THE WHAT? Boohoo has more than doubled its stake in Revolution Beauty to become the cosmetic brand’s largest shareholder.
THE DETAILS The fashion company has increased its investment from 12.8 percent to 26.4 percent.
Revolution Beauty has currently had its shares suspended due to an accountancy probe, with the company left unable to file financial results.
Revolution Beauty lenders were said to have hired advisors from Teneo in order to monitor the situation amidst the probe.
THE WHY? Boohoo stated that the investment reflected its belief in the growth potential of the online cosmetics retailer and that is is aiming to become a “supportive stakeholder and long-term partner.”