Revolution Beauty Group plc (AIM: REVB), the multi-brand, multi-category, and multi-channel mass beauty innovator with proven global scale, is pleased to announce it has completed the acquisition of certain intellectual property assets and inventory (the “Assets”) of the US born cosmetics brand BH Cosmetics Holdings LLC (“BH” or “BH Cosmetics”) for a consideration of US$3.9 million. The acquisition was financed through the Group’s existing cash resources.
This highly complementary acquisition enhances Revolution Beauty’s strategy to offer consumers around the world quality beauty products at affordable prices. Launched in Los Angeles in 2009, Badass with Heart (BH) Cosmetics is a brand with a strong point of view, producing vegan and cruelty-free cosmetics for loyal Gen Z consumers seeking high quality cosmetics at attractive price points. With over 6.5 million social media followers, BH sells through its own direct to consumer (“DTC”) channel, and several focused retailers across the US, and Germany. The brand, which is well known for its makeup brushes, strengthens categories within the Group’s current portfolio.
In 2019, BH delivered net revenue of US$55.8 million and was only distributed across online and retail channels in the US and Germany. Covid-19 significantly impacted the business with revenue decreasing to US$33.7 million in 2020, generating a loss of US$22.5 million, caused by high operating costs.