The beauty retailer has agreed to pay Chrysalis a “non-material sum”, which is less than 1% of Chrysalis’s stock market value, according to the investor, though the amount was not disclosed.

Revolution said the “confidential” settlement was reached without any admission of liability from either firm and that Chrysalis will not be taking any legal claim forward.

Chrysalis, which invests in public and private companies, said it would take legal action against Revolution Beauty last year, with potential claims for more than £45m.

It bought shares in Revolution Beauty when it floated in July 2021 for over £40m before selling its holding in late 2022 for a fraction of its initial investment at £5.7m.

Revolution Beauty’s crisis began in 2022 when its auditors refused to sign off on its accounts for the previous year, with shares in the firm sent tumbling.

Months later, Revolution found itself embroiled in a battle with Boohoo, which owns more than a quarter of the company’s shares, over demands to replace its leadership team.

The troubles led to the resignation of its co-founder, Adam Minto, as well as former chief executive Bob Holt and chairman Derek Zissman.

When it bought into the beauty retailer, Chrysalis claimed “the original share purchase was made on the basis that information provided to the company by Revolution prior to the company’s purchase of the shares in Revolution, and during the period in which the shares were held prior to their sale, contained misstatements and material omissions”.

Revolution denied the allegations, saying that it “strongly contested” the claims while Chrysalis did not file any claim with the court before the settlement was agreed.

Under new chief executive Lauren Brindley, Revolution Beauty is pressing ahead with a plan to revive the business.

In November, the group plunged into loss in its first half on the back of a 20% sales plunge in what Brindley called  “a year of transformation”.

The beauty brand made a £10.9m pre-tax loss in the half to 31 August, down from a £400,000 profit last year as sales plunged to £72.4m, which it blamed on the planned simplification of its product portfolio, the discontinuation of unproductive SKUs, and “significant” stock clearance activity.

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The online supermarket is listing more than 300 of the specialist’s products over the coming weeks for customers to purchase vitamins, supplements, sports nutrition alongside their groceries.

Ocado said the new range is designed to cater to a wide variety of health shopping missions and means that shoppers “can find everything they need to achieve their goals and support their wellness needs in one place”.

The digital retailer’s chief commercial officer Amit Chitnis said: “We already have a great range of health and wellness products – including branded, Ocado Own Brand and of course M&S – but with many customers looking for even more choice in this area, we are delighted to now add Holland & Barrett, a specialist in this space and a well-respected and trusted high street retailer.

“This partnership allows our customers to get everything for their nutrition and wellness needs conveniently delivered by Ocado, from apples to ashwagandha.”

Holland & Barrett commercial trading director UK&I Guy Farmer added: “The partnership with Ocado is an exciting moment for our business as we look to make health and wellness a way of life for everyone, adding quality years to life.

“With a carefully selected range of own brand products, our work with Ocado will complement the great work we are both already doing to grow the health and wellness market bringing new innovative products across vitamins, supplements, food and sport nutrition to more customers.

“This is just the first step in what we see as a strategic partnership for H&B and represents a key part of our ambitious transformation strategy, as we look to become our customers first choice for wellness products, advice and solutions.”

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Introduced in partnership with online pharmacy Phlo and accessed via the supermarket’s website, the Morrisons Clinic service requires customers to complete an online questionnaire that will be used to assess their suitability for their chosen medication.

If approved by Phlo’s healthcare professionals, the prescription will be sent to the customer via Royal Mail Tracked 24.

Conditions supported by the grocer‘s clinic range from acid reflux, acne, erectile dysfunction and hair loss to hay fever, migraine and premature ejaculation. The service also offers contraceptives and products for the menopause, weight loss and period delay.

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Morrisons head of service John Parry said: “We know how frustrating it can be waiting to see your GP for an appointment, so we’re delighted to be launching the Morrisons Clinic.

“Our customers will now be able to order medication for a number of different health and lifestyle conditions quickly and conveniently, all at competitive prices.”

The service is currently only available to customers in England.

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The fragrance specialist reported a “significant last-minute rush” as online sales of gift sets rocketed 54% year on year in the final week before 25 December.

Next day delivery and click and collect orders in the 14 days to Christmas rose 10% compared to last year, while The Perfume Shop’s tie-up with Deliveroo accounted for £100,000 in sales.

The retailer said its promotional deals proved popular, with its busiest online day on 1 December, achieving a 5% increase on last year. Its busiest hour fell on the evening of 18 December, beating previous records set over Black Friday.

The Perfume Shop noted its standout perfumes of 2024 included Gucci Flora Gorgeous Orchid, Yves Saint Laurent Black Opium Over Red, YSL MYSLF, and Hugo Boss Bottled Triumph.

