Boohoo ups stake in Revolution Beauty
By Michele Maatouk
Date: Monday 28 Nov 2022
(Sharecast News) - Online fashion retailer Boohoo said on Monday that it recently increased its strategic investment in Revolution Beauty to 26.5% from 12.9%, making it the cosmetics group's biggest shareholder.
"The investment builds upon the existing relationship between Boohoo and Revolution Beauty, under which Revolution Beauty products are sold through several of the group's direct to consumer brand websites and its online digital department store, Debenhams," it said.
"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."
Earlier on Monday, Revolution announced that it had promoted interim chief operating officer Bob Holt to the role of chief executive with immediate effect. The appointment came just weeks after Adam Minto stepped down as CEO amid an accounting probe.
Sky News reported earlier that Revolution's lenders have drafted in City advisers amid the accounting chaos which has left it unable to file financial results.
It was understood that HSBC and NatWest, Revolution's main bank lenders, have asked Teneo Financial Advisory to monitor the situation amid an independent probe.
A source close to Revolution told Sky the banks had hired Teneo in recent weeks.
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