Recently, according to report, Revolution Beauty is preparing for sweeping changes as its co-founders return to the helm following the collapse of a brand sale process. The troubled cosmetics company confirmed that Adam Minto and Tom Allsworth, who resigned in 2022 after accounting issues and governance scandals, are rejoining to spearhead a turnaround plan. Allsworth will step in as chief executive, while Minto will act as a consultant with a £160,000 annual salary.
The move comes after Revolution failed to secure a buyer despite months of talks, with potential suitors including Mike Ashley’s Frasers Group and private equity firm True ultimately walking away. Frasers, which indirectly owns a small stake in the brand through its shareholding in Boohoo, confirmed it would not pursue a takeover.
Revolution, once a fast-growing disruptor in affordable make-up, has seen sales plunge as competition intensifies and consumer budgets tighten. Revenues fell 25.5% to £142.6 million in the year to 28 February, swinging from a pre-tax profit of £11.4 million to a £16.8 million loss. Chairman Iain McDonald admitted the brand had “lost its way” but maintained confidence in a founder-led recovery strategy.
The company plans to raise around £15 million through a share issue and implement sweeping cost-cutting measures, including job cuts designed to save £7.5 million by 2027. Analysts say a successful revival will also hinge on rekindling the brand’s once-powerful influencer collaborations and celebrity partnerships that helped fuel its rise.
