Fashion
Revolution Beauty co-founders return, firm no longer for sale, results look weak

Published
August 22, 2025
In what’s been a turbulent period for Revolution Beauty Group, the company’s ending August with some positive news. It now wants to remain independent and aims to raise around £15 million in new funding under returning CEO Tom Allsworth.
He was a co-founder along with also-returning-as-a-consultant co-founder Adam Minto. They’d both quit earlier after a series of accounting issues.
Their return comes as the new injection of cash is going to be needed because the multi-channel mass-market beauty group’s latest accounts released Friday (22 August) revealed sales for the year ended 28 March were down by a quarter, as margins plummeted and losses grew.
No wonder relatively new chairman Iain McDonald said the business, currently valued at just £11 million, had “lost its way”.
But he bullishly added: “We are confident that with a return to the founder-led management team who originally scaled the brand, there is a clear path back to growth and long-term value creation.”
So that means Allsworth now filling the CEO role vacated in April by the departed Lauren Brindley, to ignite the new era.
That comes as the business also announced it’s out of the ‘for sale’ market having failed to receive a “recommendable” offer since May.
Offers had included usual suspect Frasers Group, although at the time reports suggested any such move could “stoke animosity” between Frasers and Boohoo/Debenhams Group, a major shareholder of Revolution Beauty.
Declining performance
Under Ellsworth’s guidance, there’s a lot of work to do as the business revealed a further deterioration of performance.
Sales for the year to end-March (FY25) fell 25.5% year-on-year to £142.6 million, after the planned rationalisation of product and brand portfolio.
Net sales in Q1 of FY26 have also declined 29% compared to FY25, although it said decline rates had improved in June and July. It expects revenues for Q2 to be lower than the same period for FY25 by around 25%.
Gross margin for the year dipped to 38.2% from 46.2% “after significant impact from the planned clearance of non-core inventory”.
Revolution Beauty has also plunged to a £16.8 million statutory loss before tax, compared to an £11.4 million profit last year.
On the plus side, it said retail distribution has been expanded in certain key geographies with some customer wins and space increases. Gross inventory has been reduced by 41.1% to £33 million and the number of social media followers has grown.
Revolution Beauty says action has been taken to address the issues by resurrecting profitable stock-keeping units that have been discontinued, relaunching the Relove value brand with new retail distribution partners and establishing a profitable discount outlet channel.
The pipeline on new product development has been enhanced, with more digital-first product launches planned, it added.
There are also a number of markets and retail customers where performance has continued to be strong or improved. Sales on Amazon in both Europe and the US have continued to show strong growth.
“Significant” US retail customers have returned to year-on-year growth and sales in some international markets, such as Turkey, “have exceeded expectations”.
“Consequently, the company expects year-on-year revenue decline rates to reduce significantly in the second half of the year”, it reiterated.
CEO and co-founder comeback
As noted, Allsworth is due to return to the business as CEO “in days” to lead a “revised and rebalanced business plan to set a clear path back to growth and long-term value creation”. He will work alongside his fellow co-founder Adam Minto as a consultant to the company.
At the heart of this plan is a return to Revolution Beauty’s original formula for success “fast, trend-driven innovation combined with a product-led strategy”.
Based on the performance of the business in the first four months of FY26, the company now expects to achieve revenues in the range of £110 million-£120 million while recouping EBITDA losses incurred in the first half of the year, so that adjusted EBITDA of low-single-digit millions will be achieved.
Meanwhile, the £15 million equity fundraising “will enable the company to reduce its level of net debt and provide sufficient working capital to support the re-balanced plan”. The company is also set to announce it has extended its revolving credit facility until July 2028.
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Fashion
Bangladesh’s RMG exports up 4.7% in Q1 FY26, but Sept shipments dip

