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Revlon, Inc., is an American multinational company dealing in cosmetics, skin care, perfume, and personal care. The headquarters of Revlon was established in New York City on March 1, 1932, where it remains. Revlon was founded by brothers Charles and Joseph Revson, and chemist Charles Lachman. Revlon products are sold in 150 countries and the company has many global locations including Mexico City, London, Paris, Hong Kong, Indonesia, Sydney, Singapore, and Tokyo.

Key Information

In June 2022, Revlon filed for Chapter 11 bankruptcy.[3] It emerged from bankruptcy in May 2023.

History

[edit]

Founding and Charles Revson control (1932–1975)

[edit]

Revlon was founded in New York City on March 1, 1932, in the midst of the Great Depression, by Jewish American brothers Charles Revson and Joseph Revson along with a chemist, Charles Lachman, who contributed the "L" in the Revlon name.[4] The three men started with one single product, a new type of nail enamel[4] and pooled their resources to develop a unique manufacturing process. Using pigments instead of dyes, Revlon developed a variety of new shades of nail enamel.[4] In 1937, Revlon started selling the polishes in department stores and pharmacies. In six years, the company became a multimillion-dollar organization. By 1940, Revlon offered an entire manicure line and added lipstick to the collection. During World War II, Revlon created makeup and related products for the United States Army, which was honored in 1944 with the Army-Navy "E" Award for Excellence. [citation needed]

By the end of World War II, Revlon was the number two cosmetics producer in the United States.[5] Expanding its capabilities, the company bought Graef & Schmidt, a cutlery manufacturer seized by the government in 1943 because of German business ties. This acquisition made it possible for Revlon to produce its own manicure and pedicure instruments instead of buying them from outside supply sources. [citation needed]

Stock market

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On February 28, 1996, Revlon was listed on the New York Stock Exchange as a public limited company.[6] The IPO price was $24 per share.[6]

Divisions

[edit]

In the 1960s, Revson segmented Revlon Inc. into different divisions, each focusing on a different market. He borrowed this strategy from General Motors. Each division had its own target customer:[7]

Early acquisitions

[edit]

In 1957, Revlon acquired Knomark, a shoe-polish company, and sold its shoe-polish line Esquire Shoe Polish in 1969. Other acquisitions, such as Ty-D-Bol, the maker of toilet cleansers, and a 27 percent interest in the Schick electric shaver company, were soon discarded. Evan Picone, a women's sportswear manufacturer with a price tag of $12 million in 1962, was sold back to one of the original partners four years later for $1 million. However, the 1967 acquisition of the U.S. Vitamin and Pharmaceutical Corporation made Revlon a leader in diabetes drugs.

The company began to market its products overseas at the end of the 1950s. By 1962, when Revlon debuted in Japan, there were subsidiaries in France, Italy, Argentina, Mexico, and Asia. In Japan Revlon used its basic U.S. advertising and models instead of adapting its advertisements and using Japanese models. Sales for 1962 came to $164 million.

In 1968, Revlon introduced Eterna27, the first cosmetic cream with an estrogen precursor called Progenitin (pregnenolone acetate). Later Revlon launched Braggi Pub, Bill Blass for men, and a line of wig maintenance products called Wig Wonder.[7][8] In 1970, Revlon acquired the Mitchum line of deodorants.[9] In 1971, Flex shampoo and conditioner were introduced. In 1973, Revlon introduced Charlie perfume. It was aimed at people under 30 and promoted by model Shelley Hack who was wearing trousers in the advertisements.[citation needed] Shelley Hack appeared on Oprah in 2007 to talk about the power of the Charlie advertisements.[10]

After the introduction of Charlie, Revlon's net sales figures were $506 million in 1973 and $606 million the following year.

