Revolution Beauty built a makeup empire on influencers — then sales fell a quarter

Revolution Beauty was founded in Manchester more than a decade ago by Adam Minto and Tom Allsworth, and became one of the pioneers of 'fast beauty': cheap, trend-driven makeup pushed out at high speed through social media, influencers and Love Island contestants. It sold online and through retailers including ASOS, Boots and Superdrug, and listed on the London stock market.

The model stalled. In 2022 a series of accounting issues delayed its results, its shares were suspended, and Minto stepped down as chief executive; he later agreed to pay the company nearly £3 million to settle the matters, and both founders left the board. By the year to February 2025 revenue had fallen roughly a quarter to about £142 million, and the group swung from an £11.4 million profit to a £16.8 million pre-tax loss. It had discontinued more than 6,000 products to simplify the range.

In May 2025 the company put itself up for sale. Two would-be buyers walked away: Mike Ashley's Frasers Group said in June it would not make an offer after due diligence, and a bid from private equity firm True was rejected, sending the shares down 13 percent. With no suitable offer and a £32 million credit facility due to expire in October, Revolution abandoned the sale on 22 August 2025, brought Minto and Allsworth back to run a 'strategic reset', and proposed raising about £15 million from new shares.