Frasers Group considers all cash bid for Revolution Beauty

Frasers Group has made a bid for British cosmetics brand Revolution Beauty. With this, Sports Direct’s parent company has joined “a number of parties conducting due diligence as part of the formal sale process”, the brand announced in a regulatory filing.

Frasers confirmed its participation in its own filing, where it stated that it is contemplating an all cash offer for Revolution Beauty’s issued and to be issued share capital. It noted that “there can be no certainty that an offer will be made”, “nor as to the terms of which any offer might be made”.

Both firms stated that further updates would be provided if and when appropriate.

Frasers’ pursuit for Revolution Beauty is notable given that the brand’s largest shareholder is Debenhams Group, formerly Boohoo Group, a long-standing fashion-based rival of Mike Ashley’s conglomerate.

Frasers, in turn, is a minority shareholder of Debenhams Group, a company it had attempted to takeover last year as part of a drawn out dispute over its restructuring plan.

Debenhams, which owns a 27.09 percent stake in Revolution, had assigned its own board member, Iain McDonald, to oversee the beauty brand’s sales process.

This came after the fashion chain had enacted a boardroom takeover of Revolution back in 2023 following an investigation into the company’s financial results, which revealed a nine million pound inflation of sales.

Debenhams then challenged Revolution’s leadership, initiating the board takeover plan by submitting its own line up of executives to step into the positions of existing board members.