Debenhams, Revolution Beauty licensing deal

Debenhams Group has formalized a royalty-based licensing partnership with Our Revolution to develop and distribute beauty and fragrance products across Debenhams' brand portfolio. This agreement allows Our Revolution to leverage its product development, manufacturing, and distribution capabilities to create collections for Debenhams Group-owned labels such as Boohoo Group — PrettyLittleThing, Karen Millen, and Boohoo — BoohooMan. The first collections, including fragrance and gifting ranges, are anticipated to launch before Christmas. Under the terms, Our Revolution assumes full responsibility for product development, manufacturing, and worldwide distribution, paying Debenhams Group an industry-standard royalty based on sales. Debenhams Group retains brand approval rights over all products, packaging, marketing, and retail channel decisions. This deal aligns with Debenhams Group's asset-lite strategy to generate royalty income from its intellectual property and extend its brands into high-growth categories. For Our Revolution, the partnership represents a significant growth opportunity, especially following a period of internal turbulence and a recent positive update regarding a United Kingdom — Financial Conduct Authority investigation. The transaction is considered a related party transaction under Alternative Investment Management Association Rules due to Debenhams Group's substantial shareholding in Our Revolution, with independent directors deeming the terms fair and reasonable.