Personalisation services rose 8% year on year, with over 300,000 ribbons and 8,000 engraved perfumes delivered to customers.

The Perfume Shop managing director Gill Smith said: “This Christmas, we continued focusing on helping our customers navigate the festive season by offering incredible early deals and expanding our personalised services.

“Coupled with our ongoing sustainability efforts and exciting new perfume launches, we delivered more choice, value, and innovation than ever before. I’m deeply grateful to our loyal customers and dedicated teams for making 2024 a record-breaking year.

“Looking ahead, The Perfume Shop remains committed to sustainability, innovation, and creating exceptional experiences for its customers while continuing to support its charity partners and community initiatives.”

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The fragrance brand is looking to increase its store portfolio from 37 to 45 by the middle of 2025, and up to 51 a year later, The Financial Times reported.

It is planning to target market towns such as Wilmslow, Farnham, Market Harborough, Leamington Spa and Chichester.

Jo Malone senior vice-president and global general manager Jo Dancey told the publication: “We are committed to physical investment. There was a level of pause though Covid . . . [but] we always believed [physical retail] was coming back, and now we’re full force into the investment.”

“People are more local than they’ve ever been before, and that is something that we’re tapping into. We’re also going to spaces where there isn’t necessarily another retailer.”

Dancey added that trading had picked up in the weeks before Christmas after “we had to hold our breath in November” as people shop later for their gifts.

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The health and wellness retailer unveiled a 2,282 sq ft branch at 385 Oxford Street near Bond Street station, with the second 1,500 sq ft store located at the opposite end at 146/148 Oxford Street.

Both branches stock the Holland & Barrett’s range of health and wellness products and services, including its newly extended food range.

Holland & Barrett property and format director Nick Gerrard said: “Throughout the year we have been heavily investing in our stores – from opening new ones and transforming existing sites, to enhancing our range of products through unrivalled development and innovation, plus investing significantly in technology, all with aim of enhancing our customers’ experience.

“To close a successful year with two new stores in a prime location is a testament to the hard work of the team at all levels. We look forward to reaching new customers, while continuing to welcome existing H&B fans into our new sites in the new year.”

The openings form part of Holland & Barrett’s ongoing investment in its retail stores. The retailer has spent £70m in transforming over 200 UK stores, new technology and product development this year.

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Charles Denton, the new boss of the cosmetics chain told workers it was “back for good” after making a £2m profit during its first 100 days under its new ownership, The Guardian reported. Sales hit £28m over the same period.

It comes after The Body Shop fell into administration earlier this year, before being rescued in September by a consortium led by the British cosmetics tycoon Mike Jatania.

The business currently runs 113 stores across the UK and employs over 1,200 workers, including in its headquarters.

The Body Shop CEO Charles Denton shared news of the profitability with workers in a Christmas message, viewed by The Guardian.

Denton said the chain had ended last week 17% above internal sales forecasts, writing: “I am so thrilled at how we are ending the year.

“Storm Darragh may have tried its worst, but we weathered it. Throw whatever you like at us, and we’ll come bouncing back…back for good and last month, back in profit baby!”

A source familiar with The Body Shop’s operations warned about reading too much into the results, highlighting that the business was now a smaller operation and that sales could have been aided by discounting and stock clearance.

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Opening its doors on 9 January 2025, the new 4,300sq store promises a “fully immersive Charlotte Tilbury experience like never before”, showcasing the brand’s full range of makeup, skincare and fragrance, and will be the brand’s biggest Beauty Wonderland globally.

The beauty giant opened its first-ever store in 2015 in Covent Garden but is now relocating from its existing neighbourhood boutique to a larger, more prominent anchor unit on the corner of the Royal Opera House and James Street.

The new flagship is triple the size of the original Charlotte Tilbury store on James Street, which opened in 2015, two years after Charlotte Tilbury launched her eponymous brand.

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The new Beauty Wonderland will house Charlotte Tilbury’s world-first Skin Spa, which will debut a premium service menu consisting of four benefit-led, results-driven facial treatments, exclusive to Covent Garden.

In store Beauty Experts will also be on hand to help shoppers identify their perfect skincare routine, and the store will also feature the brand’s first Pillow Talk Bar, an immersive play table dedicated to the globally-loved franchise.

Charlotte’s Pillow Talk Parlour and Charlotte’s Beauty Boudoir will offer hosting spaces for group masterclasses, influencer and press events, as well as personal celebratory events.

Shaftesbury Capital executive director Michelle McGrath said: “Charlotte Tilbury has been a cornerstone of Covent Garden’s beauty offer since it opened in 2015, so we are delighted to announce that it will be strengthening its presence further with this latest upsize and relocation.

