Revolution Beauty to settle with Boohoo in coming days

Revolution Beauty and major shareholder Boohoo are actively seeking a resolution to their ongoing dispute over proposed board changes.

This development follows Revolution Beauty’s recent announcement of a general meeting scheduled for August 7 where there is hope for a settlement.

Boohoo had initiated the request for the general meeting, urging Revolution Beauty to oust specific executives, notably CEO Bob Holt, from their board. In a countermove, Revolution Beauty has advised its shareholders to reject all of Boohoo’s proposed resolutions.

As part of its proposals, Boohoo sought to appoint Alistair McGeorge and Neil Catto as new directors, while also advocating for the removal of specific executive directors from Revolution Beauty’s board.

Revolution Beauty said that some of its shareholders have received communications from online stockbroking platforms advising them to support Boohoo’s resolutions. However, the company continues to advocate for its shareholders to vote against these proposals.

The trading suspension on Revolution Beauty’s shares was lifted last month, coinciding with the reinstatement of CEO Bob Holt, Chief Financial Officer Elizabeth Lake, and Chairman Derek Zissman to the board. These reinstatements were intended to restore stability within the company’s leadership.