Jontue perfume also sold well.[clarification needed] Revlon also owns the perfume brand Jean Nate.[11]

Models

[edit]

In 1973, model Lauren Hutton signed an exclusive modeling contract, agreeing to pose for Revlon's Ultima line for $400,000 for two years, and was portrayed on the cover of Newsweek.[12] Richard Avedon was signed on as the exclusive photographer for the brand.[13]

Michel Bergerac control (1975–1985)

[edit]

In 1975, Charles Revson died. Michel Bergerac, whom Revson had hired as president of the company, continued to expand the company holdings. Revlon acquired Coburn Optical Industries, an Oklahoma-based ophthalmic and optical processing equipment and supplies manufacturer. Barnes-Hind, the largest U.S. marketer of hard contact lens solutions, was bought in 1976 and strengthened Revlon's share of the eye-care market. Revlon purchased Armour Pharmaceutical Company, a division of Armour and Company, from The Greyhound Corporation in 1977. Other acquisitions included the Lewis-Howe Company, makers of Tums antacid in 1978. These health-care operations helped sales figures surpass the $1 billion mark in 1977, bringing total sales to $1.7 billion in 1979.

In the mid-1980s, Revlon lost ground to Estée Lauder, and Armour Pharmaceutical's haemophilia product "Factorate" infected many people worldwide with HIV and hepatitis C.[14][15] Estee Lauder spent millions of dollars on numerous magazine ads featuring Czech supermodel Paulina Porizkova, shot by famed Chicago fashion photographer Victor Skrebneski. Revlon's share dropped from 20 percent to 10 percent of department store cosmetics sales. Sales at the drugstore also declined as Revlon lost shares to Noxell's Cover Girl brand. Revlon compensated with more acquisitions; Max Factor, Ellen Betrix, Charles of the Ritz, Germaine Monteil, Almay, Fermodyl, Lancaster, Aziza, and Halston. The 1977 acquisition of Carlos Colomer, a Spanish professional beauty supply distributor, brought Fermodyl and Roux and helped introduce Revlon to the world of ethnic care: Creme of Nature, Realistic, Lovely Color and Milk and Honey. In 1983 the company attempted an unsuccessful hostile takeover of Gillette. In 1989, Revlon became one of the first companies to replace animal tests with alternative safety testing methods.[16]

Revlon counter in New Zealand department store Farmers

Ronald Perelman control (since 1985)

[edit]

On November 5, 1985, at a price of $58 per share, totaling $2.7 billion, Revlon was sold to Pantry Pride (later renamed to Revlon Group, Inc.), a subsidiary of Ronald Perelman's MacAndrews & Forbes. The buyout—engineered with the help of junk bond king Michael P. Milken—saddled Revlon with a huge $2.9 billion debt load, which became an albatross around the company's neck for years to come. Pantry Pride Inc. offered to buy any or all of Revlon's 38.2 million outstanding shares for $47.5 a share when its street price stood at $45 a share. Initially rejected, he repeatedly raised his offer until it reached $53 a share while fighting Revlon's management every step of the way. Forstmann Little & Company swooped in at $56 a share, a brief public bidding war ensued, and Perelman triumphed with an offer of $58 a share. Perelman paid $1.8 billion to Revlon's shareholders, but he also paid $900 million of other costs associated with the purchase.[17] Perelman filed suit in the Delaware Court of Chancery to force Revlon to accept Perelman's offer, and the resulting appellate decision, Revlon v. MacAndrews & Forbes Holdings, was a landmark case in determining the obligations of public company directors in hostile takeover situations under Delaware law.

Perelman had Revlon sell four divisions: two for $1 billion, the vision care division for $574 million, and the National Health Laboratories division which became a publicly owned corporation in 1988. Additional make-up lines were purchased for Revlon: Max Factor in 1987 and Betrix in 1989, later sold to Procter & Gamble in 1991.[18] Also in 1991, Revlon sold the Clean & Clear brand to Johnson & Johnson.

