The dispute between Revolution Beauty and shareholder Boohoo has escalated over a boardroom overhaul. Revolution Beauty finds it ironic that Boohoo accuses them of violating best practices in corporate governance. Boohoo, which holds a 26% stake in Revolution Beauty, led a vote against the beauty company’s directors during its annual general meeting. Boohoo has been trying to appoint its own board candidates.
75% of the shareholders who voted at the AGM were against the chief executive, chairman, and chief financial officer. However, all three were reinstated by Revolution Beauty in order to resume trading. Boohoo raised concerns about these executives receiving share options after being ousted, questioning whether the terms of the payouts had been changed.
Revolution Beauty claims that the terms have not been altered and criticized Boohoo’s corporate governance and legal, reputational, supply chain, and shareholder engagement issues. It also highlighted Boohoo’s decline in share price and revenues, questioning if Boohoo is suitable as Revolution Beauty’s owner from a financial standpoint.
A vote on Boohoo’s board candidates for Revolution Beauty is scheduled for later this summer. Boohoo responded by expressing serious concerns about the conduct and actions of the Revolution Beauty board, both at the AGM and since then. They believe that Revolution Beauty needs a competent and experienced team with beauty industry expertise.
Boohoo argues that certain Revolution Beauty directors should not be reappointed, as they were already voted off with a majority of approximately 75%. Boohoo requisitioned a general meeting to vote against these directors for the second time.
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