices available for the service, they offer three different membership tiers for customers; each including varying degrees of integrations, allowed users, eCommerce options, fulfilment and inventory.

The business - which has received $120,000 in funding to date - last reported annual revenue of $6.2 million. A more than 300% increase on the $2 million reached just three years prior.

Dad Gang: $1M in Monthly Revenue

Online hat store aimed specifically at fathers

Dad Gang is an online hat store which was founded in 2022 by friends Ejay O'Donnell, Grant Eastey and Bart Szaniewski, as they began selling hats for fathers, that also feature a community element.

The trio wanted to support the serious aspects of fatherhood with a range of caps that is backed up by a private Facebook group which now includes more than 10,000 members.

The site sells hats with a selection of logos, a huge variety of colours, XL sizes and even athletic headwear. From what started as an initial inventory of 100 pieces after putting $750 into the business, Dad Gang has now sold over 300,000 hats from more than 130,000 orders on the site.

To keep the business simple and streamlined, 97% of the stock photos are taken using an iPhone, and all of the images are edited using Canva. Whilst much of the early traction came from aggressive advertising campaigns, the brand has now built up over 200,000 followers on Instagram; and word of Dad Gang has certainly spread with a number of celebrities pictured wearing the products.

After just 14 months the business had already generated $1.2 million in revenue. Which had grown to $3.8 million after the first two years. Now, Dad Gang is reporting sales of $1 million per month, in part due to the large number of positive product reviews.

Thigh Society: $28M in Annual Revenue

Lightweight and breathable anti-chaffing shorts

Thigh Society create seamless non-chafing slip shorts that can be worn under dresses and skirts and was founded in 2008 by Marnie Rabinovitch Consky before going on sale in 2009 to solve a gap in the market.

These shorts, which come in five main styles, are lightweight, soft and sweat-wicking; meaning they’re designed to be more comfortable that what was previously available to women.

Thigh Society stocks a selection of sizes from XS to 6XL to be inclusive to a wide range of body shapes and sizes.

Marnie bootstrapped the business by creating designs with a patternmaker and testing those out with friends and family, before selling to the wider public who were enthused by her products. This laid the foundation for Thigh Society to become the successful business it is today.

The only financial information we had for the brand previously was from Marnie sharing that Thigh Society had generated more than $10 million in total revenue. Though, we now know the business achieved $28 million in annual revenue for the last year.

Unique Vintage: $32M in Annual Revenue

Vintage-style clothing range with inclusive sizing

Unique Vintage is a vintage-inspired clothing store that was founded by Katie Echeverry.

In 2000 Katie began the business by selling preloved vintage items from an online store. It took six months to make the first sale, but after three years the business was generating $5,000 per month. Two years later Katie grew her team and began working full-time on what was initially a side project.

After finding that the kind of vintage clothing she wanted to supply was limited in terms of size ranges, Unique Vintage began to manufacture their own range of clothing. Initially the products were sold online and in a physical store, before being supplied to hundreds of boutiques worldwide.

Whilst the business no longer has a brick-and-mortar premises due to rising costs and 90% of sales coming from online shoppers; the range of vintage-inspired dresses, shoes, skirts, swimwear and tops - in a wide range of sizes - has continued to grow and achieve positive online sales.

The brand last reported annual revenue of $32.4 million, which was a 90% increase from just three years prior.

Wolf & Badger: $44M in Annual Revenue

selling sustainable products from unique designers

Wolf & Badger supplies customers with a range of ethically sourced products from independent brands and was founded in 2010 by brothers George and Henry Graham.

The business stocks items such as accessories, gifts, home lines and jewellery alongside mens and womens fashion; with products sourced from creators in more than 70 countries.

Whilst the majority of Wolf & Badger’s sales are online, after opening a store in London in 2010, they also launched retail premises in New York in 2017 and Los Angeles in 2022.

To date, the business has received £4.5 million (~$5.8M) in funding to support growth, which has been reflected in increasing income in recent years.

In 2022 they reached around $37 million in annual revenue, but did operate with a $6.5 million loss for the year. However, in 2023 the business returned to profitability whilst generating an annual revenue of £34 million (~$44.3M).

Showpo: $100M+ in Annual Revenue

Online fashion store

Showpo, originally named after a play on the phrase "Show Pony", was co-founded by entrepreneur Jane Lu.

Australian's in the audience might be familiar with Jane as currently being one of the judges on Shark Tank Australia.

When Lu started the business she didn't have the funds for traditional marketing ¹, so had to be creative with promotions on social media.

As of December 2011 she became the sole owner of the company, and just two years later she had grown the brand to $1M+ in ARR.

As of 2024, the company is now generating more than $100M in annual sales.

