Mike Ashley’s retail conglomerate Frasers Group is exploring a potential acquisition of embattled beauty brand Revolution Beauty.
The retail mogul’s business has been confirmed as one of several parties “conducting due diligence” as part of Revolution Beauty’s formal sale process announced on 21 May 2025.
“There can be no certainty that Frasers' interest will result in a firm offer for the company,” both businesses said in a joint statement.
“Further updates will be provided if and when appropriate.”
Revolution Beauty launched its sale process after receiving a takeover bid from an unnamed company.
The business sought to acquire the entire issued and remaining share capital of the UK make-up brand.
THG Director and founder of Belerion Capital, Iain McDonald, has been appointed as Non-Executive Chair to support the sale.
McDonald will succeed Alistair McGeorge, who is standing down from the board.
It follows Revolution Beauty’s review of its funding structure in May, with the business seeking support for an equity raise from its key shareholders.
The board concluded at the time that, in light of both of these aspects, it was “appropriate to investigate the sale of the company”.
UK investment banking and corporate broking firm Panmure Liberum is managing the potential sale.
Revolution Beauty reported a 26% decline in annual revenue for 2025.
FY25 revenue totalled approximately £141.6m, down from the previous year, following the discontinuation of more than 6,000 skus.
The mass beauty brand is currently undertaking a major restructuring to streamline operations and focus on a scalable, core product range across global retail partners.
Revolution Beauty’s CEO Lauren Brindley has also exited the fast beauty brand.
Brindley stepped down from the position and the company’s board on 31 May, and has moved to Ulta Beauty to serve as Chief Merchandising and Digital Officer.