Boohoo drafts in former THG chief as it steams ahead with Revolution coup
Boohoo has drafted in the former head of cosmetics from THG as it doubles down on its attempted boardroom coup at Revolution Beauty.
Tensions between the fast fashion giant and troubled makeup brand have been brewing for the past week, after Boohoo, which holds a 26.6 per cent stake in Revolution, said it would vote against three of its senior board members at its upcoming AGM.
Boohoo wants to oust three bosses and replace them with pros from its retail team in efforts to inject further e-commerce knowledge into the brand.
Boohoo has already called for the executive chairman of Newlook, Alistair McGeorge, and the executive director at Boohoo, Neil Catto, to be appointed as directors, with the intention of them to then take more senior positions as interim executive chairman and CFO respectively.
However, it is now looking to add THG’s former director Rachel Horsefield to Revolution‘s board of directors, arguing she brings “a wealth of experience in the beauty sector”.
It comes after Revolution Beauty on Wednesday took aim at Boohoo’s attempt to shake up its top team.
The company described the proposed coup as “self-serving” and a stunt to deflect from issues in Boohoo’s own boardroom, where the retailer has recently faced shareholder opposition over awarding its boss a £650,000 bonus despite the group’s dwindling sales.
The beauty brand also argued Boohoo’s proposed board replacements do not have the skills to handle Revolution’s bricks and mortar presence.