Mike Ashley’s Frasers Group is weighing a potential cut-price takeover of troubled cosmetics brand Revolution Beauty.
The retail giant – which owns retail brands including House of Fraser, Sports Direct and Evans Cycles – is said to have approached the listed beauty brand about a possible bid as the business explores strategic options following a sharp decline in value.
Industry sources told Sky News that Frasers is considering an offer, although no final decision has been made.
Revolution Beauty put itself up for sale last month. The business warned investors it was reviewing its capital structure and seeking “additional capital to invest into the company”.
The beauty brand confirmed it had received a takeover approach from a third party and was open to further interest. Investment bank Panmure Liberum is handling the process.
To oversee the sale process, Revolution Beauty appointed Iain McDonald as chairman. McDonald, a seasoned City figure, also holds a board seat at Debenhams Group – a move that adds another layer of complexity given Debenhams holds a large minority stake in Revolution Beauty.
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This morning Revolution Beauty issued a statement regarding possible offers, saying: “Frasers is one of a number of parties conducting due diligence as part of the Formal Sale Process announced on 21 May 2025.
“There can be no certainty that Frasers’ interest will result in a firm offer for the company. Further updates will be provided if and when appropriate. Shareholders are advised to take no action at this time.”
Revolution Beauty has endured a rocky period since listing, with its market capitalisation now sitting at just £20m following a 70% slump in share price over the past year. The company has also faced accounting investigations and reached a multimillion-pound settlement with founder Adam Minto. In January, it resolved a dispute with former shareholder Chrysalis Investments.
Frasers’ interest in the business comes amid a wider push beyond traditional retailing. Under CEO Michael Murray, the group has snapped up stakes in businesses including THG, the owner of beauty platform LookFantastic.
Due to the formal nature of the sale process, prospective bidders are not required to publicly confirm their interest – and it remains unclear whether Frasers plans to issue a stock market update in the coming days.
Any offer for Revolution Beauty is expected to be modest, with little to no premium over its current valuation.
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