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LONDON - Debenhams Group (AIM:DEBS) has committed to support Revolution Beauty Group’s conditional £15 million fundraising effort by subscribing for shares proportionate to its current 27.03% stake, the company announced Friday.
The online retail group is also in discussions with Revolution Beauty about establishing a formal commercial arrangement that would allow Revolution to supply certain Debenhams brands with exclusive branded cosmetics under a license agreement, subject to royalty payments.
Debenhams currently owns 86,346,538 Revolution shares, representing approximately 27.03% of Revolution’s issued share capital.
"We are pleased to support Revolution’s fundraising as the new team puts in place its strategic plans, and are excited by the synergies and opportunities that lie ahead," said Dan Finley, Chief Executive Officer of Debenhams Group, in a statement released with the announcement.
Finley added that the company sees "significant potential in collaborating more closely with Revolution, including through licensing arrangements that will allow Debenhams’ brands to offer exclusive, high-quality cosmetics to our customers."
Debenhams Group operates as an online retailer in fashion, home, and beauty sectors across five shopping destinations: Debenhams, Karen Millen, boohoo, MAN and PLT. The group’s history dates back to 1778 when the UK’s first department store was opened, with Debenhams being relaunched as an online department store in 2021.
The announcement was made via a press release statement from Debenhams Group.
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