Shoppers cutting back on luxury items and turning to more affordable make-up and skincare boost profits for cosmetics brand Revolution Beauty
Shoppers cutting back on luxury items and turning to more affordable make-up and skincare have boosted profits for cosmetics brand Revolution Beauty.
But cosmetic firms could face challenges with the war in Ukraine disrupting supply chains and pushing up prices of materials, it said.
The brand revealed sales spiked by 85 per cent in the UK in the 12 months to the end of February as retailers recovered from pandemic losses and it rolled out make-up products to High Street pharmacy Boots.
Boost: The brand revealed sales spiked by 85 per cent in the UK in the 12 months to the end of February
Bosses said its recent launch of an affordable skincare range in partnership with author Sali Hughes helped sales gain momentum in the past few months.
Revolution reported a total revenue of £194m over the year ending in February 2022, up 42 per cent from the previous year, with consumers returning to shops after the lockdowns.
Pre-tax profits were up 73 per cent to £22m.
Rising prices have already impacted shoppers and reports show consumers are buying less luxury items to save money.
But Revolution bosses said increased prices have made the mass beauty market a more affordable choice for many.