Revolution Beauty’s half year results have been lifted by surging demand for makeup amid the worldwide lifting of lockdown restrictions.
In the six months to 31 August group revenue climbed 39 per cent to 78.6m with stores in the USA jumping by 102 per cent and UK sales up by 78 per cent.
While Revolution Beauty increased its loss after tax to £15.2m, down from a loss of £6m a year prior, the group is pushing ahead with a US retail expansion to 2,800 new stores in the final quarter of the year. Next, Fashion Nova, River Island and Forever 21 will begin selling Revolution Beauty products according to today’s update.
“This is a momentous year for Revolution Beauty,” said group chief executive Adam Minto.
“We doubled sales in the US, grew our global community to almost 7 million, and floated on the London Stock Exchange,” he added, referencing the company’s AIM listed IPO in July 2021.
Minto pinned the company’s success down to its digital marketing strategy spearheaded by influencers and a social media led approach.
The company foresees further growth in the months ahead with trading in the third quarter driven by trading in October ahead of Halloween and momentum continuing into the Christmas season. The company purchased haircare and skincare producer Medichem in October 2021, giving the company greater control over its supply chain and allowing it to cut its cost base going forward.
The company is confident of meeting full year expectations. Shares have climbed by 2.31 per cent today.