Ridge: $100M+ in Annual Revenue

metal wallets, rings and other accessories

Ridge was founded in 2013 by father and son Daniel and Paul Kane as they launched their flagship product the Ridge minimalist wallet on Kickstarter.

As the popularity of their compact wallets continued to grow, the Ridge team of three began outsourcing a lot of work to a company owned by Sean Frank. After a period of time they then purchased the agency, brought the 20 existing staff onboard, and made Sean the CEO of Ridge.

The minimalist wallet which was key to the launch of the business is still the hero product for Ridge, with millions of sales made each year. It now appears in a variety of metals, colours and styles, including featuring the design of 28 different universities.

In addition to promoting the range through Facebook and Google advertising, around 15% of the marketing budget is spent on working with thousands of influencers. This strategy has proved successful in driving sales and allowed the brand to branch out into creating lines of rings, key cases, pocket knives and even a packable backpack.

While the exact income for Ridge hasn’t been disclosed, Sean confirmed that the business is now generating more than $100 million in annual revenue. And with plans to launch a range of watches in 2024, there’s potential for this growth to continue.

HalloweenCostumes.com: $100M+ in Annual Revenue

Halloween Costumes for Adults and Kids

HalloweenCostumes.com is an online costume store which was launched in 2001 when Tom Fellenstein continued to build on the work that the family business began in 1992, of renting out Halloween costumes.

The website now stocks over 10,000 costumes, and over 30% of these are part of the exclusive ‘Made By Us’ range which they create themselves to cater to demand and trends.

HalloweenCostumes.com has grown to the point that they now ship to over 200 countries and employ 150 full-time employees, with another 1,500(!) brought on board temporarily to deal with demand during their busy season.

In 2018 the business made $85 million in revenue, and estimated they would reach $95 million in 2019. Whilst more recent income figures aren’t as transparent, it’s safely estimated that HalloweenCostumes.com now generates over $100 million in revenue.

True Classic: $250M in Annual Revenue

Menswear clothing brand

True Classic is a mens clothing brand which was launched in 2019 by Ryan Bartlett, Matthew Winnick and Nick Ventura.

The founders wanted to create a well-fitting range of premium menswear which is both affordable and long-lasting. They initially invested a total of $3,000 and went live with just a single tshirt design in six different colours. Within the first month they received over 650 orders and hit $26,000 in revenue.

The business has since expanded their range to include activewear, hoodies, jeans, polos, shirts and shorts which are sold online in more than 190 countries, and within five retail stores in the United States.

The bootstrapped business now has a team of more than 60 staff who support with the 30,000 items sold each day. True Classic are also very active in helping others and donate over 40,000 items of clothing each month to causes and those in need.

After reaching $15 million in revenue after the first year, this grew to $90 million and $150 million for the following two years. In 2023 True Classic hit $250 million in annual revenue which has been largely driven by social media marketing and customer loyalty.

Rent the Runway: $298M in Annual Revenue

Designer clothing rental service

Rent the Runway is a women's clothing rental business which was founded in 2009 by Jenny Fleiss and Jenn Hyman. After feeling there was a gap in the market for women to wear designer clothing without a huge outlay, they began the service of renting out items.

Initially, the range included clothing only, but it grew in 2010 to include accessories such as earrings, handbags, and necklaces. Today, Rent the Runway has thousands of items from over 750 designers available to hire.

Customers can reserve and hire a specific piece from $30. Alternatively, the brand has a monthly subscription service that allows the rental of five chosen items at a time from $89 for the first month. Two higher tiers priced at $99 and $169 for the first month, include 10 or 20 items per month in the form of two to four shipments.

Each item of clothing arrives dry-cleaned and ready to wear. The brand also provides backup-sized items to ensure the correct fit. At the end of the month, the products are simply returned and replaced with new items that the customers wish to rent.

Rent the Runway now has 129,000 active subscribers who’ve rented tens of millions of items. In 2023, annual revenue rose by 0.6% to $298.2 million, with a gross profit of $119.7 million.

The business is already operating at around 4% up YoY for the first half of 2024 and projects this trend to continue throughout the year.

Lulus: $355M in Annual Revenue

Women’s clothing and accessories retailer

Lulus is a women’s fashion retailer founded in 1996 by Debra Cannon and Colleen Winter, a mother and daughter team.

After opening their first boutique in California, the business shifted focus to online-only sales in 2008. However, in late 2023, the brand opened a new LA store where they showcase their clothing range, as well as appearing in numerous fashion and department stores across the United States.

Lulus - now with millions of social media followers - sells a wide range of fashionable clothing, shoes, and accessories for formal and casual occasions, including a wedding range which caters to brides, bridesmaids, and guests.

In 2023, the business had 2.8 million active customers who generated annual revenue of $355.2 million. Although this was a 19% decrease from the previous year, it still reached gross profit figures of $148.2 million for the year, albeit down from the $191.4 million hit last year.

