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Boohoo has revealed that it recently increased its strategic investment into Revolution Beauty, with its direct interest hitting 26.47% of Revolution’s issued share capital.
The retailer said its investment builds upon the existing relationship between the two groups, under which Revolution Beauty products are sold through several of Boohoo’s direct to consumer brand websites as well as its online digital department store, Debenhams.
Boohoo added that the investment “reflects Boohoo’s belief in the growth potential of Revolution Beauty and it intends to be a supportive stakeholder and long-term partner”.
Earlier this week, Revolution Beauty announced the appointment of Bob Holt OBE as its new CEO.
Holt had been acting as interim CEO at the company since 14 October 2022 and has now officially taken the position full time effective immediately.
It comes as ex-CEO Adam Minto recently resigned as a director and stepped down from the business “with immediate effect” amid an ongoing accounting probe.
Last month, Minto stepped away from the day-to-day management of the business as an independent investigation was carried out by Forensic Risk Alliance and Macfarlanes.
He has stated that he will continue to support the investigation through to its conclusion however.