Timeline (2013-2024)

[edit]

2013

  • In August, Revlon Consumer Products Corp. bought the Colomer Group from CVC Capital Partners, a private equity firm, for $660 million.[19]
  • After suffering business loss in 2011 and 2012, at the end of 2013, Revlon announced that it will exit the Chinese market, which employs 1,100 people. The business in China accounted for just 2 percent portion of net sales of Revlon's international operations.[20]
  • On November 1, Revlon named Lorenzo Delpani as president and CEO.[21]

2014

  • In March, Revlon announced leaving midtown to relocate its headquarters to the top two floors of One New York Plaza.[22]
  • On September 22, Revlon's board of directors elected Roberto Simon as executive vice president and chief financial officer, effective as of Sept. 30.[23]

2015

  • On April 30, Revlon completed the acquisition of U.K. based fragrance management company CBBeauty including its U.K. distributor SAS & Company.[24]

2016

2017

  • In January 29, the company announce that CEO Fabian Garcia would leave the company at the end of February. Board member Paul Meister would become executive vice chairman of the board and run the day-to-day operations.
  • A quarterly report from the end of 2017 estimated its quarterly loss falling approximately between $60 million and $80 million.[29]

2018

  • In May, the company announced the appointment of Debra Perelman, the daughter of Ronald Perelman, to the position of chief executive officer. She was the first ever female CEO of the company after serving as COO starting in January 2018 and serving on the board since 2015.[30]

2019

  • In January, Seeking Alpha published an article regarding trading anomalies on the Revlon stock (REV); it is under investigation.[31]

2020

  • In August, American bank Citi wrongly wired $900 million to creditors of Revlon. The wire sparked a "protracted legal fight". In October of the same year, the bank was fined $400 million by the US bank regulators as a result of their risk in control systems and was ordered to update their technology.[32]

2021

  • PETA removed Revlon and other high-profile cosmetic brands from its list of companies who do not test their products on animals after the organization learned they were paying Chinese laboratories to test their cosmetics on rabbits and other animals.[33]
  • On September 28, the UK's Infected Blood Inquiry heard evidence about Armour's use of hemophilia treatment products during the 1970s and 80s, which caused Hepatitis C and HIV infections, including its period under the control of Revlon Healthcare.[34]

2024

Bankruptcy protection

[edit]

On June 16, 2022, Revlon filed for Chapter 11 bankruptcy protection after struggling with debt, rising competition, supply chain challenges, and falling behind evolving beauty standards.[36][37] A few hours after the bankruptcy announcement, Revlon's shares lost more than 13% of their value.[38] According to a filing with the U.S. Bankruptcy Court for the Southern District of New York, Revlon listed assets and liabilities between $1 billion and $10 billion. Revlon which had been managed by Perelman's daughter Debra Perelman since mid-2018, had long-term debt of $3.31 billion as of March 31, 2022.[39] The company narrowly avoided bankruptcy in 2020 after restructuring its debt.[40] It was one of the last remaining holdings of Ronald Perelman.[41] Bloomberg News reported that the company's bankruptcy process could be "complicated by financial controversies."[42] MarketWatch quoted industry analysts and commentators as saying that bankruptcy would allow the firm a chance to refresh and regroup as it attempts to compete with newer brands, like Kylie Cosmetics or Fenty.[43] CNBC reported that Revlon's bankruptcy might be the start of broader bankruptcy problems for the retail sector.[44] It was delisted from the NYSE on October 21, 2022.[45] In December 2022, Revlon announced plans to raise $650 million in equity and transferring majority of the ownership to senior leaders. The company also announced plans to wipe out the interests of Ronald Perelman by striking an agreement with creditors to give lenders and bondholders ownership of the bankrupt cosmetics maker.[46][47]

In February 2023, Revlon reached a lender settlement that would allow the company to exit from bankruptcy by April.[48]

Advertising

[edit]
Tram with Revlon advertising in Hong Kong, June 2007

Until the 1940s, Revlon's magazine ads were drawn by hand and mostly in black and white. In 1945, Revlon began launching full-color photographic advertisements in major magazines and stores across the country. Revlon introduced matching nail polish and lipsticks with exotic and unique names. These ads were taken by the top fashion photographers of the day including Richard Avedon, Cecil Beaton, and John Rawlings. Some of these ads were for "Paint the Town Pink" and 1945's "Fatal Apple" with Dorian Leigh. In 1947, Revlon introduced "Bachelor's Carnation" and in 1948, "Sweet Talk".[citation needed]

