Revolution Beauty has allegedly rejected a bid to acquire the embattled beauty business, leading to a downturn in shares.
The bid was reportedly put forward by True, a UK-based private equity firm, according to sources close to the matter who spoke with Reuters.
Shares in the beauty business fell 13% at the close of trading on 7 August, but the company reiterated that its sale process remains ongoing despite the offer rejection.
Revolution Beauty said in a statement: “The company notes the recent press speculation in relation to its ongoing formal sale process and speculation in relation to a potential capital raise.
“The formal sale process, announced on 21 May 2025, continues to progress with ongoing engagement with a number of parties.
“As previously announced, the company continues to advance its engagement with its shareholders, including in respect of a potential equity raise.
“Further announcements will be made as appropriate.”
Revolution Beauty put itself up for sale in May 2025 after receiving a formal offer to acquire the embattled make-up brand.
Frasers was widely reported to be among the key parties involved in early-stage takeover discussions.
However, the Mike Ashley-owned conglomerate pulled its offer in June.
Revolution Beauty is known for affordable colour cosmetics and has a high street presence through retailers such as Superdrug and Boots.
It has experienced a turbulent few years, however, amid sharp declines in sales performance and ongoing operational challenges.
Revolution Beauty reported a 26% decline in annual revenue for 2025.
Revolution Beauty’s CEO Lauren Brindley has also exited the fast beauty brand.
The mass beauty brand is currently undertaking a major restructuring to streamline operations and focus on a scalable, core product range across global retail partners.