Woven garment exports slightly outpaced knitted garment exports in terms of growth. Knitwear exports (Chapter **) rose by *.** per cent to $*.*** billion, compared to $*.*** billion in the same period of fiscal ****–**. Woven apparel exports (Chapter **) increased by *.** per cent to $*.*** billion, up from $*.*** billion in July–September ****, EPB data showed.
Home textile exports (Chapter **, excluding ******) also grew, rising by *.** per cent to $***.** million, compared to $***.** million in the same period of the previous fiscal. Collectively, exports of woven and knitted apparel, clothing accessories, and home textiles accounted for **.** per cent of Bangladesh’s total exports, which stood at $**.*** billion during the period. Higher demand for diversified and value-added textile products supported this growth.
Fashion
Dutch manufacturing flat in August, up 1.7% from July: CBS

Slightly more than half of the various industrial sectors produced less than they did one year previously. Of the eight largest industrial sectors, output rose the most sharply in the repair and installation of machinery, while it fell the most sharply in the transport equipment industry.
A more accurate picture of changes in short-term output is obtained when the figures are adjusted for seasonal effects and the working-day pattern. After adjustment, manufacturing output rose by 1.7 per cent in August relative to July, CBS said in a press release.
In August 2025, Dutch manufacturing output remained unchanged year-on-year, although output declined in over half of the industrial sectors.
After seasonal adjustment, output rose by 1.7 per cent compared to July.
The strongest growth was seen in the repair and installation of machinery, while transport equipment recorded the sharpest decline.
After adjusting for seasonal and working-day effects, manufacturing output often fluctuates significantly. In the spring of 2020, output declined rapidly, reaching a low point in May 2020. This was followed by an upward trend until May 2022. The trend has reversed since then.
Producer confidence was less negative in September than it was in August. Manufacturers were more positive regarding output for the next three months, in particular.
Germany is an important market for the Dutch manufacturing sector. In September, German manufacturers were more negative than they were in August, as reported by Eurostat. In August, the calendar-adjusted output of the German manufacturing sector was down by 5.1 per cent, year on year. Relative to July, output fell by 5.5 per cent, as reported by Destatis.
Fibre2Fashion News Desk (RR)
Fashion
ADB commits $82.5 mn to drive Cambodia’s energy transition

The first subprogramme, approved in 2022, introduced pivotal policy measures that guided the energy sector toward a more efficient and renewable development pathway. Building on this foundation, subprogramme 2 advances regulatory reforms to strengthen the energy efficiency framework and enhance policy clarity to attract private sector investment. A key milestone under the subprogramme is the introduction of the country’s first set of regulations establishing Minimum Energy Performance Standards for electrical appliances, starting with air conditioners, which account for the largest share of energy consumption in the residential sector, ADB said on its website.
Subprogramme 2 will also establish an Energy Efficiency Revolving Fund aimed at facilitating access to finance for local small and medium-sized enterprises (SMEs) to invest in energy-efficient technologies. The revolving fund will be set up through a financial intermediation structure to enable local banks to extend loans to SMEs for energy efficiency investments. By mobilizing domestic financial institutions and supporting SMEs, the revolving fund is expected to accelerate the nationwide scale-up of energy efficiency investments.
Asian Development Bank (ADB) has approved $82.5 million for Phase 2 of Cambodia’s Energy Transition Sector Development Programme to support clean energy through policy reforms and investments.
The programme introduces energy efficiency standards, establishes a revolving fund for SME financing, and also aims to attract private investment.
“ADB is honoured to support Cambodia in its ambitious and transformative journey in the energy sector. Through a comprehensive reform package, combining policy support with strategic investments, the Energy Transition Sector Development Programme will support turning the government’s ambitious vision into reality,” said ADB acting country director for Cambodia Anthony Gill. “This includes the goal of achieving 70 per cent renewable energy in the power mix by 2030, along with a strong commitment to advancing energy efficiency, which is essential to ensure that Cambodia’s growth remains both sustainable and affordable.”
Subprogramme 2 will be followed by a third phase in 2027, which will further deepen reforms by expanding the energy efficiency regulatory framework and introducing technical standards for renewable energy, buildings, and industry to further attract private sector investment.
Fibre2Fashion News Desk (RR)
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