Revolution Beauty sales jump 60% in Q1

Revolution Beauty saw a 60% increase in sales within the first three months of FY23, as gross margins were 48.2% in the period compared with 41.7% in the same period last year. 

Meanwhile, the group’s EBITDA remained at a constant currency level of £3.5m.

Bob Holt, CEO of Revolution Beauty, said: “The excellent trading performance in the first quarter of the year is testament to the quality of our offer and the strength of our leadership team, and shows that we are delivering on our global retailer strategy.

“This has been achieved at the same time as fixing the historical issues overseen by previous management and putting in place improved cost controls and processes across the business.”

The news comes as the beauty group updated shareholders on trading after Boohoo’s requisition notice. 

Yesterday (Thursday 22 June), Boohoo announced its intention to include Rachel Horsefield, the former CEO of beauty at THG, in the future independent board appointment process of Revolution Beauty. 

Boohoo also proposed board candidates Alistair McGeorge and Neil Catto, which Revolution Beauty maintains “do not have the relevant experience in running a business in the beauty sector, nor in supplying a store estate and beauty product range focussed on the high street”.

The group added: “The board believes that Boohoo’s hostile requisition is value-destructive, opportunistic and self-serving, as well as not being in the interests of the company’s shareholders as a whole.”

Revolution Beauty said in a statement issued today: “The company reminds shareholders that, in Jeremy Schwartz, they already have a director with a wealth of experience in the beauty sector.

“Jeremy spent 12 years at L’Oréal, including as managing director in the UK responsible for all consumer, luxury, salon and active cosmetics divisions, and five years as chairman and CEO of The Body Shop, which has some 3,000 stores in 70 countries. Therefore, Horsefield’s proposed addition to the board is not required.”