In 1950, Revlon introduced a red lipstick and nail enamel called "Where's the Fire?", and later used "Fire and Ice" ads. One of the world's first supermodels, Dorian Leigh, starred in some of Revlon's most memorable advertisements of all time. In 1946, Dorian was covered in purple flowers and wrapped in a pale purple sheet for "Ultra Violet." In 1947, Dorian appeared in "Fashion Plate." In 1953, at the age of 36, she appeared in "Cherries in the Snow." Later that year she appeared in the legendary "Fire and Ice" ad shot by Richard Avedon. Originally, Dorian appeared in a tight, silver-beaded dress with an enormous red wrap. Her black hair had a silver swirl in it and she had her hands, with long red nails, positioned in front of her breasts. Charles Revson rejected Avedon's original ad as "too sexual."[49] They re-shot the ad, this time with her open hand in front of one hip, the other in front of her cheek. The advertisement became and advertising legend because of the full-page quiz next to the sensual ad. Almost 50 years later, in November 2010, Revlon re-created 1953's "Fire and Ice" magazine ad with actress Jessica Biel, and announced that they were issuing a limited-edition Fire and Ice lipstick and nail color, calling this campaign, "lips and tips."

Dorian Leigh's 15-years-younger red-headed sister, Suzy Parker, also shot numerous Revlon magazine ads in the 1950s. Suzy and Charles Revson, who wanted to marry Dorian at some point, despised each other. At one point, he refused to hire Suzy anymore because she complained about the "peanut" paycheck she received from Revlon. Richard Avedon, however, after photographing other models for a particular Revlon ad, would call in Suzy at the last minute, sometimes late at night, to do re-takes with him. This happened with "Stormy Pink," an ad Suzy shot very late at night with a wild white horse in the ocean. Avedon would then tell Revson that it was not Suzy in the ad, but a model named "Bubbles" or another made-up name.[50]

In 1970, Revlon became the first American cosmetics company to feature an African American model, icon Naomi Sims, in their advertising.[51] In the late 1970s, Revlon also made history when it created their line of cosmetics, specifically for women of color, called "The Polished Ambers Collection" and selected fashion model icon Iman to be featured in the advertising campaigns. Revlon was also noted for featuring models of a wide age range in the 1980s, including 13-year-old Milla Jovovich and 60-year-old Audrey Hepburn.[52] Despite the successful campaigns of the 1980s and 1990s featuring models, in particular Cindy Crawford, Revlon decided to drop fashion models and focus on movie stars, among them Kate Bosworth, Jaime King, Halle Berry, Susan Sarandon, Melanie Griffith, Julianne Moore, Eva Mendes, Jessica Alba, Jennifer Connelly, Beau Garrett, Jessica Biel, Olivia Wilde, Emma Stone and Bond girls.[53] In 2009, Australian supermodel Elle Macpherson became one of a long line of spokesmodels for the company. American actress Jessica Biel modeled for the brand, first shown in advertisements in January 2010.[54]

In 2008, celebrity makeup artist Gucci Westman was hired as Revlon's Global Artistic Director, representing the company at runway shows and brand events and designing collections.[55] In 2017, Gwen Stefani became the global ambassador of the cosmetic brand.[56] In 2020, Korean-American singer, actress and fashion designer Jessica Jung was announced as the new global ambassador for the company.[57] In 2023, the digital artist Nailea Devora became the new Revlon Global Brand Ambassador.[58] In January 2024, Madelyn Cline became Revlon's Global Brand Ambassador.[59][60][61]

Philanthropy

[edit]

Revlon is a corporate sponsor of several charity projects. The largest of these is the Revlon Run Walk, founded in 1994, in partnership with the Entertainment Industry Foundation.[62] It is a run and walk event held in New York and Los Angeles to raise money and awareness for breast and ovarian cancer, which has raised and distributed more than $70 million to women's cancer research and support programs since its inception. Revlon also supports other cancer charities such as Look Good Feel Better and the National Breast Cancer Coalition and operates a mobile mammography clinic in and around Oxford, North Carolina, where the company's primary manufacturing operations are located.[63] In 1996, Revlon supported the development of a breast center at the University of California, Los Angeles. Renamed Revlon/UCLA Breast Center, the center is a well-known institute for treatment and research of breast cancer and other breast diseases and disorders.[64] A Revlon lip gloss shade whose proceeds support Revlon's cancer charities was also created in 2009.[citation needed]

