- Mike Ashley’s retail giant is among firms conducting due diligence
- Revolution Beauty put itself up for sale in May after share price collapse
Mike Ashley’s Frasers Group is among ‘a number of parties’ conducting due diligence on Revolution Beauty after the struggling beauty retailer put itself up for sale last month.
Frasers, which owns Sports Direct, has built stakes in several underperforming retail businesses in recent years, including THG, Asos, Boohoo and Mulberry.
Revolution Beauty launched a formal sale process in May after years of disappointing sales, a costly legal settlement with its co-founder and disputes with shareholders.
The cosmetics firm, currently valued at just over £23million, has also seen the clearance of discontinued stock weigh heavily on its bottom line.
Responding to press speculation on Monday, Revolution Beauty confirmed Frasers could be lining up a bid.
It said: ‘Frasers is one of a number of parties conducting due diligence as part of the formal sale process announced on 21 May 2025. There can be no certainty that Frasers’ interest will result in a firm offer for the company.
‘Further updates will be provided if and when appropriate. Shareholders are advised to take no action at this time.’
Revolution Beauty shares are down more than 95% since they listed on the London Stock Exchange at 170p in July 2021
Revolution Beauty’s sale process followed shortly after bosses warned investors it was reviewing funding options before the group’s current £32million credit facility expires in October, driving shares to a record low.
The firm expects possible bidders to put forward their interest by 11 June.
Revolution Beauty shares opened 7 per cent higher at 7.73p on Monday morning.
They have still lost more than half their value since the beginning of the year and are down more than 95 per cent since they listed on the London Stock Exchange at 170p in July 2021.
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