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Frasers Group has confirmed it is participating in a formal sale process of Revolution Beauty, which could see it acquire the group through an all-cash bid.
In a filing released today (10 June), the Mike Ashley-owned group revealed that “any offer for the issued and to be issued share capital of Revolution Beauty would be all cash”.
However, it added that there could “be no certainty that an offer will be made for Revolution Beauty nor as to the terms on which any offer might be made”.
This week Revolution Beauty confirmed that Frasers was “one of a number of parties” who were considering a bid for the group.
In a statement released yesterday (9 June), it said: “Revolution Beauty notes the recent press speculation regarding the interest of Frasers Group in Revolution Beauty and confirms that 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.”
Last month Revolution Beauty announced it was launching a formal sales process after it received a preliminary approach from an unnamed company, and invited other suitors to contact its advisers if also interested.
It comes as Revolution Beauty revenues plummeted 26% to £141.6m for the year ended 28 February 2025, reflecting the rationalisation of its product and brand portfolio, as well as softness in the US market.
Frasers’ interest in acquiring Revolution Beauty would reflect its growing interest in expanding beyond pure retailing, having previously upped its stakes in companies such as THG.