In September 2010, Revlon, with global artistic director Gucci Westman and spokesmodel Halle Berry hosted an event at Fashion's Night Out in New York City to raise funds for the Jenesse Center, a Los Angeles organization for domestic violence victims.[65] Revlon also hosted luncheons and various other events to benefit the center and partnered with then-online retailer drugstore.com to donate portions of lipstick sales to the organization.[66]

In September 2015, Revlon donated $1 million through its LOVE IS ON million-dollar challenge dedicated to women's cancer, heart disease, and diabetes.[67] In 2016, hosted its second LOVE IS ON million-dollar challenge to raise for women's health-related causes.[68][69]

In 2018, the company launched an Employee Volunteer Program (EVP) which was created to provide each full time U.S. employee with eight hours of time to engage in community service.[70]

Controversies

[edit]

Quiz Show Scandal (1950s)

[edit]

In the 1950s, Revlon sponsored the TV Quiz Show The $64,000 Question, an alliance that tripled cometic sales. Charles Revson allegedly pressured producers to coaching popular contestants that boosted publicity for Revlon's ads. Suspicion rose after Joyce Brothers won by answering boxing questions, though she was not implicated in cheating. Congressional hearings in 1958 revealed widespread rigging across networks, prompting cancellations and leading to the 1960 Communications Act's ban on fixing broadcast contests.[71][72]

Pharmaceutical Health Scandal (1970s–80s)

[edit]

From 1977 to 1986, Armour Pharmaceutical, a company owned by Revlon, manufactured plasma-based treatments for hemophilia. During this time, thousands of patients worldwide were infected with HIV and hepatitis C after using the products.[73][74]

Hair Relaxer Lawsuit (2024)

[edit]

Revlon and other cosmetics companies were sued after a U.S. government study linked chemical hair relaxers to higher risks of uterine cancer. Thousands of women, many of them Black consumers, alleged that manufacturers failed to warn them about potential dangers despite long-term marketing toward communities of color. In 2024, a federal judge allowed a class action to proceed for reimbursement claims, while separate lawsuits accuse the companies of negligence, defective design, and inadequate safety warnings.[75][76][77]

See also

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References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Revlon

View on Grokipedia
from Grokipedia

Revlon is an American multinational corporation specializing in cosmetics, skincare, fragrances, and personal care products. Founded in 1932 by brothers Charles Revson and Joseph Revson, along with chemist Charles Lachman, the company initially focused on innovative opaque nail enamel, which it sold door-to-door before expanding distribution to salons and department stores. Revlon grew rapidly through product diversification and aggressive marketing, becoming a global leader in color cosmetics and introducing milestones such as the Charlie fragrance in 1973 and the first use of a Black model, Naomi Sims, in its advertising in 1970. The company went public in 1955 and expanded via acquisitions, but accumulated substantial debt exceeding $3 billion from leveraged buyouts and later supply chain disruptions during the COVID-19 pandemic. In June 2022, Revlon filed for Chapter 11 bankruptcy protection amid liquidity shortages, marking a significant downturn for the once-dominant brand. It emerged restructured in May 2023 as Revlon Group Holdings, having reduced debt by $2.7 billion through lender takeover and secured $236 million in exit financing to support operations. Post-bankruptcy, the company has pursued turnaround strategies, including revitalizing core brands and reporting sales increases in markets like the and by 2025. Defining characteristics include its emphasis on bold, accessible , though it has faced controversies such as executive lawsuits alleging and safety , as well as campaigns questioning safety, which Revlon has contested as misleading.

