Revolution Beauty rejects takeover bid as it continues talks with interested parties

Revolution Beauty is understood to have rejected a takeover proposal from private equity firm True, as sources close to the matter suggest the offer undervalued the company.

Following the rejected bid, Revolution Beauty is now expected to revisit plans for a potential capital raise involving its existing shareholders.

In a statement, Revolution Beauty said discussions remain active with multiple interested parties and that it continues to engage with shareholders regarding a possible equity injection.

"The Formal Sale Process, announced on 21 May 2025, continues to progress with ongoing engagement from a number of parties," the group said. "As previously announced, the company continues to advance discussions with shareholders, including in respect of a potential equity raise."

Revolution Beauty put itself up for sale last month after being approached by an unnamed suitor.

Shortly after, the company attracted interest from several prospective buyers. Among them was Frasers Group, which considered a bid but ultimately withdrew at the end of June.

It comes after Revolution Beauty, which sells makeup and cosmetics online and through concessions, recently saw its shares slide to an all-time low in the face of tumbling sales.

Bosses had previously told investors they were reviewing its funding options before its current £32 million credit facility expires in October.

The company has faced a torrid few years amid leadership and accounting issues, including a dispute with its former boss and a tussle with one of its shareholders, fashion firm Debenhams, under its previous Boohoo Group name.