admin Revolution Beauty has appointed former Walgreens exec Lauren Brindley as new group CEO as it revealed narrowing losses and a small increase in revenue in its most recent full-year report.
The British beauty giant made a loss of 33.6 million pounds in the 12 months to February 28 compared to a loss of 44.3 million pounds in FY22, while revenue increased 1.7 percent to 187.8 million pounds.
The group said trading has continued to perform ahead of expectations in the current year, with Q1 sales jumping 60 percent, and the company swinging to an EBITDA profit of 3.5 million pounds from a loss of 7.4 million pounds.
The group said it “remains confident in the future opportunities open to Revolution Beauty, given its relevant, affordable, and multichannel offer” despite being “mindful of the external environment”.
As previously announced, the company expects FY24 revenue to increase in the high single digits, and adjusted EBITDA in the high single digit millions.
The group also announced the appointment of Lauren Brindley as its new CEO, along with Colin Henry and Chris Fry as independent non-executive directors.
Brindley was most recently group vice president for beauty and personal care at Walgreens, and prior to that served in various positions at Boots UK and Boots Retail International, including as head of Prestige Beauty and fragrance.
She replaces Bob Holt, who as previously announced is stepping down from the business, with Alistair McGeorge becoming non-executive chair.
Incoming independent non-executive director Colin Henry has over 30 years of experience in senior roles at big-name fashion businesses including Marks & Spencer, Polo Ralph Lauren, Nike, Jaeger, and New Look.
Meanwhile, Chris Fry, who is also joining the board, has more than 30 years of finance and commercial experience at companies including PwC, KPMG, and BankiFi.
They replace Jeremy Schwartz, Rachel Maguire, and Matthew Eatough.
In recent months, Boohoo – the largest single shareholder in Revolution Beauty with a state of 27 percent – has called for changes to the beauty group’s management team, which Revolution Beauty previously opposed.
Boohoo had called for CEO Holt, as well as board members Schwartz, Maguire, and Eatough to be replaced.
The group said the changes were necessary to “take Revolution Beauty into its next phase, which must focus on growth”.
It came after Revolution Beauty’s stock price was hit this year following an investigation that found the company had inflated FY22 sales by 9 million pounds in order to meet annual targets.
Following the investigation, co-founder and chair Tom Allsworth stepped down. He was replaced by the company’s senior non-executive director Derek Zissman.
