Bankruptcy Court for the Southern District of New York, None of Revlon's international operating subsidiaries are included in the proceedings, except for Canada and the United Kingdom. Perelman said she was also seeing Revlon regaining market share. For example, it cut months off of developing new products. Perelman also said that the company was learning from celebrity launches like Kylie to be more nimble. During the pandemic, Elizabeth Arden launched one-on-one virtual consultations, for example. She said the company also used the health crisis as an opportunity to double-down on investments online. As women venture out, Revlon's makeup sales are rebounding.
Its iconic tagline promised to make women "unforgettable."ĭuring an interview with The Associate Press last fall, Perelman said she was optimistic about the future. In the 1980s, Revlon made a big splash with its supermodel campaign featuring diverse, famous and new models including Iman, Claudia Schiffer, Cindy Crawford and Christy Turlington, shot by Richard Avedon. In 1970, Revlon became the first beauty company to feature a Black model, Naomi Sims, in its advertising. RELATED: US inflation hit 8.The company hit many milestones in its heyday. The company listed assets and liabilities between $1 billion and $10 billion, according to the filing. None of Revlon’s international operating subsidiaries are included in the proceedings, except for Canada and the United Kingdom. As women venture out, Revlon’s makeup sales are rebounding. (Isabella Bartolucci/Charlotte Observer/Tribune News Service via Getty Images)ĭuring an interview with The Associate Press last fall, Perelman said she was optimistic about the future. Its iconic tagline promised to make women "unforgettable."įILE PHOTO - Lipsticks fill a drawer in a file image taken on July 23, 2014, in Charlotte, N.C. The company hit many milestones in its heyday. 22, according to a recent ranking by fashion trade journal WWD. It’s a big change from Revlon's heyday throughout much of the 20th century when it was the second-largest cosmetics company by sales, behind only Avon. RELATED: Slim inventory pushes up prices of cars It also said it was stymied by rising prices on key ingredients and persistent labor shortages. The beauty company said in March that logistical issues hurt its ability to meet customer orders. In recent months, Revlon, like many other companies, experienced industry-wide supply chain challenges and higher costs. The company avoided bankruptcy in late 2020 by persuading enough bondholders to extend its maturing debt. In the latest quarter that ended in March, sales rose nearly 8%. Sales fell 21% to $1.9 billion in 2020 but rebounded 9.2% to $2.08 billion in 2022 as shoppers went back to pre-pandemic routines. Revlon’s problems only intensified with the pandemic, which hurt sales of lipsticks as people masked up. Revlon also faced increasing competition not only from the likes of Procter & Gamble, but most recently from celebrity lines like Kylie Jenner-backed Kylie, which don’t have to invest a lot in marketing because of their massive social media following. The company was slow to adapt to women’s shift away from bright color cosmetics like red lipstick to more muted tones starting in the 1990s. But in recent years it struggled not only with heavy debt but also with stiffer competition and failure to keep pace with changing beauty tastes. With brands from Almay to Elizabeth Arden, Revlon had been a mainstay on store shelves for decades. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images) In this photo illustration, the Revlon Cosmetics company logo seen displayed on a smartphone.
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