Online beauty product retailer Revolution Beauty has reported sales of £187.8m for year ended 28 February, 2023 along with a £33.9m pre-tax loss. This compares with £184.6m sales generated for the prior year which saw a pre-tax loss of £45.9m.
The business is now working to put the trials of the last year – which included having its shares suspended and a battle between its board with that of boohoo which led to some its directors resigning.
Lauren Brindley
Lauren Brindley is now Revolution’s CEO effective September 18th with Alistair McGeorge becoming non-executive chair.
Commenting on Revolution Beauty Group’s annual results, Julie Palmer, partner at Begbies Traynor said: “Appointing a new chief executive with experience at industry heavyweights such as Walgreens and Boots could be just what Revolution needs to draw a line under its recent troubles.
“Although Revolution seems to be getting to grips with those issues, incoming chief executive Lauren Brindley still faces other major challenges. Today’s results show that despite revenue ticking up, the company still faces challenges.
“The update reveals further problems for her to tackle, including getting costs under control and bringing order to a business which admits a ‘lack of control’ over new products, meaning it launched 1,000 new lines annually into what Revolution describes as an ‘already saturated’ market.
“There’s also the increasingly challenging economy Revolution faces. However, this could be in the company’s favour because of the ‘lipstick effect’ – the economic theory that in tougher times consumers treat themselves with cheaper luxuries such as lipstick, rather than big-ticket items.
“With Revolution operating at the value end of the beauty market, a gloomy economic outlook could put a shine on its future.”
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