Revlon files for bankruptcy
2022 - 6 - 17
Revlon Files for Bankruptcy (The New York Times)
Revlon built a cosmetics empire on red nail polish, with lipstick to match. But the pioneering brand, a mainstay of cosmetic cabinets since the Great ...
High inflation, rising interest rates and warnings of a recession have made shoppers more wary of opening their wallets. The social media superstars have promoted their products directly to their millions of Instagram followers, embracing inclusive color palettes and sidestepping the drugstores Revlon has traditionally relied on to sell its products. But the pioneering brand, a mainstay of cosmetic cabinets since the Great Depression, has lost its shine, amid the rise of a new generation of cosmetic brands, changing shopping habits and supply chain snarls. The company’s stretched balance sheet “has limited our ability to navigate macroeconomic issues in order to meet this demand,” she said. Managing its debt load has also created problems beyond the company. The company has about 5,700 employees.
Cosmetic giant Revlon files for bankruptcy after almost 90 years of ... (ABC News)
Revlon, a cosmetics maker that broke racial barriers and dictated beauty trends for much of the 20th century, files for Chapter 11 bankruptcy protection.
It now holds the 22nd spot among cosmetics makers, according to a recent ranking by fashion trade journal WWD. Revlon went public in 1996. The filing was made in the US Bankruptcy Court for the Southern District of New York. Revlon became the first beauty company to feature a black model in 1970, Naomi Sims. - Sales in the cosmetics market dropped from 2nd place during its heyday to 22nd place now Sales dropped 21 per cent in 2020, the first year of the pandemic, though those sales rebounded 9.2 per cent in its most recent reporting year with vaccines widespread.
Revlon collapses with debt up to $14b (NEWS.com.au)
Cosmetics giant Revlon has filed for bankruptcy after years of stiff competition from rivals focused on online sales, supply chain problems and missing a ...
And this was only made worse when Covid-19 lockdowns sent demand for makeup plunging. New to Flash? Try 1 month free. Want a streaming service dedicated to news?
Revlon files for bankruptcy protection (Blue Mountains Gazette)
Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection in the United States, weighed...
The beauty company said in March that logistical issues hurt its ability to meet customer orders. The company avoided bankruptcy in late 2020 by persuading enough bondholders to extend its maturing debt. In recent months, Revlon, like many other companies, experienced industry-wide supply chain challenges and higher costs. Sales fell 21 per cent to $US1.9 billion ($A2.7 billion) in 2020 but rebounded 9.2 per cent to $US2.08 billion ($A2.98 billion) in 2022 as shoppers went back to pre-pandemic routines. With brands from Almay to Elizabeth Arden, Revlon had been a mainstay on store shelves for decades. Revlon went public in 1996.
Revlon, beauty icon in crowded market, files for bankruptcy (The Sydney Morning Herald)
The cosmetics giant has been a mainstay on store shelves since its founding 90 years ago in New York City as it oversaw a stable of household names, ...
Perelman, in an interview with The Associated Press late last year before global supply chains locked up, said she was optimistic about the future. It now holds the 22nd spot among cosmetics makers, according to a recent ranking by fashion trade journal WWD. In the latest quarter that ended in March, sales rose nearly 8 per cent, but still lag pre-pandemic levels in excess of $US2.4 billion ($3.4 billion) a year. None of Revlon’s international operating subsidiaries are included in the proceedings, except for Canada and the United Kingdom. The filing was made in the US Bankruptcy Court for the Southern District of New York, Revlon went public in 1996. Perelman also said that the company was learning from celebrity launches to be more nimble and that Revlon had regained market share.
Revlon files for bankruptcy (Drug Store News)
Revlon stated that by filing for Chapter 11 it will be able to operate seamlessly in all markets and focus on driving future growth.
“By addressing these complex legacy debt constraints, we expect to be able to simplify our capital structure and significantly reduce our debt, enabling us to unlock the full potential of our globally recognized brands,” Perelman said. “Consumer demand for our products remains strong – people love our brands, and we continue to have a healthy market position. “Today’s filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth,” said Debra Perelman, Revlon's president and chief executive officer.
Revlon files for bankruptcy protection (Blue Mountains Gazette)
The New York-based company said that upon court approval, it expects to receive $US575 million ($A823 million) in financing from its existing lenders, which ...
The beauty company said in March that logistical issues hurt its ability to meet customer orders. The company avoided bankruptcy in late 2020 by persuading enough bondholders to extend its maturing debt. In recent months, Revlon, like many other companies, experienced industry-wide supply chain challenges and higher costs. Sales fell 21 per cent to $US1.9 billion ($A2.7 billion) in 2020 but rebounded 9.2 per cent to $US2.08 billion ($A2.98 billion) in 2022 as shoppers went back to pre-pandemic routines. With brands from Almay to Elizabeth Arden, Revlon had been a mainstay on store shelves for decades. Revlon went public in 1996.
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