Internet Giants Boohoo and The Hut Group Founders Support Growing Cosmetics Company Revolution Beauty
Founders of internet giants Boohoo and The Hut Group have backed growing cosmetics company Revolution Beauty, The Mail on Sunday reveals.
Mahmud Kamani and Matt Molding have both reportedly invested millions of pounds in the online beauty retailer slated to go on the London Stock Exchange tomorrow, sources said.
Major investor: Boohoo founder Mahmud Kamani with his wife Aisha
The tycoons have both built sprawling retail empires and their backing is a huge backing for the business which has been valued at nearly £ 500million.
Revolution will float on AIM, placing 69 million new shares and 118 million existing shares at £ 1.60. The placement includes a £ 90million investment from the Jupiter Asset Management group of funds.
A City source said: “The float has been oversubscribed and backed by both blue chip investors and high net worth individuals which is impressive.”
Molding founded THG in 2004 and last year launched its £ 4.5 billion eCommerce site collection. Kamani turned Boohoo into a fashion group that also owns Karen Millen, Coast and Debenhams.