Overview

• Frasers Group was one of several suitors conducting due diligence but opted out of bidding after assessing Revolution Beauty’s debt levels.
• Revolution Beauty’s annual revenues declined by 26%, falling from £191m to £141m in the year to February 2025, and its market valuation has dropped by roughly 70%.
• Boohoo holds a 29% stake as the retailer’s largest shareholder and has clashed with Mike Ashley over past acquisition efforts.
• Revolution Beauty must secure refinancing for its £32m credit facility before it comes due in October 2025 to avoid a liquidity crisis.
• Frasers Group has shifted its investment focus to other retailers including THG, Flannels and Sports Direct and has ceased pursuing the troubled cosmetics brand.