Update on Independent Investigation

RNS Number : 8714C

Revolution Beauty Group PLC

14 October 2022

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For Immediate Release

14 October 2022

REVOLUTION BEAUTY GROUP PLC

("Revolution Beauty", the "Group" or the "Company")

Update on Independent Investigation

Further to the announcement of 23 September 2022, the Company today announces that Tom Allsworth (Executive Chairman) and Adam Minto (CEO) have voluntarily agreed to step away from the day-to-day management of the business for the time being, in order to allow them to support the independent investigation being carried out by Forensic Risk Alliance and Macfarlanes. 

This decision to step away is not a result of any matter arising from the independent investigation to date.  The Board, including Tom and Adam, considers that at the current time, the Group requires an operational leader that can devote their full time and attention to managing the Group's business and lead the ongoing discussions with the Group's stakeholders, including customers, suppliers and banking partners. Tom and Adam will remain Directors of the Group but will not take part in any day-to-day decisions concerning the Group until completion of the independent investigation.

In light of Tom and Adam temporarily stepping back from day-to-day involvement in the business, the Company has appointed Bob Holt OBE as Interim Chief Operating Officer, subject to completion of customary regulatory due diligence.  Bob has been appointed on an interim basis pending the completion of the independent investigation to provide leadership for the Company whilst that investigation is ongoing.  Bob will not be a director of the Company and will report directly to the Group board.

Bob Holt is a highly experienced public company executive who has successfully led a number of PLCs through flotations and turnarounds, most recently as Chairman of SureServe Group plc, Totally plc and Mears Group plc.

Further announcements will be made as appropriate.

For further information please contact:

Revolution Beauty Investor Relations

Elizabeth Lake / Nic Wing / Jonathan Edwards [e-mail]

J oint Corporate Brokers
Zeus (NOMAD): Nick Cowles /Jamie Peel /Jordan Warburton   Liberum: Clayton Bush / Edward Thomas / Miquela Bezuidenhoudt	Tel: [phone] Tel: [phone]

Media enquiries:

Headland Consultancy Rosh Field / Will Smith / Marta Parry-Jones

Tel: [phone] [e-mail]

About Revolution Beauty

Revolution Beauty is a global mass beauty and personal care business which operates a multi brand, multi category strategy and sells its products both direct-to-consumer (DTC) via its e-commerce operations, and in physical and digital retailers through wholesale relationships.

Today, the Group has a retail footprint of c.15,000 doors across leading retail chains in the UK, USA and other international markets. Revolution Beauty has access to a wide customer base, predominantly aged between 16 and 35, through its digital partners and own DTC platform. It has established and invested to streamline its supply chain with its own manufacturing facility in the UK, and third-party warehousing facilities across the UK, USA and Australia. The Group has offices in the UK, USA, New Zealand and Germany. Revolution Beauty currently employs 411 people.

The total mass beauty market was worth $219bn in 2019 and is expected to grow to $274bn over the next 3 years, driven by a new marketing era dominated by Social Media and influencers. Revolution Beauty has been a leading innovator building a significant global following across social channels, enabling it to spot trends and respond quickly to consumer demand.

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