Revolution Beauty has fired back at boohoo’s moves to oust its board, claiming they are “opportunistic and self-serving”.
Boohoo, which has a 26.6% stake in the cosmetics brand, announced on Monday it would vote against the reappointment of chief executive Bob Holt, chairman Derek Zissman and chief financial officer Elizabeth Lake at the AGM of 27 June.
AIM-listed boohoo wants to replace the trio with its own directors, but Revolution Beauty has already dismissed the move as an attempt to acquire the cosmetics business on the cheap.
Revolution Beauty also highlighted the timing of the action, suggesting it is “perhaps no coincidence” it comes three days before boohoo’s own AGM where it is likely to face a barrage of criticism for its performance.
Shares in Revolution Beauty are suspended at 19p while boohoo was up 2.5% at 35p.