Boohoo increases stake in Revolution Beauty to become largest shareholder

By Amanda Pauley | Published: 29-Nov-2022

The fashion e-tailer has more than doubled its strategic investment in the British make-up and skin care brand from 12.9% to 26.5%

Boohoo has increased its strategic investment in Revolution Beauty, making it the cosmetics group's biggest shareholder.

The online fashion e-tailer upped its stake in the fast beauty brand from 12.9% to 26.5% on 28 November.

Revolution Beauty products are sold through the group's D2C brand websites and Boohoo's online digital department store Debenhams.

The fashion company said “the investment builds upon the existing relationship between Boohoo and Revolution Beauty.

"The investment reflects Boohoo's belief in the growth potential of Revolution Beauty and it intends to be a supportive stakeholder and long-term partner."

Revolution Beauty declined to comment on the investment deal.  

Boohoo’s investment in the British make-up and skin care brand is part of its plans to expand its beauty empire.

The fashion company previously increased its shareholding in Revolution Beauty to 12.9% over the past three months, after originally owning less than 3%.

Revolution Beauty announces new CEO

Boohoo’s latest share purchase was revealed the same day Revolution Beauty announced Bob Holt as its new CEO.

Holt, who has been serving as Interim COO since 14 October, is replacing Adam Minto who resigned last month during the company’s accounting probe

Trading in the Revolution Beauty shares was suspended on 1 September after it missed releasing final results for the year ended 28 February. 

The fast beauty company said this was due to accounting issues.

This prompted the group’s auditor to order a probe in August. 

The independent investigation into the brand's financial accounts is ongoing.

Revolution Beauty was founded in 2014 by Adam Minto and Tom Allsworth.

It is best known for selling affordable hair, skin care and make-up products. 

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