Internet giant Boohoo and the founders of The Hut Group are backing the fast-growing cosmetics company Revolution Beauty
The founders of Internet giant Boohoo and The Hut Group have backed fast-growing cosmetics company Revolution Beauty, The Mail could reveal Sunday.
Mahmoud Kamani and Matt Molding are both believed to have invested millions of pounds in the online beauty retailer, which is set to debut on the London Stock Exchange tomorrow.
Major Investor: Mehmood Kamani, founder of Boohoo with his wife Ayesha
The tycoons have both built huge retail empires and their backing is a significant endorsement for the firm which is valued at around £500 million.
Revolution will float on AIM, holding 69 million new shares and 118 million existing shares at £1.60. The placement includes a £90million cornerstone investment from fund group Jupiter Asset Management.
A city source said: ‘Float has been oversubscribed and backed by both blue chip investors and wealthy individuals, which is impressive.’
Molding founded THG in 2004 and released its collection of ecommerce sites last year for £4.5billion. Kamani has grown Boohoo into a fashion conglomerate also owned by Karen Milne, Kost and Debenhams.