Revolution Beauty brings back co-founder as CEO amid strategy reset
Revolution Beauty is reinstating co-founder Tom Allsworth as CEO, canceling plans to sell the company, and launching a fresh equity raise as part of a strategic overhaul in response to declining sales, the London-listed cosmetics group announced Friday.
The company plans to raise £15 million ($20.1 million) in new equity to repay debt and restructure operations. The move follows a slump in annual sales of more than 25%, News.Az reports, citing Reuters.
Earlier takeover attempts were abandoned, including Mike Ashley’s Frasers Group, while a bid from private equity firm True was reportedly rejected.
Revolution Beauty reported an adjusted pre-tax loss of £5.5 million for the year ended February 28, compared with a £4.3 million profit the previous year.
As part of the strategy reset, the company is also in discussions with major shareholder Debenhams to supply branded cosmetics under an exclusive licensing agreement, aiming to strengthen its market presence.
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