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Boohoo has increased its holdings in Revolution Beauty from 26.4% to 27.1%, as shares in the online makeup retailer continue to fall.
As of Monday (24 July), the share price in the cosmetics giant dropped by more than 7.5%.
The group increasing its holdings comes after both companies have been involved in a public spat due to Boohoo wanting to replace Revolution Beauty’s leadership team with its own representatives.
However, the disagreement between the two groups ceased last week after a settlement agreement was reached, which will see Revolution CEO Bob Holt and chair Derek Zissman step down from their roles.
Holt is set to remain in the post in an interim capacity until 31 August, while the business searches for a new CEO.
The fast fashion giant, which was already a majority shareholder of Revolution Beauty, initially took up a stake in the makeup seller back in August 2022.
