UK cosmetics brand Revolution Beauty has rejected a takeover proposal from UK-based private equity firm True, according to multiple sources cited by Reuters. Following the decision, the company’s shares closed down 13% on August 7.
Revolution Beauty launched a formal sale process in May 2025 as part of a broader restructuring effort. In June, the company announced it had received multiple proposals, but True was the only party to submit an official bid. Sources said the offer was viewed as undervaluing the company. Frasers Group, led by Mike Ashley, was also involved in the early stages of the process but withdrew its interest in June.
In a statement issued on August 7, Revolution Beauty said: “The Company notes the recent press speculation in relation to its ongoing Formal Sale Process and speculation in relation to a potential capital raise. The Formal Sale Process, announced on 21 May 2025, continues to progress with ongoing engagement with a number of parties. As previously announced, the Company continues to advance its engagement with its shareholders, including in respect of a potential equity raise. Further announcements will be made as appropriate.“
Founded in Kent in 2014, Revolution Beauty is known for its affordable colour cosmetics and haircare products, sold through major retailers such as Superdrug and Boots. However, the company’s valuation has plunged from nearly £500 million at the time of its post-pandemic IPO to around £12 million, according to LSEG data.
For FY2025, annual revenue fell by 26% year-on-year, and CEO Lauren Brindley stepped down. The company has embarked on a major restructuring, including a significant reduction in SKUs and a renewed focus on a scalable core product range.
With the True takeover now off the table, the company is reconsidering a potential capital raise from major shareholders. Participation from its largest shareholder, Debenhams, is expected to depend on the completion of its own debt refinancing.
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