Revolution Beauty Group’s half-year results showed continuing declines on Thursday with the six months to late August clearly a tough time for the business.
Revolution Beauty
The multi-channel mass beauty brand said revenue fell 31.8% to £49.4 million while gross profit was down by a similar percentage at £15.9 million.
The gross margin increased, but only marginally, to 32.2% from 32% and operating costs edged down by almost 4%.
But that was the only good news with adjusted EBITDA being a loss of £12.5 million, almost double the £6.3 million loss in the previous year.
The operating loss at the company also widened considerably from £9.8 million last time to £16.7 million this time and the loss before tax increased from £10.9 million to £18.4 million. Net debt at the company also grew by almost £5 million to over £30 million.
So what were the drivers behind these numbers? The company said the revenue drop was primarily driven by disruption carried over from prior-year strategic and operational issues.
Transitional challenges also weighed on the net sales performance, most notably the shift from Relove to Revolution at Walmart, “which contributed to short-term softness in sales and operational efficiency during the period”.
And the very minimal increase in the gross margin was blamed on “clearance sales undertaken to generate cash under the previous management team prior to the refinancing”.
That refinancing saw the business also undertaking an equity raise, “strengthening the balance sheet and restoring financial stability”, subsequent to the results reported here.
As for “previous management”, a few days before the end of the period covered, the company announced the proposed return of the founders to the business, Tom Allsworth as CEO and Adam Minto in a consultancy role. This “was a key aspect of the success of the debt and equity refinancing”.
So what of the future? Revolution said that “following the period end, the founders have brought renewed energy, clear leadership and strategy to the business”. And the return of the founders “has been well received by our wholesale partners and there are encouraging early signs of a stabilisation of sales”.
In September and October, following the early action taken on costs, the group moved back to generating positive EBITDA.
The new management team is focused on “restoring sales momentum, improving financial discipline, and rebuilding confidence”. Its operational priorities include “rebuilding our ranges, pricing and speed to market to restore what made Revolution Beauty a success in the first place. Early progress has been made to identify a number of exciting NPD opportunities for launch in spring 2026”.
A “significant headcount reduction”, from 205 (excluding production staff) as of 1 March to 123 currently, has been implemented, “right-sizing the organisation to match the current scale of operations and ensure the group can move forward with agility”.
Management has also “successfully negotiated price adjustments with US retailers, to mitigate tariffs costs, which will benefit the next financial year”.
But the business also issued a profit warning, This came as it said “the performance achieved under the previous management for the first half was worse than expected”. So “full-year sales and adjusted EBITDA will not match the guidance given on 22 August”.
That said, “with the actions taken by the new management to right-size the cost base, set realistic budgets and manage stock carefully, the business has already returned to generating EBITDA profitability. Consequently, with these actions taken and with new foundations and strategy, the company expects to have established an Adjusted EBITDA run rate by the end of FY26 in line with previous guidance of £8 million-£10 million with an Adjusted EBITDA outturn for the second half of FY26 in the region of £4 million.
CEO Tom Allsworth said of all this: “Although I was not part of the business during the six-month reporting period, it is clear that the group faced a number of significant challenges. I recognise the impact this has had on our people, our partners and our performance. However, with the actions taken since the period end, we have laid the foundations for a more disciplined, focused and resilient business.”
Long reserved for women or military dress, brooches adorned men’s chests during Milan Fashion Week, a throwback to a bygone era but with jewellery now signalling individuality, not just status.
A brooch by Dolce & Gabbana – Aleksej Shelikhov- Facebook
From huge flowers or watch brooches at Dolce & Gabbana to pins at Armani, the bling passed from hands to jackets during the fall/winter 2026/2027 shows in the Italian city.
“I like these small details, people have to pay attention to them,” said reggaeton star Rauw Alejandro, in the front row at Prada.
Chinese buyer John Chen, 45, sported a gold brooch in the shape of a triangle, the Milanese brand’s logo, on a green sweater just below his neck. “I started wearing brooches about five years ago. I like to play with them” to personalise outfits, he told AFP.
In Armani’s refined yet relaxed collection, some men sported a tie pin on their jacket lapel, while male and female models wore matching sparkling brooches. At designer Rowen Rose, a large orange stone was used to fasten a green or yellow scarf to a matching sweater.
“It gives an extra touch. It’s a good accessory- it’s become very masculine,” said Fabio Annese, a 26-year-old Milanese interior designer sporting a heart-shaped brooch at Dolce & Gabbana.
