Revolution Beauty Hopes To Settle With Boohoo in Coming Days — Retail Bum

Revolution Beauty is looking to put aside its differences with the Boohoo Group and hopes to reach a compromise in the coming days.

CEO Bob Holt is expected to step down if the brand settles with Boohoo over the proposed board changes.

The British beauty brand has set up a general meeting at its office on August 7, 2023, in which Boohoo’s proposed board members will be put up for vote as ordinary resolutions.

With the resolution, the brand is hoping to avoid additional expenses and administrative headaches.

If a deal is not reached, the beauty brand said it will publicly share its thoughts on the proposed resolution.

Boohoo, which owns a 26.6% stake in the beauty brand, had previously proposed the removal of CEO Robert Holt, Chairman Derek Zissman, and Chief Financial Officer Elizabeth Holmes. The company had also asked for the appointment of Alistair McGeorge and Neil Catto as directors on the company’s board.

However, Revolution Beauty reappointed Holt to its board of directors, defying Boohoo’s requisition. In addition, Rachel Maguire and Matthew Eatough were appointed directors after the company’s annual meeting left Jeremy Schwartz as its sole director.