Revolution Beauty aims to generate £1B in annual sales with new growth strategy
(Image credit: Revolution Beauty).09 Feb 2024 --- Revolution Beauty launches a growth plan to deliver annual brand sales of £1 billion (US$1.3 billion) by 2030. The “Reigniting the Revolution” strategy focuses on three key areas: Investing in the Revolution brand, concentrating on developing key products and managing distribution and retail partnerships to maximize returns.
Revolution Beauty said its rationalization of lower margin lines was already “successfully driving margin improvement.” The beauty brand expects to deliver £10 million (US$12.6 million) of cost savings over the next three years. The money will be used to invest in future growth initiatives.
Lauren Brindley, CEO of Revolution Beauty, says: “The strategy that we’re setting out today is about harnessing our strengths and taking the brand back to its roots. We want to build on what we’re best known for - our innovation, speed to market, accessibility and inclusivity.
“By focusing on our Revolution Masterbrand, building smarter operations, maintaining financial discipline and energizing our teams, we believe we will deliver long-term profitable growth.”
Settlement with co-founder
Earlier this week, Revolution Beauty settled with its co-founder and former CEO, Adam Minto, following a year-long boardroom conflict with its largest shareholder, Boohoo Group.
Minto, who stepped down in November 2022 amid an accounting probe, will pay Revolution Beauty a sum of £2.9 million (US$3.7 million). The settlement did not entail either party’s admission or acceptance of liability.
Revolution Beauty expects its adjusted EBITDA for FY24 to be between £11-12 million (US$13.7-15.1 million), with sales growth in the low single digits.
The business is repositioning itself after its legal battles, shareholder revolts, and suspension on the London Stock Exchange.
By Sabine Waldeck
