// Boohoo builds on existing relationship with Revolution Beauty as it increases stake from 12.8% to 26.4%
// Boohoo is now Revolution Beauty’s largest single shareholder
Boohoo has increased its stake in Revolution Beauty and now holds more than 25% in the embattled beauty brand.
The fast fashion retailer has increased its investment from 12.8% to 26.4%.
Boohoo is now Revolution Beauty’s largest single shareholder.
It said the investment reflected its belief in the growth potential of the online cosmetics retailer, which currently had its shares suspended amid an accounting probe, and it is aiming to become a “supportive stakeholder and long-term partner”.
Revolution Beauty sells products through several of its direct to consumer brand websites and its online digital department store, Debenhams.
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The investment comes as Revolution Beauty lenders hired advisers from Teneo, according to Sky News, as it deals with an accounting chaos which has left it unable to file financial results.
On Monday, HSBC and NatWest, Revolution’s main bank lenders, asked Teneo Financial Advisory to monitor the situation amid an independent probe.
The move to bring in Teneo comes in the wake of Revolution being forced to suspend its shares in September after its auditor, BDO, refused to sign off its accounts.
On Monday, Revolution hired turnaround expert Bob Holt as its chief executive.
Holt replaces founder Adam Minto, who stood down earlier this month in the wake of the accountancy issues.