“The continual investment demonstrated from the beauty powerhouse is evidence of the strong collaborative approach between Shaftesbury Capital and our partners, and cements Covent Garden’s position as a leader in the UK beauty and wellness landscape.”

Founder Charlotte Tilbury added: “This really is the beauty store of the future – it has education, futuristic tech, instagrammable moments, themed worlds and bookable areas! Everyone will walk out of this beauty universe feeling like the most beautiful and confident version of themselves!”

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It is understood that Sycamore Partners would seek separate ownership for UK subsidiary Boots if it does succeed in taking WBA private – potentially triggering a fresh auction for the British high street giant.

The talks follow a steep decline in Walgreens’ share price, which has dropped from over $100bn in 2015 to just $7.5bn in recent months. News of the discussions, first reported by The Wall Street Journal, led to a 20% surge in Walgreens’ shares during late trading on Tuesday (11 December).

Sycamore, which owns US stationery chain Staples, has a track record of investments in UK retail, including past stakes in Kurt Geiger and offers for Ted Baker in 2022. But it is considered unlikely that Sycamore would acquire Walgreens in its entirety, given its recent focus on smaller deals.

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Walgreens’ billionaire chairman and largest shareholder Stefano Pessina, may end up as the principal owner of Boots depending on the deal’s structure, according to Sky News. Pessina, which owns a 17% stake in WBA, has been a key figure in Walgreens’ acquisitions over the past two decades.

WBA operates approximately 12,500 pharmacies globally, including 1,900 Boots stores in the UK. However, the US-based company has explored selling or spinning off its Boots operations a number of times in recent years as it has faced pressure to concentrate on its domestic market.

Back in 2022, WBA attempted to sell the Boots for an estimated £7bn but abandoned the plan, deciding that offers from firms including Apollo Global Management undervalued the retailer.

Earlier this year, the company revisited the idea of a sale or UK listing but shelved those plans in June, citing its strategic value and cash flow contributions. Weeks later, Boots managing director Seb James announced his resignation, as the retailer promoted ex-Asda MD Anthony Hemmerdinger to the role.

While Walgreens reported an $8.6bn net loss in its latest financial year and continues to struggle with sluggish US consumer spending and low reimbursement rates for drugs, Boots has shown relative resilience.

Sales in stores rose 6.2% in the quarter ending August, driven by higher footfall in city centres and travel hubs. Pharmacy growth increased 10% year-on-year, supported by demand for NHS and private healthcare services.

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As the year draws to a close, Retail Gazette takes a look back at the retailers that went bust over the past 12 months.

Homebase

Homebase became the latest casualty on the high street last month when it plunged into administration after failing to secure a new buyer.

The home and DIY chain called in administrators at Teneo, the firm it had been working with to explore its cost-saving options after it sunk to an £84m loss in the year to January 2023.

Homebase’s brand name, intellectual property, and up to 70 of its UK stores was quickly snapped up by The Range and Wilko owner CDS Superstores in a pre-pack deal for £25.6m – a move that leaves 49 stores and around 2,000 workers at risk of redundancy.

The retail giant said the DIY chain’s brand will continue to run online, and the acquired stores will continue to trade as Homebase over the coming months but will re-open as The Range with a “much broader choice across garden, showroom and DIY categories”.

It is understood that M&S and Kingfisher are considering acquiring some of the chain’s remaining stores.

CTD Tiles

Tile supplier CTD Tiles was rescued from administration by Topps Tiles in August.

Topps  acquired the supplier’s brands including CTD Tiles, CTD Trade and CTD Architectural Tiles, 30 of its retail stores, selected stock and all related intellectual property.

The retailer said CTD was “complementary” to its existing businesses and that the acquired stores and assets provide it with “the opportunity to make a meaningful entry into the housebuilder segment and expand its existing share of the architect and designer segment”.

However, the deal did not include 56 CTD Tiles stores, which administrators at Interpath confirmed will be disposed of through the administration process.

The acquisition invoked ire from one of Topps Tiles major shareholders, with MS Galleon’s managing director Piotr Lipko slamming the deal  as “unequivocally irrational” and “highly detrimental” to the interests of the company.

Carpetright

Carpetright collapsed into administration in July after it failed to secure new investment.

The flooring giant was subsequently sold to its largest rival Tapi, which acquired its intellectual property, two warehouses and 54 of its stores.

Tapi said that saving the entire business was “unviable” as Carpetright had been materially loss making for a number of years and had racked up “significant debt”. It also cautioned of how the Competition and Markets Authority would view a larger deal.

At the time of its collapse, Carpetright owed at least 11 retail businesses including B&M, Furniture Village and Lidl nearly £3.5m in outstanding rent charges and some 21,000 customers £8m in outstanding orders.

