Boohoo raises ‘serious concerns’ about Revolution Beauty board

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Boohoo has raised “serious concerns” about the conduct of Revolution Beauty’s board after an eventful annual meeting on Tuesday.

The fashion retailer, which owns about 26.6 per cent of Revolution Beauty, was among the 74 per cent of investors who voted to oust the cosmetics company’s three most senior directors only for them to be reinstalled by a remaining independent director.

Boohoo, which has been seeking to appoint its own candidates at the helm of Revolution Beauty, said on Wednesday it failed to see “how such a board can claim to be acting in the best interests of shareholders, and is instead self-serving, as demonstrated by its actions over the last 24 hours”.

Revolution Beauty responded by calling Boohoo’s actions “nothing short of value-destructive, opportunistic and self-serving”.

Shares in the make-up retailer are due to restart trading on London’s junior AIM market on Wednesday after they were suspended in September following an accounting probe, which found a litany of issues.