Boohoo enlists former THG Beauty CEO for attempted coup at Revolution Beauty - Indoors Beauty

Boohoo enlists former THG Beauty CEO for attempted coup at Revolution Beauty

Boohoo enlists former THG Beauty CEO for attempted coup at Revolution Beauty

Boohoo needs so as to add former THG Beauty CEO Rachel Horsefield to Revolution Beauty’s Board of Directors, because it appears to take away three of the beauty retailer’s high bosses. 

Horsefield joined THG in 2016 as Managing Director. She later served as Head of Ecommerce for the Prestige Division, earlier than taking up the position of Beauty CEO in 2017 till the second half of 2022.

In a press release, Boohoo stated: “Rachel brings together with her a wealth of direct related expertise and experience within the magnificence sector.

“Boohoo continues to strongly imagine {that a} senior management group with the appropriate retail, e-commerce and client manufacturers expertise is required to ship worth for all shareholders and take Revolution Beauty into its subsequent part, which should deal with development.”

Earlier this week, Boohoo introduced its plans to vote towards the reappointment of Revolution Beauty’s CEO Bob Holt, Chairman Derek Zissman and CFO Elizabeth Lake at the agency’s upcoming annual normal assembly for shareholders on 27 June 2023.

It requested to interchange the three bosses with Boohoo Non-Executive Director and former New Look Chairman Alistair McGeorge as Interim Executive Chairman, and ex-Boohoo finance boss Neil Catto as CFO.

In response to this, Revolution Beauty yesterday issued a press release sharing that “Boohoo’s hostile requisition is value-destructive, opportunistic and self-serving, in addition to not being within the pursuits of the corporate’s shareholders as a complete”.

Revolution Beauty stated it’s presently “buying and selling effectively” and expects to ship excessive single-digit development in income for the yr ending 28 February 2024.

It additionally acknowledged that the present administrators and administration group have navigated Revolution Beauty out of the chaos arising from the historic administration and governance points inside the enterprise.

Revolution Beauty has seen its shares suspended since September final yr after auditors refused to log off its accounts for the final monetary yr, which sparked an investigation into its funds.

In January, the impartial investigation discovered Revolution Beauty had inflated gross sales by £9 million to satisfy annual targets and unearthed considerations with the group’s accounts, together with claims that non-public loans have been made by Co-founders Adam Minto and Tom Allsworth to an worker and distributors.

The probe additionally alleged that inadequate checks had been made on acquisitions.

On Tuesday, Revolution Beauty revealed potential authorized motion towards its founder and former chief govt Adam Minto. The group stated it despatched a letter of declare to Minto final month alleging that he breached his duties to the agency.

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