History

Founding and Charles Revson Era (1932–1975)

Revlon was founded on March 1, 1932, in by brothers and Joseph Revson, along with chemist Charles R. Lachman, during the . The trio initially operated under the name Revson Brothers, pooling a modest investment to produce and sell a pigmented nail enamel that offered superior opacity and longevity compared to dye-based competitors, marking an in the cosmetics industry. The company name "Revlon" derived from "Rev" (from Revson) and "lon" (from Lachman). Early sales were limited, totaling $4,055 in 1932 and rising to $68,000 by 1934, primarily through distribution to beauty salons. The company incorporated as Revlon Products Corporation in 1933 and expanded its advertising efforts, placing its first national ad in magazine in 1935 with a to target affluent consumers. By 1937, Revlon broadened distribution to department stores and salons, introducing coordinated shades. Product lines grew to include in 1939 or 1940, driving sales to $2.8 million that year, more than double the prior period's figure. , drawing on his prior experience in dress sales, emphasized premium quality, fashion-forward colors, and aggressive marketing, which fueled rapid expansion despite economic challenges. Under Revson's leadership as president from 1932 to 1962—and subsequently as chairman—Revlon went public in December 1955, with shares opening at $12 and climbing to $30, coinciding with sponsorship of the television quiz show [The 64,000 Question](/page/The_64,000_Question), which propelled sales from $33.6 million to $51.6 million. The 1952 "Fire and Ice" campaign, featuring model and partnering with Vogue, further boosted sales to $25.5 million by highlighting coordinated lipstick and nail products. International expansion began in 1955, with subsidiaries established in , , and by the early 1960s; sales reached approximately $164 million by 1962 and $110 million by 1959. Revlon diversified into with ColorSilk in the mid-1960s and made acquisitions, including U.S. Vitamin & Pharmaceutical Corporation for $67 million in 1966 and Mitchum Co. in 1970, while pioneering inclusive advertising by featuring Black model . In the early 1970s, Revlon launched the Charlie fragrance in 1973, which became the world's top-selling scent and contributed to sales of $506 million that year, rising to $606 million by 1974. Charles Revson, who had transformed a niche nail product venture into a leading cosmetics firm through relentless focus on innovation and branding, died on August 24, 1975, after battling health issues, ending his direct oversight of the company.

Expansion under Michel Bergerac (1975–1985)

Following the death of founder on August 24, 1975, Michel C. Bergerac, previously president of International Telephone and Telegraph's European operations, was appointed president and of Revlon on September 1, 1975, with Revson's explicit endorsement as successor. At the time of Revson's passing, Revlon reported net sales of $749.8 million and net earnings of $62.6 million for 1975. Bergerac inherited a company heavily reliant on amid intensifying competition in that sector, prompting a strategic shift toward diversification to stabilize and expand revenue streams. Bergerac aggressively pursued acquisitions outside core cosmetics, completing at least 11 major deals to enter , vision products, pharmaceuticals, and , thereby reducing dependence on fluctuating trends. His first significant purchase was Coburn Optical Industries in 1975, a manufacturer of precision optical including production tools, which broadened Revlon into vision care. Subsequent acquisitions included Armour Pharmaceutical Company, enhancing capabilities in medical diagnostics and drug manufacturing, along with other health-related firms producing and related products. In 1979, Revlon acquired Henry Colomer S.A., a Spanish firm specializing in salon products, leading to the launch of the Revlon line for . These moves expanded Revlon's international footprint, particularly in and pharmaceuticals, while integrating synergistic operations like optical and health divisions. The diversification strategy drove rapid financial growth: health care operations propelled sales past $1 billion by 1977, with net earnings peaking at $192 million in amid enhanced and advertising investments. Earnings later moderated to $111 million by 1982, stabilizing around that level through 1984 as cosmetics faced market saturation, but the segment's expansion mitigated volatility. By 1985, the division accounted for 66% of Revlon's total profits, underscoring the success of Bergerac's pivot from a cosmetics-centric model to a broader conglomerate structure. This era transformed Revlon into a more resilient entity, though it set the stage for later pressures amid mounting acquisition-related debt.

