Boohoo more than doubles stake in troubled Revolution Beauty
Boohoo has more than doubled its investment in Revolution Beauty Group to give it a 26.47% share of the business.
The move builds on the existing relationship between the two companies under which Revolution Beauty products are sold through several of Boohoo’s direct to consumer brand websites and its online digital department store, Debenhams.
In addition to Debenhams, the group’s portfolio of brands also includes Boohoo, Boohoo Man, Nasty Gal, Pretty Little Thing, Coast, Karen Millen, Miss Pap, Oasis, Burton Menswear, Wallis and Dorothy Perkins.
Boohoo said it intends to be a supportive stakeholder and long-term partner to Revolution Beauty and that it believes the business has long-term growth potential.
Last month, Revolution Beauty founders Adam Minto and Tom Allsworth stepped away from their respective roles of chief executive and chairman of the business amid an investigation into the company’s accounts after issues were flagged. Yesterday, Revolution Beauty announced that Bob Holt has been appointed as chief executive after providing leadership as interim chief operating officer since 14 October.
Revolution Beauty also said the independent investigation being carried out by Forensic Risk Alliance and Macfarlanes remains ongoing, and no conclusions have been drawn
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