Fashion eCommerce brand boohoo has more than doubled its stake in the struggling make up and beauty brand Revolution.
The investment sees boohoo control 26.47% of Revolution’s share capital.
boohoo already sells Revolution Beauty products through the Group’s direct to consumer websites and its digital department store, Debenhams. boohoo said it intends to be a supportive stakeholder and long-term partner of the makeup brand.
Last month, Revolution chief executive Adam Minto and chairman Tom Allsworth stepped away from the business following an investigation by auditors after the business twice failed to post its annual report.
Bob Holt has been appointed as CEO of Revolution, it was announced yesterday.
boohoo’s investment extends the online retailer’s fashion offering, having already acquired PrettyLittleThing, Nasty Gal, MissPap, Karen Millen, Coast, Warehouse, and Oasis. In February 2021 it acquired the intellectual property assets of UK brands Dorothy Perkins, Wallis, and Burton.
The investigation into Revolution, by Forensic Risk Alliance and Macfarlanes, has drawn no conclusions so far.