Once a cosmetics juggernaut, Revlon on Thursday filed for chapter to handle its debt, which it stated stood between $1-10 billion
Weighed down by heavy debt load, surging prices and the inevitable disruptions to its provide, Revlon has filed for Chapter 11 chapter.
In a courtroom submitting late Wednesday, the corporate initiated Chapter 11 proceedings to handle its debt, which it stated stood between $1 billion and $10 billion.
Revlon, recognized for its signature nail polish and lipstick, reported long-term liabilities of $3.Three billion within the first quarter.
“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,” CEO Debra Perelman stated in an announcement.
In the United States, Chapter 11, often called reorganization chapter, permits corporations to restructure themselves whereas being protected against collectors and persevering with to function.
The firm stated it expects to obtain $575 million in financing from its lenders if its chapter is accepted in courtroom.
Owned by billionaire investor Ronald Perelman and run by his daughter, Debra Perelman, Revlon reported a web lack of $67 million from January to March.
The firm, which lists Elizabeth Arden, Almay, and Britney Spears Fragrances amongst its manufacturers and has operations in additional than 150 nations, has suffered from the worldwide provide chain disaster and excessive inflation.
Revlon additionally has additionally confronted more and more powerful competitors, which has harm income lately.
Let’s have a look again on the one-time cosmetics juggernaut’s revolutionary historical past:
Started in 1932 by brothers Charles and Joseph Revson and Charles Lachman by unveiling a revolutionary nail enamel. It was solely in 1935 that the corporate marketed for the primary time. It was within the New Yorker Magazine.
In 1937, Revlon launched nail polish and began promoting in shops and wonder salons.
Revlon launched lipstick into the product portfolio in 1939 for the primary time and promoted it
Revlon in its heyday all through a lot of the 20th century was the second largest cosmetics firm by gross sales, behind solely Avon. Now, it’s ranked quantity 22.
In 1952, Revlon’s iconic Fire and Ice lipstick and nail marketing campaign featured a Vogue partnership and celeb endorsements with mannequin Dorian Leigh, shot by Richard Avedon.
The firm expanded its enterprise internationally in 1955. “The American Look” marketing campaign by the corporate with mannequin Suzy Parker in 1960 caught the eye of shoppers the world over.
Revlon’s profitable sponsorship of The $64,000 Question TV present in 1965 drove gross sales and model consciousness.
It additionally launched ColorSilk hair colour the identical 12 months.
Breaking extra obstacles, Revlon grew to become the primary cosmetics firm in 1970 to function a Black mannequin, Naomi Sims, in its promoting.
The 12 months 1973 marked one other milestone within the firm’s upward trajectory because it grew to become the primary model to signal an envoy, Lauren Hutton. It additionally launched Charlie Fragrance and have become the primary world perfume.
In 1975, co-founder Charles Revson died and Michel Bergerac assumed management of Revlon.
In 1979, Revlon acquired Henry Colomer and launched Revlon Professional with Sensor Perm.
The cosmetics firm launched a supermodel marketing campaign in 1980 that includes various, well-known and new fashions together with Iman, Claudia Schiffer, Cindy Crawford and Christy Turlington.
Revlon was purchased by MacAndrews & Forbes, run by billionaire Ron Perelman for about $2.7 billion.
Revlon launched ColorStay Lipstick as the primary non-transfer lipstick in 1991.
In 1996, Revlon was listed on the New York Stock Exchange as a public restricted firm. The IPO value was $24 per share.
In 1997, it launched Age Defying, anti-aging make-up line.
Revlon offered its Professional Products division to Beauty Care Professional Products Luxembourg in 2000.
In 2013,: the corporate acquired the Colomer Group and reunited it with its skilled merchandise division.
Brands acquired embrace Revlon Professional, CND, American Crew and Creme of Nature.
In 2016, Revlon acquired Elizabeth Arden for $870 million, finishing the worldwide acquisition of Cutex.
In 2018, Debra Perelman, daughter of Ron Perelman, grew to become its first feminine CEO of Revlon.
With inputs from businesses
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