Hi there, yes you can upgrade to the latest theme release at any time. Just download the file again from your themeforest account and you’ll have the latest version of the theme, steps to install the new theme can be found here – https://support.redfactory.nl/documentation/the-beauty-salon-2/how-to-upgrade-to-the-latest-version/

The new version of the theme will work with the latest version of WordPress without any problems.