Revolution Beauty said it wants to reach £1bn in retail brand sales by the end of 2023, as it prepares to outline its ambitious growth plans to the City.
Lauren Brindley, the firm’s newly appointed chief and former Boots executive, is set to inform investors about its business strategy at a capital markets event taking place today.
In an update ahead of the event, the affordable makeup retailer said it wants to become one of the top five beauty players worldwide.
Revolution also reported “margin improvement” and said EBITDA for the full year is now expected to be between £11m and £12m.
Previously the firm did not give a figure but said earnings would come in “not less” than double-digits.
Brindley, who was drafted in after former boss Bob Holt left as part of a settlement agreement with its top shareholder Boohoo, said she wants to take the brand “back to its roots”.
She explained: “Revolution Beauty is a business with unique capabilities, a loyal Gen Z customer base and relationships with some of the world’s best beauty retailers.”
“The strategy that we’re setting out today is about harnessing our strengths and taking the brand back to its roots.”
She added: “We want to build on what we’re best known for – our innovation, speed to market, accessibility and inclusivity.”
Shares in the firm fell by over nine per cent as the London market responded to the news.
It comes as the firm is trying to draw a line under a number of internal scandals, including an accounting probe which led to its shares being suspended.
On Monday, Revolution said its founder and former boss Adam Minto would have to pay £2.9m to settle the claim.
Revolution Beauty had its shares suspended in 2022 for a number of months after an investigation found that it had falsely inflated its sales figures.
Minto still owns more than 15 per cent of the company.