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Revolution Beauty has unveiled a new turnaround strategy amid plans to target sales of £1bn by 2030.
The group said its ‘Reigniting the Revolution’ strategy will aim to deliver “long-term profitable growth in an attractive global beauty market, where Revolution Beauty has significant headroom to expand”.
The plan is based on three key areas, which include a focus on investment into the Revolution brand, “significantly” reducing the group’s number of SKUs, and focusing on global growth, with a particular focus on gaining market share in the US.
It added that it aims to deliver around £10m in cost savings over the next three years.
Whilst unveiling the new business plan, the group also downgraded its full-year guidance. Revolution Beauty previously said it expected to deliver adjusted EBITDA of “not less” than double-digits and high single digit revenue growth for the 2024 financial year.
However, following the rationalisation of lower margin SKUs, FY24 adjusted EBITDA is now expected to be between £11m and £12m, and revenue growth is expected to be in the low single digits.
Lauren Brindley, group CEO, said: “Revolution Beauty is a business with unique capabilities, a loyal Gen Z customer base and relationships with some of the world’s best beauty retailers. The strategy that we’re setting out today is about harnessing our strengths and taking the brand back to its roots. We want to build on what we’re best known for – our innovation, speed to market, accessibility and inclusivity.
“By focusing on our Revolution Masterbrand, building smarter operations, maintaining financial discipline and energising our teams, we believe we will deliver long-term profitable growth. We are confident we can achieve our ambition to deliver annual retail brand sales of £1bn by 2030, establishing Revolution Beauty as a top five mass beauty brand globally.”
