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Revlon constructed a cosmetics empire on purple nail polish, full with lipstick to match. However the pioneering model, a mainstay of cosmetics cupboards for the reason that Nice Melancholy, has misplaced its shine, amid the rise of a brand new technology of cosmetics manufacturers, altering purchasing habits and provide chain entanglements. The corporate filed for chapter this week, its monetary statements awash in purple ink.
Revlon filed for Chapter 11 within the US Chapter Court docket for the Southern District of New York, with about $3.8 billion in debt. She mentioned that she had obtained $575 million in “debtor-in-possession loans” to assist finance her chapter operations. The corporate has round 5,700 staff.
Revlon’s challenges have been piling up for a while. Amid falling gross sales in 2020, it lower 1,000 positions in hopes of enhancing profitability. Later that yr, he narrowly averted submitting for chapter by reaching an settlement together with his debt holders. Extra not too long ago, its companies have been challenged by coronavirus-related shutdowns in China and provide chain challenges which have unfold throughout the nation.
The corporate was based in 1932 by Charles Revson and grew to change into the second largest make-up firm in the US, behind Estée Lauder. Mr. Revson grew to become well-known for courting feminine patrons by campaigning on the attract of matching purple lips and nails.
Revlon was acquired by billionaire Ron Perelman for $2.7 billion in 1985 by a hostile takeover, later described as one of many pivotal company battles of the time.
It acquired Elizabeth Arden in 2016 in a purchase order financed largely by loans. In the meantime, a brand new group of cosmetics entrepreneurs has emerged, together with Rihanna and Kylie Jenner. Social media superstars have promoted his merchandise on to their hundreds of thousands of Instagram followers, adopting inclusive coloration palettes and bypassing the pharmacies that Revlon has historically relied on to promote his merchandise.
“Shopper demand for our merchandise stays robust – individuals love our manufacturers and we proceed to have a wholesome place available in the market,” Revlon CEO Debra Perelman, who’s the daughter of Revlon, mentioned in an announcement. of Mr. Perelman. The corporate’s prolonged stability sheet “has restricted our capacity to navigate macroeconomic points to fulfill this demand,” she mentioned.
Managing its debt load has additionally created issues past the corporate. Funding financial institution Citigroup unintentionally transferred $900 million of its personal cash to a gaggle of Revlon lenders in 2020, which a federal decide dominated they did not must pay again to the financial institution.
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