Revolution Beauty news and archive

Revolution Beauty posts H1 revenue drop, but losses narrow

Revolution Beauty Group has narrowed its losses in the first half of the year despite reporting a 4.3 percent drop in revenue driven by weaker digital sales. The British beauty company generated H1 sales of 75.3 million pounds, down from 78.6 million pounds a year earlier, according to its unaudited results for the six months ended August 31. UK...

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Revolution Beauty co-founder steps down, but revenues are up

Revolution Beauty has announced that its co-founder Tom Allsworth will be stepping down from his position as non-executive chairman, and will be succeeded by the company’s senior non-executive director Derek Zissman. Zissman joined Revolution on its IPO in July 2021, and had most recently led an independent investigation committee launched in...

Business

Revolution Beauty found to have inflated sales by nine million pounds

An independent review into the auditing of Revolution Beauty’s accounts have found the cosmetics company had inflated its sales by nine million pounds in order to meet its annual targets. The report comes as a result of a probe conducted by Macfarlanes and Forensic Risk Alliance, which was initiated after “serious concerns” regarding the group’s...

Business

Boohoo doubles stake in Revolution Beauty becoming largest single shareholder

Fast fashion group Boohoo has increased its stake in Revolution Beauty by over 25 percent as the brand continues an investigation into its audit reporting. The retailer has upped its investment from 12.8 percent to 26.4 percent, making it the beauty brand’s largest single shareholder. In a regulatory filing, Boohoo said the investment reflected...

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Revolution Beauty appoints new CEO amid audit investigations

Revolution Beauty has announced the appointment of Bob Holt as its chief executive officer as the group continues an ongoing investigation into concerns surrounding its FY22 accounts. Holts’ appointment comes weeks after the beauty retailer’s founder and CEO Adam Minto announced his resignation, following a period in which he stepped down from...

ManagementFeatured

Revolution Beauty founder and CEO exits amid audit investigation

British Cosmetic group Revolution Beauty has announced its founder and CEO is stepping down amid an ongoing audit investigation. The company said in a statement Thursday that “as a result of the events since IPO and the transition from a private company to a public company, founder and CEO Adam Minto has resigned as a director of the group and...

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Revolution Beauty CEO and chair temporarily step down amid probe

Two bosses at Revolution Beauty have temporarily stepped down amid an ongoing audit investigation of the British beauty retailer. Executive chair Tom Allsworth and CEO Adam Minto will remain directors but are stepping away from the day-to-day management in order to “support the independent investigation”, the company said Friday. “This decision...

Business

Revolution Beauty calls in independent investigators amid audit failures

Following the announcement regarding its delayed financial report, Revolution Beauty has stated that it will now be calling in independent external advisors to investigate its audit failures. It comes as its auditors, BDO LLP, raised “serious concerns” within its work on the fiscal year 2022 audit, including the group’s ability to provide...

Business

Revolution Beauty to suspend trading of ordinary shares

Revolution Beauty is set to suspend the trading of its ordinary shares, the company announced in a release, as its auditors failed to complete its results on time. The suspension comes in regards to the beauty retailer’s annual FY22 report, which it has not been able to complete for August 31, in accordance with AIM Rule 19. It comes after the...

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Boohoo picks 7.1 percent stake in Revolution Beauty

Boohoo has announced a strategic investment by picking up 7.1 percent stake into Revolution Beauty Group plc. The company said in a release that 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...

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Revolution Beauty taps new finance chief

British cosmetics group Revolution Beauty has named Elizabeth Lake as its new chief financial officer. Lake succeeds Andrew Clark who is exiting the business at the end of July after three years. Incoming CFO Lake has more than 25 years of finance and commercial experience. She joins from AIM-listed Everyman Media Group, where she has been CFO...

ManagementFeatured

Revolution Beauty reports robust FY revenue, EBITDA growth

Revolution Beauty Group has reported robust revenue and EBITDA growth in the year ending February 28, in line with market expectations. The British cosmetics group posted annual revenue of 194 million pounds, a 42 percent increase from the previous year despite inflationary pressure and pandemic related volatility. The group said it had a record...