Following a resolution of a dispute with the company that resulted in a number of Boohoo nominees joining the executive team, Boohoo Group raised its interest in Revolution Beauty.
According to a London Stock Exchange filing by Revolution, the online clothing tycoon now owns a 27.1% interest, up from a recent 26.4%.
With that prior investment, it had the power to smuggle its own nominations into the board, like former New Look chairman and current executive chair Alistair McGeorge. In addition, it replaced Revolution’s CEO Bob Holt and director Derek Zissman with Neil Catto, Rachel Horsefield, and Peter Hallett in the position of director.
Boohoo’s latest share acquisition occurred as Revolution shares plunged on Monday by a significant 7.5% after having risen following the return of its share to market last month after a protracted ban.
It’s fascinating that Boohoo’s investment is bringing the company closer to the possibility of having to make a full-fledged official takeover offer for the company. However, nothing it has said thus far suggests that it plans to do this.
