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June 16 (Reuters) – Revlon Inc (REV.N) filed for Chapter 11 chapter safety on Wednesday after struggling to compete with rising online-focused manufacturers lately.
The nail polish and lipstick maker, managed by billionaire Ron Perelman’s MacAndrews & Forbes, had property and liabilities between $1 billion and $10 billion, in accordance with a U.S. Chapter Courtroom submitting for the Southern District of New York.
The chapter submitting comes days after the Wall Road Journal reported that Revlon had begun talks with lenders forward of looming debt maturities to keep away from chapter.
Revlon’s gross sales have struggled amid provide bottlenecks and a scarcity of fast change to in-demand skincare, shedding shelf house in US shops to startups backed by celebrities like Kylie Jenner’s Kylie Cosmetics and Rihanna’s Fenty Magnificence.
In contrast, rival Coty Inc (COTY.N) has gained market share by investing closely to enhance provides and cater to a post-pandemic spike in demand for mascara and lipstick.
Revlon, which has been run by Perelman’s daughter, Debra Perelman, since mid-2018, had $3.31 billion in long-term debt as of March 31.
Shaped in 1932 by brothers Charles and Joseph Revson and Charles Lachman, Revlon was bought to MacAndrews & Forbes in 1985 and went public 11 years later. The corporate purchased Elizabeth Arden in an $870 million deal in 2016 to strengthen its skincare enterprise.
However Revlon’s 2021 internet gross sales have been down 22% from its 2017 ranges amid elevated competitors. The corporate additionally made headlines two years in the past when Citigroup Inc (CN) by chance despatched almost $900 million of its personal cash to Revlon’s lenders, as a substitute of a small curiosity cost. Nevertheless, a US federal choose dominated that he was not entitled to recuperate the cash. learn extra
Revlon, which started promoting nail polish almost 90 years in the past, can also be house to a number of manufacturers, together with Britney Spears Fragrances and Christina Aguilera Fragrances.
Reporting from Maria Ponnezhath and Praveen Paramasivam in Bengaluru; Edited by Arun Koyyur and Shounak Dasgupta
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