Boohoo increases stake in Revolution Beauty
Boohoo Group has increased its stake in Revolution Beauty, after settling a dispute over the control of the troubled cosmetics company.
The fashion giant now holds a 27.1% stake, up from 26.4% previously.
The move comes after Revolution Beauty's shares resumed trading last month, having been suspended since last autumn after auditors refused to sign off its accounts – sparking a previous investigation into its finances.
Over the past month, Boohoo and Revolution Beauty have released a series of back and forth statements over the control of the company.
It began as Boohoo Group, which holds a 26.4% stake in the company, called for the removal of Revolution Beauty's CEO Bob Holt, Chairman Derek Zissman and CFO Elizabeth Lake at the firm’s annual general meeting on 27 June 2023.
The AGM took place and saw votes of over 73% against the re-elections of Holt, Lake and Zissman. However, remaining independent director Jeremy Schwartz then opted to defy the vote and reinstall the team afterwards.
The businesses reached a settlement agreement last week, which saw Holt and Zissman step down for their roles.
Former New Look Chair Alistair McGeorge succeeds Zissman as Executive Chairman, whilst ex-Boohoo finance boss Neil Catto was named as Non-Independent Non-Executive Director.
Revolution Beauty is now searching for a CEO replacement with "extensive experience of the beauty sector, retail and consumer brands".
