Boohoo has more than doubled its stake in embattled cosmetics specialist Revolution Beauty to become its biggest shareholder. 

Boohoo has upped its investment in Revolution from 12.9% to 26.47%, which the online giant said reflects its “belief in the growth potential of Revolution Beauty” and its intention to be a “supportive stakeholder and long-term partner” of the cosmetics brand.

Boohoo stocks Revolution Beauty products on both its direct-to-consumer websites, including Boohoo and PrettyLittleThing, as well as in its online department store Debenhams.

The stake increase came as Revolution Group’s main lenders, HSBC and NatWest, were reported by Sky News to have appointed Teneo Financial Advisory to monitor the situation. Revolution’s shares were suspended in September amid accounting concerns and delayed results.

Revolution Beauty revealed on Monday morning that it has appointed Bob Holt as chief executive with immediate effect. Holt had been interim chief operating officer since mid-October when former boss Adam Minto stepped down to facilitate an independent investigation into audit concerns.

The beauty retailer said Holt, who was most recently chair of SureServe Group, Totally and Mears Group, is an “accomplished executive” and the “right person to drive the business forward”.

Revolution said the investigation “remains ongoing” and that “no conclusions have been drawn”.

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