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Boohoo raised “serious concerns” about the behavior of the Revolution Beauty board of directors after an eventful annual meeting on Tuesday.
The fashion retailer, which owns about 26.6 percent of Revolution Beauty, was among the 74 percent of investors who voted to oust three of the cosmetics company’s top managers only for them to be reappointed by a remaining independent director.
Boohoo, which was seeking to place its nominees at the helm of Revolution Beauty, said Wednesday that it had failed to see “how the board of directors can claim that it is acting in the interest of shareholders, that it is serving their personal interests instead demonstrated by its actions over the past 24 hours.”
Revolution Beauty responded by calling Boohoo’s actions “nothing short of value-destroying, opportunistic, and self-serving.”
Shares in the makeup retailer are set to resume trading on London’s tiny AIM market on Wednesday after being suspended in September following an accounting investigation, which found a host of problems.
