Mike Ashley's Frasers pulls out of Revolution Beauty bid

(Reuters) -Billionaire Mike Ashley's Frasers Group said on Thursday 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 24.6 million pounds ($32.95 million), according to LSEG data.

British online fashion retailer Debenhams, which recently rebranded itself from Boohoo, is Revolution Beauty's largest shareholder.

($1 = 0.7467 pounds)

(Reporting by DhanushVignesh Babu and Yamini Kalia in Bengaluru; Editing by Mrigank Dhaniwala)