30th May 2025 16:26
(Alliance News) - Revolution Beauty Group PLC on Friday appointed Iain McDonald as non-executive chair with immediate effect, as the cosmetics retailer continues a sweeping strategic review.
McDonald's appointment follows the board's announcement on May 21 that it intended to name him chair, pending due diligence. That process is now complete, the company said.
The leadership change comes as Revolution Beauty undertakes a formal sale process and reviews its capital structure amid a challenging trading environment. On May 21, the company confirmed it had received a preliminary approach regarding a possible takeover, just days after announcing weaker-than-expected trading and launching talks with major shareholders over a potential equity raise.
Revolution Beauty shares surged 29% on the day of the bid approach. The company expects interested parties to submit expressions of interest by June 11.
Earlier in May, the firm warned that revenue for the year ended February 28 would fall 26% to GBP141.6 million, citing continued weakness in digital channels and US consumer confidence. Underlying adjusted Ebitda is expected between GBP6.0 million and GBP6.5 million, down from GBP12.6 million the prior year.
Revolution Beauty noted that 23% of its sales in financial 2025 were in the US, with 60% of products sold there manufactured in China. It welcomed a US-China deal to reduce tariffs and said it had resumed shipments of new products following the announcement.
The company continues to operate under a GBP32 million revolving credit facility that runs until October, and said it is in constructive talks with lenders about amending and extending the facility.
By Eva Castanedo, Alliance News reporter
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