Online fashion retailer Boohoo acquires 7.1% of Revolution Beauty

A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

Aug 17 (Reuters) – British online fashion retailer Boohoo (BOOH.L) said on Wednesday it had acquired a 7.1% stake in Revolution Beauty Group (REVB.L), making it the fourth-largest shareholder of the beauty products maker.

Boohoo already sells Revolution Beauty products through several of the group’s direct-to-consumer brand websites and its online digital department store, Debenhams.

UK-based Revolution Beauty on Aug. 11 had flagged certain accounting issues raised by their auditors which could potentially result in a material impact on the firm’s 2022 results, sending its shares down 55%.

Reporting by Amna Karimi in Bengaluru; Editing by Neha Arora and Vinay Dwivedi

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