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Boohoo ups stake in Revolution Beauty further

Online fashion giant Boohoo

Boohoo has increased its stake in Revolution Beauty.

The fashion giant has upped its holdings in the company from 26.4% to 27.1%, apparently taking advantage of a 7.5 per cent slip in the value of Revolution’s shares on Monday after it emerged over the weekend that the online makeup retailer was the subject of an FCA investigation over possible market abuse regulations breaches.

The FCA said the possible breaches were related to “certain matters in the period from July 2021 to September 2022.”

Boohoo was already the largest shareholder in Revolution prior to the latest purchase, and has recently been locked in a bitter public feud with the brand over the composition of Revolution’s board.

The feud appeared to come to an end last week when the two companies agreed a compromise deal.

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