Revolution Beauty looking good on the growth front
With major expansion in the UK and US ahead and an impressive performance across November and December behind it, Wednesday’s trading update for Revolution Beauty Group was a “pleasing" one to deliver.
Headline news is the confirmation of its major new distribution agreement with 336 Boots health & beauty stores in the UK from next month across cosmetics, skincare, haircare and gifting, and its US parent Walgreens across 2,800 stores in Q1. And in addition, there’s also the introduction of its haircare brand Plex rolling out into 870 Target stores towards the end of this month.
Add to that underlying sales growing by an expected 41% across 1 November-31 December, while its online sales grew 50% and returning visitors to the website increased 23% year-on-year.
Meanwhile, its three localised websites in the UK, Australia and US “delivered encouraging results” across its new haircare and fragrance categories.
That means full-year trading and guidance are running in line with expectations for the “multi-brand, multi-category and multi-channel mass beauty innovator with proven global scale”.
It also added: “The successful expansion into the US demonstrates Revolution Beauty's ability to challenge the mass beauty category globally, with large high-profile listings”.
Adam Minto, CEO and joint founder, said that based on its ability to “deliver the quality products we're known for, at affordable prices… growth in our direct to consumer business coupled with our successful retail expansion into the UK and the US provides strong momentum for the business.”
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