Revolution Beauty plans to hit £1bn in sales by 2030 as part of its new revival strategy.
The fast beauty retailer will focus on three core pillars to deliver “long term profitable growth”, with the aim of becoming a top five mass beauty player globally.
This includes investment into the brand’s identity and innovating in its core product categories, while also reducing its existing number of skus.
As well as better management of its distribution and retail partnerships to maximise returns, with a particular focus on gaining market share in the US.
Revolution Beauty is also forecasting a cost saving of £10m over the next three years, which will be used to fuel its growth plans.
“The strategy that we are setting out today is about harnessing our strengths and taking the brand back to its roots,” said Revolution Beauty Group CEO Lauren Brindley.
“We want to build on what we are best known for – our innovation, speed to market, accessibility and inclusivity.
"By focusing on our Revolution masterbrand, building smarter operations, maintaining financial discipline and energising our teams, we believe we will deliver long term profitable growth.”
Revolution Beauty said its rationalisation of lower margin lines was already ”successfully driving margin improvement” in the business.
It now expects its 2024 full year adjusted ebitda to come in between £11m and £12m, with sales growth ”expected to be in the low single digits”.
Why is Revolution Beauty repositioning itself?
Revolution Beauty has had a turbulent time since accounting company BDO undertook a probe into the business in 2022.
The investigation was launched after the business failed to file its final results for the 2022 financial year.
BDO uncovered a string of serious accounting and management failures, including Revolution Beauty co-founders Adam Minto and Tom Allsworth making personal loans to distributors and a senior employee.
They had not disclosed these to the board.
Minto and Allsworth stepped down in November 2022, with Bob Holt taking up the role of interim CEO.
The cosmetics company then entered into a boardroom battle with its largest shareholder, Boohoo in June 2023.
The fast fashion retailer staged a coup to overthrow Revolution Beauty’s leadership team, stating that the board was not delivering shareholder value.
Revolution Beauty eventually ended its spat with Boohoo a month later, with a settlement agreement that saw Holt and the beauty brand’s Chair Derek Zissman resign.
In September, Brindley was appointed Group CEO to steer the company’s global operations and growth.
Revolution Beauty has also just reached a £2.9m settlement agreement with Minto.