Projections for the 2024 fiscal year place revenue between $350 and $370 million, potentially representing a 4.2% YoY increase.

FIGS: $545M in Annual Revenue

Medical Uniforms and Clothing store

FIGS provides clothing for health workers after being founded by Heather Hasson and Trina Spear with the aim of transforming healthcare attire.

After witnessing what nurses and other healthcare professionals had to wear for long shifts, they wanted to create a replacement for traditional scrubs. They did this in the form of comfortable, modern and technically advanced apparel.

Though, FIGS don’t just create and supply replacements for standard scrubs. They also sell outwear, caps, underwear, socks and even footwear following a collaboration with New Balance. All of these items are available in a variety of sizes, styles and colours.

The business has 2.5 million active customers, and it's these returning customers (around 70%) and word of mouth that continues to drive the growth of the business.

After initially focusing on the US market, FIGS now supplies medical clothing to countries like Canada, Mexico, UK, Australia and Saudi Arabia, amongst many others.

In 2023 the business generated $545.6 million in annual revenue, which was substantially up when compared to previous years. They project that 2024 income will show a 0-2% increase, so we'll continue to update this section with their latest financial information.

The RealReal: $549M in Annual Revenue

Luxury item resale business

The RealReal is a platform to buy and sell high-end designer goods in a sustainable way which was founded in 2011 by Julie Wainwright.

The business buys pre-owned luxury items such as bags, clothing and jewelry through drop-off, in home collection and direct shipping following a virtual appointment.

The products are then listed for sale on the site and within 13 retail locations. Some of the brands available to buy include the likes of Chanel, Christian Louboutin, Jimmy Choo, Gucci and Prada.

Each item is authenticated - which can amount to thousands per day - prior to being sold, and the price is determined by a team of experts and AI-powered algorithms. To date the business has sold more than 40 million designer products to over 37 million members.

The RealReal - which has received $288 million in funding - posted annual revenue of $549 million for 2023. Although, the net loss for the business was $168 million for this period.

Despite this, reported losses are falling, and they expect revenue to increase to between $580-595 million in 2024. This target is looking promising with Q2 and Q3 2024 both showing 11% revenue growth YoY.

LightInTheBox: $629M in Annual Revenue

delivering clothing and other products directly to consumers

LightInTheBox in a multiline retailer with a focus on fashion which was founded in 2007 and has gone on to deliver products across the world to hundreds of thousands of customers.

As well as apparel, the business sells a range of items such as household goods, toys, electronics, sporting equipment and pet supplies, many of which are listed at discounted prices.

Though, it is their mens, womens and childrens clothing which is a key component of the business, featuring prominently across their website homepage and app. In fact, their fashion offering currently generates 82% of all revenue for the brand.

In 2023 LightInTheBox generated $629.4 million in revenue, a 25% increase on the $503.6 million reached the previous year. Gross profit also increased to $359.9 million for the same period.

The business has experienced a more challenging first half of 2024 with a 58.6% decrease in revenue to $140.5 million when compared to last year. We will continue to provide updates here on their future revenue reports.

Duluth Trading: $646M in Annual Revenue

American workwear and clothing brand

Duluth Trading is a workwear, accessories and activewear retailer which was initially founded as Portable Products, Inc. by brothers Bob and Dave Fierek in 1989.

The business has changed ownership multiple times previously and expanded beyond their initial supply of construction clothing and tools. The brand now provides a wide range of products on top of their core workwear lines such as shirts, trousers, underwear, safety equipment, homeware, pet supplies and activewear under their growing AKHG brand.

The company has grown to own more than 60 retail stores across the United States, and whilst this is a large presence, as of Q4 2023 retail outlets bring in less than 30% of the business’ total revenue. Online sales, and especially a growing mobile user audience, provide the vast majority of income for Duluth Trading.

The final quarter of 2023 saw mobile sales grow by 20% and retail sales falling by 12% YoY. For the full fiscal year the company reported $646.7 million in total revenue. Slightly down on the $653.3 million hit the previous year.

The outlook for the current year looks positive, driven by both retail and growing online sales, with Duluth Trading projecting revenue in the range of $640 to $660 million. We’ll continue to update this section to include their latest financial reports.

REVOLVE: Q3 2024 Revenue of $283M

Online designer clothing

REVOLVE is an online fashion retailer which was founded in 2003 by Mike Karanikolas and Michael Mente using $50,000 of their savings.

The website features a wide range of men’s and women’s clothing, footwear, accessories and beauty products.

Their 2.5 million active customers can browse more than 49,000 items from over 1,000 clothing labels, including well-known designers and emerging brands.

