Revolution Beauty hires new boss and narrows losses amid ‘period of upheaval’
The cosmetics and beauty brand said it had appointed former Walgreens executive Lauren Brindley as group chief executive.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Revolution Beauty has narrowed its losses and appointed a new boss as it tries to put behind it historic issues and a spat with top shareholder Boohoo.
The cosmetics and beauty brand said it had appointed Lauren Brindley as group chief executive, the former vice president of beauty and personal care at Walgreens in the US. She will take over from Bob Holt later this month.
It comes after the company became embroiled in a battle with Boohoo, which owns more than a quarter of the business’s shares, over demands to replace its leadership team.
The fight reached boiling point in June after Revolution Beauty defied a shareholder vote and reinstated its top executives.
But last month, it announced that Mr Holt and chairman Derek Zissman would be stepping down after reaching an agreement with Boohoo.
This solid group trading performance has been achieved during a period of well-publicised upheaval for the business
Executive chairman Alistair McGeorge said it is a “critical and exciting time” for Ms Brindley to be joining the group, adding: “Lauren’s extensive knowledge of the beauty and retail industries, and proven track record of driving meaningful results, will be critical as we build Revolution Beauty into a global beauty leader.”
The make-up brand unveiled its long-awaited full-year financial results on Thursday as it hopes to shrug off its issues of the past.
The group revealed that its pre-tax losses narrowed from £45.9 million to £33.9 million in the year to the end of February, compared with the previous year.
It managed to slim down losses after seeing shipping costs reduce following record-high levels during the pandemic, and improving stock management after some retail clients were overstocked and therefore reduced buying.
The firm’s revenues edged up by 1.7% year-on-year to £187.8 million, after rolling out new products in Boots in the UK and Walgreens in the US.
Revolution Beauty said its products remain “relevant” and “affordable” at a time that shoppers are coming under pressure from stretched budgets and cutting back on non-essential spending.
It also said it was focusing on selling a core range of more successful products and slimming down less popular categories such as Revolution Man, and its tanning and fragrance ranges.
“This solid group trading performance has been achieved during a period of well-publicised upheaval for the business”, executive chairman Alistair McGeorge said.
The company has been marred by a series of problems over the past year.
Its shares were suspended from the London Stock Exchange last year after an independent investigation was launched, which found significant problems in its accounts for the previous financial year.
Its shares have since returned to the AIM market after the board worked “tirelessly” to restore trading, the firm said.
“However, the directors also recognise the continuing challenges the business has faced since its shares resumed trading on AIM, including addressing legacy issues, as well as the underperformance of sales versus previous expectations, as well as the uncertainty in the wider economy,” Revolution Beauty said in its update.
The firm expects to see revenue growth of around 8% or 9% in the year ahead.
Its shares fell by more than 16% on Thursday morning.