Pure Beauty

Revolution Beauty’s new CEO remains ‘confident’ despite accounting probe

By Alessandro Carrara | Published: 28-Nov-2022

Revolution Beauty’s auditor, BDO, opened an investigation into brand’s financial accounts after it failed to published its Full Year 2022 result

Revolution Beauty’s newly appointed CEO Bob Holt said he remains “confident” in the company's future, despite the ongoing probe into the brand's financial accounts.

Holt, who has been serving as Interim Chief Operating Officer since 14 October, succeeded previous CEO Adam Minto.

Minto resigned from the role on 9 November 2022, after stepping away from his responsibilities a month earlier.

"Over the past six weeks I have seen first-hand the quality of people working at Revolution Beauty, the overall popularity of the brand and innovation of products for customers around the world,” said Holt.

“I believe there is a huge opportunity for the business as it moves ahead and I am confident that, together with the team, we will drive the business forward.”

After failing to publish its final results for the year ended 28 February 2022, the beauty player’s auditor, BDO, opened an investigation into the accounting concerns.

Trading in the company was suspended on 1 September 2022 in response to the delayed filing.

Revolution Beauty was originally floated on London’s junior market with a £495m listing in 2021 and has benefited from booming sales well into 2022.

Sales skyrocketed by 73% for the three-month period ended 28 February 2022.

Its mass category brand also brought in £22m in sales, following the volatility of the Covid-19 pandemic.

Earlier this year, Boohoo expanded its growing beauty empire by making a “strategic investment” into the UK beauty retailer.

The fast-fashion e-tailer more than doubled its shareholding in the company to 7.1%, after originally owning less than 3% of shares.

Revolution Beauty was founded in 2013 and is best known for selling 'fast beauty' products.

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