Revolution Beauty has returned to profitability with adjusted EBITDA of £12.6mn, up from a loss of £7.5mn last year, crediting its new strategy.
In its full year results for the year ending 29 Feburary 2024, the UK-based beauty etailer grew its pre-tax profit to £11.4mn, up from a pre-tax loss of almost £34mn in the previous year.
Lauren Brindley, chief executive of Revolution Beauty, said: “FY24 was a year of great strategic and financial progress following two challenging years. I am extremely proud of what Team Revolution has achieved. Our new Reigniting the Revolution strategy is already delivering improvements across the business, strengthening our core and providing a much firmer platform from which to grow.”
The retailer’s strategy is to “revolutionise beauty for everyone and every ‘you’, and become a Top 5 mass beauty player by 2030”.
As part of its strategic transformation, Revolution Beauty will focus on its four top geographies; continue to reduce stock with holding down from £100mn to £48.5mn; and rationalisation the tail of un-profitable brands (seven to three) and SKUs by 25%.
Furthermore, in the UK it has new distribution landing in Boots with its TikTok UK shop launched in May. Its US TikTok offering will be introduced in Q3 FY25.
Learn more about TikTok’s impact on the beauty sector in the brand new RetailX Global Beauty 2024 report.
Download the report in full for comprehensive data analysis and expert insights, we uncover the factors driving growth and innovation within the beauty sector, providing valuable intelligence for beauty brands, retailers, and industry stakeholders.
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