Retail giant Frasers Group, which owns retail brands including House of Fraser, Sports Direct and Evans Cycles, is said to have approached the listed beauty brand Revolution Beauty about a possible bid as the latter is exploring strategic options following a sharp decline in value.
In a regulatory filing with London Stock Exchange (LSE) on Monday, the troubled Revolution Beauty
confirmed the recent media speculation regarding the interest of Frasers Group plc (Frasers) in Revolution Beauty saying that Frasers was one of a number of parties conducting due diligence as part of the formal sale process announced on 21 May 2025.
“However, there can be no certainty that Frasers’ interest will result in a firm offer for the company,” Revolution Beauty said in the filing.
To oversee the sale process, Revolution Beauty appointed Iain McDonald as chairman. McDonald, a seasoned City figure, also holds a board seat at Debenhams Group – a move that adds another layer of complexity given Debenhams holds a large minority stake in Revolution Beauty.
Panmure Liberum Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Revolution Beauty and for no one else in connection with the filing, Revolution Beauty said.
It may be recalled that Revolution Beauty, the British makeup and skin care retailer, said last month that it was exploring a sale after it received a preliminary takeover approach and has launched a sale process following an unsolicited bid for its business from an “unnamed buyer.”
Drop in Revenue
It may be recalled that Revolution Beauty, which was launched a decade ago, has reported a 26% drop in annual revenue and was reviewing its funding options ahead of the expiry of its existing credit facility in October.
The move comes days after the company said it was reviewing its funding structure and mulling a fundraise from key shareholders after its annual sales slumped by more than a quarter.
The company posted revenues of $192.20 million for the year ending 28 February, citing a reduced product portfolio, weaker US demand, and poor performance in online channels as key factors. Shares fell by up to 40%, a record low for the company.
According to media reports, the group expects double-digit declines in Q1 net sales due to discontinued SKUs, with March and April sales underperforming internal forecasts.
The US accounted for 23% of the brand’s revenue in the last financial year, with around 60% of those products manufactured in China. While the recent easing of US-China trade tensions has paused some tariff increases, Revolution Beauty is in discussions with retail partners about potential price adjustments in the US.
The company is currently in talks with lenders to extend its $43.43 million credit facility and says additional capital will be needed to support the business going forward. Revolution Beauty had a m
market capitalisation of $22.3 million as of 21 May 2025, the reports said.
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