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Boohoo and The Hut Group backing beauty Revolution

Founders of internet giants Boohoo and The Hut Group backing rapidly growing cosmetics company Revolution Beauty

The founders of internet giants Boohoo and The Hut Group have backed rapidly growing cosmetics company Revolution Beauty, The Mail on Sunday can reveal. 

Mahmud Kamani and Matt Moulding are both understood to have invested millions of pounds in the online beauty retailer which is due to float 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 support is a significant endorsement for the firm which has been valued at almost £500million. 

Revolution will float on AIM, placing 69million new shares and 118million existing shares at £1.60. The placing includes a £90million cornerstone investment from funds group Jupiter Asset Management. 

A City source said: ‘The float has been oversubscribed and backed by both blue chip investors and wealthy individuals, which is impressive.’ 

Moulding founded THG in 2004 and last year floated his collection of ecommerce sites at £4.5billion. Kamani has grown Boohoo into a fashion group which also owns Karen Millen, Coast and Debenhams.

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