Known for its extravagant style, D&G has been selling brooches for men since entering the jewellery world in 2015, and they are “still important in more formal collections,” a spokesperson said. Among their offerings are crosses, crowns, scarabs, and flowers in gold and embellished with diamonds, the last costing a cool 7,500 euros (around $8,800).
The trend is in many ways a return to the past. In Europe, until the 18th century, the “most important” jewellery was worn by men, explained Emanuela Scarpellini, professor of contemporary history at the University of Milan.
Wealthy and powerful men used it as a sign of their status, the glittering accessories often signalling membership of a noble family or a religious order, or military rank. It was only with the rise of the middle-classes and businessmen in the 19th century that came “the idea that men should dedicate themselves to work, with a more sober attitude,” Scarpellini said at the launch of a new Milan exhibition.
“The Gentlemen,” on show at the Palazzo Morando until September, reveals how men’s jewellery since then usually served a purpose, such as watches, cufflinks and tie pins. Nowadays “there’s a new freedom,” as with clothing, said exhibition curator Mara Cappelletti, a professor of jewellery history.
“There are fewer jewellery pieces with a function, and more with a freer choice,” she told AFP. “Many of the objects men wear today were not designed for a male audience,” she said, adding that many were vintage. “The brooch has never been so popular.”
Cappelletti noted that the trend was boosted by singers and actors wearing a lot of jewellery, noting a photograph of Italian singer Achille Lauro sporting a huge white gold and diamond sculpted piece on his chest, with matching earrings. All provided by the jeweller Damiani, which sponsors the pop star.
Global beauty business Sephora has announced a strategic, omni-channel partnership with Korean beauty and health retailer CJ Olive Young to bring a wide range of K Beauty products to its global customers.
CJ Olive Young aims to bring K Beauty to global shoppers – Olive Young
The partnership will debut this autumn with omni-channel partnerships set for the US, Canada, Hong Kong SAR, and Southeast Asia (Singapore, Malaysia, Thailand), Sephora announced in a press release on Tuesday. In 2027, the business will bring the tie-up to the Middle East, the UK, and Australia.
“Korean beauty is one of the most innovative, fastest growing, and desirable categories in beauty right now,” said Sephora’s global chief merchandising officer Priya Venkatesh in a press release. “Sephora was the first major retailer to debut K Beauty brands to North American consumers in 2010, and our portfolio has grown into a global business. We are thrilled to partner with leading Korean beauty retailer Olive Young, bringing their expertly curated assortment of Korean beauty brands to our beauty fans globally. Their differentiated assortment, coupled with Sephora’s unique point of view on the beauty shopping experience, will bring an unrivalled and inspiring offer for all beauty lovers who are keen to explore the most sought-after Korean beauty products.”
Sephora shoppers will be able to browse a dedicated zone curated by CJ Olive Young comprising popular Korean health and beauty brands. The business’ beauty advisor will also offer guidance and assistance to customers to help them find their desired products.
“We are pleased to enter this partnership with Sephora as we continue to advance our global expansion strategy,” said CJ Olive Young’s chief strategy officer Youngah Lee. “As global interest in K-beauty continues to accelerate, we see this collaboration as a meaningful opportunity to work together in expanding the reach of Korean brands in key international markets.”
Big beauty firms continue to open statement stores at key UK destinations with Superdrug now choosing to “significantly upsize” at Merry Hill.
Merryhill
It’s set to double its footprint to 16,000 sq ft at the West Midlands mall creating the brand’s biggest UK store to date.
Planned to open in Q2, Superdrug’s recommitment to Merry Hill is the latest in a series of leading brands to “significantly invest” in the centre, with operator Sovereign Centros/CBRE noting a 3% year-on-year sales boost in the beauty category.
It follows M&S’s 100,000 sq ft flagship store opening in November, which also includes a strong beauty element, while Superdrug sister value beauty brand Savers opened a 5,000 sq ft unit last year, also its largest in the UK so far.
The upsized Superdrug store will feature a more extensive range of the latest beauty products, as well as access to treatments such as ear piercing, manicures, and eyebrow threading.
Clare Jennings, property director at Superdrug, said: “This year, we will continue our programme of refurbishing stores, acquiring new sites and expanding existing stores, with Merry Hill selected as the site for one of our largest Superdrug stores in the UK.
“Choosing Merry Hill for this expansion was ideal, given its strong mix of health and beauty retailers and its position as a super-regional hub in the West Midlands. It’s the perfect location to grow our store and continue serving our loyal Merry Hill customers.”
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