Revolution Beauty brushes off Boohoo spat with sales boost - Indoors Beauty

Revolution Beauty brushes off Boohoo spat with sales boost

Revolution Beauty brushes off Boohoo spat with sales boost

Revolution Beauty has hailed a sales boost and revival of earnings, doubling down on its criticism of Boohoo’s tried management upheaval.

The crisis-hit agency has clashed with its shareholder Boohoo all through the week over how the enterprise ought to be run.

Boohoo, the fast-fashion retailer with a 26.6% stake in Revolution Beauty, mentioned on Monday it needs to switch the agency’s chief govt, chairman and chief monetary officer with its personal administrators.

Revolution Beauty blasted the transfer as “value-destructive, opportunistic and self-serving”, and urged its shareholders to vote in favour of reappointing the present group.

It additionally criticised Boohoo’s steered appointment of Rachel Horsfield to the board, the previous magnificence boss of THG, stating it had not too long ago ceased business relationships with the enterprise.

On Friday it revealed that sales had jumped by 60% over the most recent quarter, in comparison with the earlier yr. It additionally reported earnings of £3.5 million, swinging from a lack of £7.4 million.

“The wonderful buying and selling efficiency within the first quarter of the yr is testomony to the standard of our supply and the energy of our management group, and reveals that we’re delivering on our international retailer technique”, chief govt Bob Holt mentioned.

“This has been achieved similtaneously fixing the historic points overseen by earlier administration and putting in improved value controls and processes throughout the enterprise.”

Revolution Beauty mentioned earlier within the week it might take authorized motion in opposition to its founder and former chief govt Adam Minto after alleging he breached his duties to the agency.

Minto resigned from the enterprise in November after an investigation was launched. The probe flagged “severe points” over the way in which the agency was run beneath its earlier senior managers.

Its shares have been suspended from the AIM inventory change since September.

Revolution Beauty was because of maintain its annual basic assembly (AGM) subsequent week, however mentioned it needs to postpone it to a later date, probably in late July or early August.

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