In 2023 the business generated $1.1 billion in revenue with a gross profit of $554.2 million. In Q3 2024, REVOLVE saw net sales climb 10% YoY to $283.1 million, resulting in a 9% increase in gross profit.

Buckle: $303.5M in Q3, 2024 Revenue (Down 3.2% YoY)

Jeans, clothing and shoes

The Buckle< Inc, also just known as 'Buckle', was established in Nebraska more than 70 years ago.

The brand currently has over 400 retail stores which admittedly breaks our rule of only reporting on digital-first startups. The reason they break our rule is because ~15% of their revenue is generated online — a number only expected to increase.

The company is primarily known for their vast array of jeans on offer, but they've also expanded into footwear, tops, dresses and other non-denim items.

Buckle recently shared their Q3, 2024 numbers, where net sales of $303.5M were down 3.2% year over year.

In store sales declined, while online sales rose 1.1% to generate $46.6M.

Stitch Fix: $319.6M in Q4, 2024 Revenue

Personally styled clothing deliveries

Stitch Fix is a personal fashion styling service for men, women, and children. It was founded by Katrina Lake in 2011.

Customers can complete a style quiz to include their preferences, sizes and budget. A personal stylist is then assigned who selects five pieces of clothing to be sent to the shopper. After receiving the delivery, they can then pay for the items they wish to keep and return any unwanted products for free.

The service includes a $20 styling fee, which is added as credit to any products that are purchased. This level of tailored clothes shopping has helped the brand build over 2.5 million active users.

In the 2024 financial year, Stitch Fix saw revenue decrease by 16% YoY to $1.34 billion and recorded a net loss of $118.9 million. Revenue per active client grew by 4.5% to $533.

Lands' End: $1.4B in Annual Revenue

Clothing and homeware brand

Lands’ End is an American lifestyle brand that provides clothes, footwear, and home products. It was founded by Gary Comer way back in 1963.

The business initially supplied equipment for yachting and sailors in the United States, but has since expanded to sell a range of clothing, outwear, shoes, swimwear, home décor, and even back-to-school items to customers in the US and Europe.

In 2023 Lands’ End - which prides itself on quality and value - generated $1.47 billion in revenue, which was 5.3% down on the $1.56 billion reached the previous year. However, gross profit increased more than 5% to $625 million in this period.

Whilst the business has almost 30 retail stores across the United States, it’s important to point out that the majority of revenue comes from their online sales, with fiscal 2023 accounts showing eCommerce income of $1 billion.

For 2024, the company is projecting another small decrease in revenue to between $1.33 and $1.45 billion, and we’ll continue to provide updates on all future income for the brand.

Farfetch: Acquired for $3.2B

High-end clothing retailer

Farfetch is an online designer clothing and homeware retailer which was founded in 2008 by José Neves.

The business sells footwear, accessories, and jewellery, as well as men’s, women’s, and children’s clothing. Users can browse thousands of products from hundreds of designers, including the likes of Balenciaga, Gucci, and Prada.

Over the years, Farfetch had acquired several luxury brands. However, in 2023, the company found itself in financial difficulty and was at risk of going into liquidation. This was despite Farfetch projecting annual revenue of $2.5 billion for the year, following on from generating $2.3 billion in the previous financial year.

In late 2023, it was announced that the business was able to stave off bankruptcy after receiving a $500 million bridge loan from the eCommerce platform Coupang. Who, in January 2024, went on to acquire Farfetch and its assets for a reported $3.2 billion.

Coupang is particularly well known throughout Asia for its food delivery, fintech, media, and merchandise operations. The purchase of Farfetch has allowed it to expand its offering within the luxury fashion market.

ASOS: $4.6B in Annual Revenue

Online fashion clothing store

NOTE: Asos currently breaks our trend for not being digital-first but they report eCommerce revenues, and we think businesses like theirs are heading towards primarily generating revenue online. Less than 1/100 sites we cover are still currently primarily offline brands.

ASOS is an online fashion retailer founded in 2000 by Quentin Griffiths, Andrew Regan, Nick Robertson, and Deborah Thorpe.

The website features a wide array of men's and women's accessories, clothing, footwear, jewellery, watches, and workwear from over 850 brands, including its own ASOS design range.

The business can deliver to any country worldwide and has over 21 million active customers as of this year.

In their full-year 2023 accounts, ASOS reported revenue of £3.5 billion (~$4.6B), down 11% from the previous year. The brand operated at a loss of £248 million (~$324M) for this period, which has largely been credited to excessive levels of old stock that required discounting to sell through.

The half-year 2024 results showed six-month revenue of £1.4 billion (~$1.8M), which again showed significant losses. The decline in sales and profit is expected to continue throughout this year, though ASOS expects to report a return to growth again in the full-year 2025 accounts.