REG - boohoo group plc - Statement regarding Revolution Beauty Group plc

BoohooAnnouncement

19/06/2023 13:15

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RNS Number : 1898D  boohoo group plc  19 June 2023

FOR IMMEDIATE
RELEASE
 
19 June 2023

 

boohoo group plc

("boohoo")

Statement regarding Revolution Beauty Group plc

 

boohoo, the beneficial owner of approximately 26.6% of the issued share
capital of Revolution Beauty Group plc ("Revolution Beauty") announces that it
has today notified the board of Revolution Beauty of its intention to vote
against the reappointment of Bob Holt, Derek Zissman, and Elizabeth Lake at
the upcoming AGM of Revolution Beauty which has been convened for 27 June
2023.

 

boohoo has, in addition, requisitioned a general meeting of Revolution Beauty
pursuant to Section 303 of the Companies Act 2006, at which ordinary
resolutions will be proposed to remove Bob Holt, Elizabeth Lake and Derek
Zissman as directors of Revolution Beauty, and to appoint Alistair McGeorge
and Neil Catto as directors.  If appointed, it is expected that Alistair will
serve as interim Executive Chairman and Neil as CFO of Revolution Beauty and
that the reconstituted board will then undertake a rigorous process to appoint
additional independent directors. In light of this, boohoo has also requested
that the existing board of Revolution Beauty does not proceed to appoint
Rachel Maguire and Matthew Eatough as directors.

 

As Revolution Beauty's biggest shareholder, boohoo is grateful to Bob, Derek
and Elizabeth for stabilising the business. 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.

 

Proposed Director Biographies

 

Alistair McGeorge

Alistair is currently the non-executive chairman of East Imperial plc and The
Original Factory Shop, non-executive director of boohoo, and chair of The
Retail Trust, which provides support to retail employees. He has worked within
the retail industry over the last 30 years and has been CEO and/or Chairman of
multiple retail brands in the UK and internationally. Alistair is a qualified
Chartered Accountant.

 

Neil Catto

Neil has significant UK plc experience and is currently a non-executive
director of tinyBuild Inc., having been CFO of boohoo from 2011 to 2022. Neil
qualified as a chartered accountant with EY and spent nine years working in
their Manchester, Palo Alto and Reading offices. He was previously Finance
Director of dabs.com plc and has held senior financial positions in BT plc and
The Carphone Warehouse Group.

 

 

-ends-

 Enquiries
 boohoo group plc
 Shaun McCabe, Chief Financial Officer           Tel: +44 (0)161 233 2050
 Alistair Davies, Investor Relations             Tel: +44 (0)161 233 2050
 Clara Melia, Investor Relations                 Tel: +44 (0)20 3289 5520
 Mark Mochalski, Investor Relations              Tel: +44 (0)20 3239 6289

 Zeus - Nominated adviser and joint broker
 James Edis / Dan Bate                           Tel: +44 (0)161 831 1512
 Benjamin Robertson                              Tel: +44 (0)20 3829 5000

 Jefferies - Joint broker
 Ed Matthews                                     Tel: +44 (0)20 7029 8000
 Harry Le May                                    Tel: +44 (0)20 7029 8000

 Buchanan - Financial PR adviser                 boohoo@buchanan.uk.com
 Richard Oldworth / Toto Berger / Verity Parker  Tel: +44 (0)20 7466 5000

 

 

About boohoo group plc

 

"Leading the fashion eCommerce market"

 

Founded in Manchester in 2006, boohoo is an inclusive and innovative global
brand targeting young, value-orientated customers, pushing boundaries to bring
its customers up-to-date and inspirational fashion, 24/7.

In 2017, the group extended its customer offering through the acquisitions of
the vibrant fashion brand PrettyLittleThing and free-thinking brand Nasty Gal.
In March 2019, the group acquired the MissPap brand, in August 2019 the Karen
Millen and Coast brands and in June 2020 the Warehouse and Oasis brands, all
complementary to the group's scalable, multi-brand platform. In January 2021,
the group acquired the intellectual property assets of Debenhams, with the
goal of transforming a leading UK fashion and beauty retailer into a digital
department store and marketplace through a new capital-light and low-risk
operating model. In February 2021, the group acquired the intellectual
property assets of UK brands Dorothy Perkins, Wallis and Burton. As at 28
February 2023, the boohoo group had 18 million active customers across all its
brands around the world.

 

 

 

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