(Alliance News) - boohoo Group PLC on Monday called for wholesale changes at the board of troubled investee Revolution Beauty Group PLC, which should now switch its focus to "growth".
The London-based online retailer owns just under 27% of Revolution Beauty.
boohoo said it will vote against the re-appointment of Chief Executive Bob Holt, Chair Derek Zissman, and Chief Financial Officer Elizabeth Lake as directors at the beauty company's annual general meeting.
It has also requisitioned a general meeting where it will look to table a bid to remove those directors, and add Alistair McGeorge and Neil Catto, the former as executive chair and the latter as CFO.
McGeorge, a boohoo non-executive director, is the current non-executive chair of tonic waters and mixers producer East Imperial PLC.
Catto is currently a non-executive director at indie games publisher tinyBuild Inc, and was previously chief financial officer of boohoo between 2011 and 2022.
"As Revolution Beauty's biggest shareholder, boohoo is grateful to Bob, Derek and Elizabeth for stabilising the business," the company explained.
"However, as Revolution Beauty transitions to its next phase, where the focus must switch to growth, boohoo believes a senior leadership team with the right retail, e-commerce and consumer brands experience is required to deliver shareholder value."
Trading in Revolution Beauty shares have been suspended since September 1 after it failed to deliver its first audit by August 31. The company floated in July 2021.
On June 2, Revolution Beauty's half-year reported indicated a narrowing of loss and signs of encouraging trading in its current financial year ending February 2024.
Shares in boohoo were up 4.6% at 34.31 pence in London on Monday afternoon.
Revolution Beauty made its London Stock Exchange debut back in July 2021, with a market capitalisation of around GBP500 million.
By Will Neill, Alliance News reporter
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