Frasers Group Withdraws from Revolution Beauty Takeover Bid

Frasers Group, led by billionaire Mike Ashley, has officially confirmed that it will not make an offer to acquire Revolution Beauty, a struggling British cosmetics company currently up for sale. Despite holding a significant stake in Revolution Beauty and initially participating in the formal sale process, Frasers stated it does not intend to submit a bid, though it reserves the right to reconsider under certain conditions as outlined by the UK Takeover Code. Revolution Beauty, which has experienced a stock decline of over 70% in the past year and is seeking to review its funding options, is majority-owned by British online fashion retailer Debenhams (formerly Boohoo). Frasers continues to expand its retail portfolio, owning stakes in several other major brands, but has stepped back from pursuing Revolution Beauty's acquisition at this time. The situation remains dynamic, with Frasers leaving open the possibility of future engagement depending on market circumstances or other bids. This move highlights the ongoing challenges faced by Revolution Beauty amid broader market pressures in the cosmetics sector.