Frasers Group Eyes Potential Takeover of Struggling Revolution Beauty

THE WHAT?  Frasers Group, led by retail magnate Mike Ashley, has expressed interest in acquiring London-listed mass-market beauty brand Revolution Beauty, which recently put itself up for sale amid continued financial and structural instability.

THE DETAILS Revolution Beauty, best known for its affordable makeup sold through outlets like Superdrug and for youth-focused collaborations such as Love Island, is undergoing a formal sale process after a sharp decline in share value—over 70% in the past year—left its market cap at just £20 million.

Frasers Group, which already holds a stake in Debenhams (a major shareholder in Revolution Beauty), is reportedly among the parties evaluating a takeover bid. The retailer has been steadily expanding its presence in the beauty space under CEO Michael Murray, with prior investments in The Hut Group (THG), which owns LookFantastic and other online beauty platforms.

The sale process is being managed by Panmure Liberum, with the company recently appointing Iain McDonald—who also sits on the Debenhams board—as chairman to help steer the turnaround. A competing takeover approach has already been received, although its identity remains undisclosed.

THE WHY? Frasers’ interest in Revolution Beauty signals a continued strategic pivot toward beauty and wellness assets, particularly those with strong Gen Z appeal and retail distribution scale. For Revolution Beauty, whose growth was once driven by influencer-led marketing and accessible price points, new ownership could offer much-needed financial support and brand repositioning. However, the entanglement of shareholders—namely Frasers and Debenhams—and past governance controversies present both a challenge and an opportunity for a buyer willing to reshape the business for long-term recovery.

Source: Sky News

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