Boohoo, the online fashion retailer based in Manchester and the largest shareholder of Revolution Beauty, has demanded the removal of the current leadership team at the struggling makeup retailer.
The largest shareholder of Revolution Beauty, online fashion company Boohoo, has demanded the removal of top executives at the struggling makeup retailer.
Boohoo owns approximately 26.6% of Revolution Beauty and has announced its intention to vote against the reappointment of the CEO, Bob Holt, Chairman Derek Zissman, and CFO Elizabeth Lake at the upcoming annual general meeting for shareholders on June 27th.
Derek Zissman was appointed as the Vice Chairman and Senior Independent Director of the Company on July 12, 2021, which was the same date that the Company was listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
In addition to calling for the removal of top executives at Revolution Beauty, Boohoo has intended to appoint two of its non-executive directors, Alistair McGeorge and Neil Catto, as the new executive chairman and CFO, respectively, on Revolution Beauty’s board.
“However, as Revolution Beauty transitions to its next phase, where the focus must switch to growth, boohoo believes a senior leadership team with the right retail, e-commerce, and consumer brands experience is required to deliver shareholder value,” Boohoo said in a statement.
Revolution Beauty is a UK-based beauty retailer company that was established in 2014. The company offers a range of makeup, skincare, and hair care products, which are sold both online and in physical stores such as Boots, Superdrug, Ulta, and Target.
On Aug 30, 2022, Revolution Beauty announced that it will suspend trading of its ordinary shares due to the failure of its auditors to complete its results on time. The suspension is related to the company’s annual FY22 report, which it has been unable to complete by the August 31 deadline.
On 26 May 2023, Revolution Beauty released its delayed audited financial results for the full year ending on February 28, 2022. The company reported revenue of £184.57 million ($ 227.94 million), which saw growth of 35%. While the operating losses widen by £29 million ($36.32 million) to £38.86 million ($48 million).
On 2 June, released its Interim results for FY23 H1. The company’s revenue reached £75.3 million ($93.6 million), down 4.2%. Operating Loss narrowed to £12.1 million ($15.04 million) from £23.7m ($ 29.46 million) in H1 23.