It’s not the first time that Carpetright has found itself in troubled waters, with the business launching a company voluntary arrangement (CVA) in 2018 in an attempt to bring its losses under control.

The Floor Room

Carpetright’s administration quickly triggered the collapse of sister firm The Floor Room.

The flooring specialist’s 34 John Lewis concessions, standalone London store and online operation was closed by administrators at PwC “with immediate effect” in August, resulting in 201 redundancies.

Following its collapse, John Lewis said it would proactively offer roles where it can to its former partners at The Floor Room, who transferred across when it opened the concessions in 2022.

Smiffys

Ted Baker found itself in trouble in April when the brand’s UK operator No Ordinary Designer Label called in administrators.

No Ordinary Designer Label (NODL) – which licenses the brand in the UK and Europe from Authentic Brands Group (ABG) – collapsed after ABG terminated its relationship with AARC, the Dutch firm that ran the brand’s UK operation the month before.

ABG chief strategy and transition officer John McNamara said at the time: “Despite our tireless efforts, the damage done during a period under AARC in which NODL built up a significant level of arrears was too much to overcome.”

The fashion chain was forced to shutter all 46 of its stores and cut more than 700 jobs by the middle of August.

Authentic announced the following week that its US partner for Ted Baker United Legwear and Apparel (ULAC) would extend its responsibilities to run the UK operations as well. It relaunched the brand online last month.

Matches 

Frasers Group put luxury fashion etailer Matches into administration in March just three months after it acquired the business in a £52m deal from Apax Partners.

The Mike Ashley-controlled retail empire said the fashion business had “consistently missed its business plan targets and, notwithstanding support from the group, has continued to make material losses”.

It appointed administrators at Teneo to handle the process, which has since seen 273 staff members across buying, communications, analytics and marketing made redundant.

Former Matches boss Nick Beighton branded the company’s administration as “unnecessary”, claiming there was still a chance to turnaround the luxury ecommerce platform before Frasers placed it into administration.

Muji

Japanese retailer Muji filed for administration at the end of March as part of a wider reorganisation from its parent company.

The retailer’s UK stores – which include six in London and one in Birmingham – were retained in a pre-pack administration with the firm’s European holding company.

A spokesperson for the business said that “Muji will receive significant investment from its main shareholder and has plans for new stores and an improved e-commerce offer in Europe” following the restructuring.

Muji told TheBusinessDesk.com: “This is part of a planned strategic restructuring of the business and Muji’s management expect to conclude a deal shortly.

“For Muji’s colleagues and customers in Europe it is business as usual – all stores and ecommerce will continue to operate as before, and all new and outstanding orders will be fulfilled.”

Farfetch

Farfetch was sold to South Korean ecommerce giant Coupang at the start of February through a pre-pack administration deal.

The sale included a £394.7m bridge loan to help the ecommerce player avoid bankruptcy while the deal was finalised. The luxury etailer was able to explore other potential suitors for all or part of the business while details of the transaction were agreed.

Warnings signs flashed when the New York-listed company cancelled its quarterly earnings report in December and said it “expects to provide a market update in due course”.

It then began discussions with several parties, including Apollo and shareholder Richemont, about securing new financing.

Since its sale to Coupang, Farfetch founder José Neves has stepped down from the business and between 25% and 30% of its workforce is said to have been made redundant as the new owner works to “streamline the business”.

The Body Shop

The Body Shop emerged from administration at the start of September under new owner Aurea, a consortium led by the British cosmetics tycoon Mike Jatania.

The vegan beauty chain, which had more than 200 stores nationwide, collapsed in February just weeks after private equity giant Aurelius acquired the chain from Brazillian beauty group Natura & Co.

Administrators at FRP put the retailer up for sale after it concluded that an alternative restructuring under Aurelius, which continued to fund the business through the process, was not viable.

FRP had explored a company voluntary arrangement (CVA) for The Body Shop following a shop closure and redundancy programme.

New owner Aurea relocated the retailer, which is being spearheaded by Molton Brown CEO Charles Denton, back to Brighton in what it said marks a “significant cultural reset” for the business.

Lloyds Pharmacy

Lloyds Pharmacy owner Aurelius placed the company into liquidation at the start of the year as it concluded its year-long divestment campaign.

The pharmacy – which was once the second biggest chain in the UK – had been quietly closing its stores and selling most of them to independent retailers and smaller chains during most of 2023.

The business shuttered all its 237 branches inside Sainsbury’s supermarkets in June 2023 in a move that is thought to have cost around 2,000 jobs.

LloydsPharmacy, which blamed a cut in government funding for its widening losses and store rationalistion programme, now operates as an online doctor service, clinical homecare and for patients in NHS hospitals, prisons, community health trusts and the private sector.

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