Billionaire Mike Ashley's Frasers Group said today it will not make an offer for struggling British cosmetics group Revolution Beauty.
Frasers earlier this month said it was considering an all-cash bid for Revolution, which put itself up for sale in May after months of languishing sales.
The cosmetics seller has a market valuation of £24.6m, according to LSEG data.
British online fashion retailer Debenhams, which recently rebranded itself from Boohoo, is Revolution Beauty's largest shareholder.
