Revolution Beauty has announced a new turnaround strategy as it aims to achieve sales of £1bn by 2030.
The group says its “Reignite the Revolution” strategy aims to deliver “long-term profitable growth in an attractive global beauty market where Revolution Beauty has significant scope to expand.” said.
The plan calls for a focus on investment in the Revolution brand, a “significant” reduction in the group’s number of SKUs, and a focus on global growth with a particular focus on gaining market share in the US. It is based on three main areas:
It added that it aims to save around £10m over the next three years.
While announcing its new business plan, the group also revised its full-year forecast downward. Revolution Beauty previously said it expects to deliver adjusted EBITDA in fiscal 2024 in excess of double digits and sales growth in the low single digits.
However, adjusted EBITDA is expected to be between £11m and £12m in FY24 due to rationalization of lower margin SKUs, with revenue growth expected to be in the low single digits.
Group CEO Lauren Brindley said: “Revolution Beauty is a company with unique capabilities, a loyal Gen Z customer base, and relationships with some of the world’s best beauty retailers. The strategy we are developing today leverages our strengths. We want to build on the innovation, speed to market, accessibility and inclusivity that our company is best known for.
“We believe that by focusing on our Revolutionary Master Brand, building smarter operations, maintaining financial discipline, and energizing our teams, we can achieve long-term profitable growth. , we are confident we can achieve our goal of achieving annual retail brand sales of £1 billion by 2030 and establishing Revolution Beauty as a top five mass-market beauty brand in the world.”