The UK’s Financial Conduct Authority (FCA) has launched a probe into cosmetics company Revolution Beauty Group over potential breaches.
The investigation, revealed by Revolution Beauty on Friday, will examine potential breaches over “certain matters” between July 2021 to September 2022.
Last month, the company said that it sent a letter of claim to founder and former chief exec Adam Minto in May in which it alleged he breached fiduciary and other duties.
The company did not provide further details on the investigation, or clarify whether it was linked to the allegations against Minto. Revolution Beauty said it was fully cooperating with the FCA’s investigation.
Last year, an independent probe into the company’s accounts found that the company had historically inflated sales while concerns were also raised over inventory provisioning and personal loans made by a former chief executive officer to distributors.
The news comes days after Bob Holt and Derek Zissman agreed to step down from their respective roles as chief exec and chairman as part of a settlement with top shareholder Boohoo. Boohoo’s proposed board appointments have stepped in to return the company to “sound financial help”
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
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