Ronald Perelman Ownership and Diversification (1985–2015)

In November 1985, , through his company Pantry Pride (a of Holdings), completed a hostile takeover of Revlon for approximately $2.7 billion, acquiring shares at $56 to $58 each and taking the company private amid heavy leveraged debt of $2.9 billion. This acquisition marked the end of Revlon's independent public status under prior management and initiated Perelman's control, focused initially on restructuring to service the buyout debt while leveraging Revlon's core assets. To expand Revlon's portfolio within the sector, Perelman pursued acquisitions of complementary in the late 1980s. In late 1986 (finalized in 1987), Revlon acquired , Almay, and Halston fragrances from Playtex Holdings for about $300 million to $345 million, enhancing its offerings in , hypoallergenic products, and designer scents. In 1989, Revlon further diversified by purchasing Betrix, a German makeup and fragrance firm, for $170 million, aiming to strengthen European market presence and broaden product lines in prestige and mass-market segments. These moves represented an effort to diversify Revlon's revenue streams beyond its traditional nail enamel and lipstick focus, incorporating skincare, haircare adjacencies, and international fragrances to capture greater market share against competitors like Estée Lauder and . Debt pressures from the prompted Perelman to divest non-core assets, effectively refocusing rather than broadly diversifying outside beauty. Between 1987 and 1988, Revlon sold its healthcare and eyecare divisions, recovering approximately $1.5 billion, including $574 million from for eyecare operations. In 1991, to alleviate ongoing financial strain, Revlon offloaded and Betrix to for $1.14 billion, retaining core brands like Almay while using proceeds to reduce debt. Additional sales in 2000 included the professional products division and the Plusbelle line, further streamlining operations toward consumer-facing cosmetics and fragrances. Under Perelman's oversight, Revlon emphasized and to sustain growth amid competitive pressures. Advertising expenditures rose to $200 million by 1992, supporting campaigns for expanded lines in skincare and color . Product launches included the long-wear ColorStay in 1994 and Age Defying skincare, targeting aging demographics and department store channels via partnerships like those with JCPenney and for Ultima II. In 1996, Revlon returned to public markets through an IPO raising $150 million, though Perelman maintained 99.7% voting control via . By 2003, the company implemented the Destination Model strategy to cut costs, optimize supply chains, and boost profitability, amid net sales of $1.29 billion. Financial performance remained challenged by persistent debt servicing, which often outpaced operating ; in , debt payments totaled $114.4 million against $51.5 million in operating income, while 1995 saw $1.94 billion in but $137.7 million in debt service. erosion to rivals contributed to volatility, with Revlon posting losses in several years post-acquisition. Perelman's control endured through 2015, marked by repeated efforts to refinance and explore strategic options, including a failed 2009 privatization bid, as the company navigated retail shifts and economic downturns without major further diversification beyond beauty essentials.

Strategic Acquisitions and Mounting Debt (2015–2022)

In June 2016, Revlon announced its acquisition of rival cosmetics company Elizabeth Arden for $870 million in cash, representing $14 per share and implying an enterprise value of approximately $1.03 billion including assumed debt and preferred stock. The deal, completed on September 7, 2016, aimed to expand Revlon's presence in skincare, fragrances, and prestige beauty segments, combining Revlon's color cosmetics strength with Elizabeth Arden's portfolio of celebrity-endorsed scents and premium products. This move was positioned as a strategic consolidation in a consolidating industry, with expectations of cost synergies and enhanced global distribution. To finance the transaction, Revlon secured approximately $2.6 billion in new debt commitments, including a $1.8 billion senior secured facility and a $400 million facility, alongside $450 million in senior secured notes issued by its consumer products subsidiary. This leverage significantly elevated Revlon's overall debt burden, transforming a previously manageable load—controlled through operational margins from 2009 to 2015—into a structural vulnerability. The acquisition-related borrowing, which grew through subsequent refinancings and interest accruals, exemplified Revlon's aggressive expansion strategy but prioritized short-term portfolio growth over debt sustainability. Over the ensuing years, Revlon's debt continued to mount, reaching over $3 billion by 2022, as the integration failed to generate sufficient to offset high interest expenses and principal obligations. Minor acquisitions, such as Cutex nail products in 2016 for an undisclosed amount, added to the portfolio but did not materially alleviate leverage pressures. Frequent debt refinancings, including extensions on term loans tied to the 2016 facilities, provided temporary but at higher costs, perpetuating a cycle of escalating obligations amid stagnant revenue growth in core segments. By mid-2022, this accumulation rendered Revlon unable to meet vendor payments and covenant tests, culminating in its Chapter 11 filing on 16, 2022, with liabilities exceeding $3.5 billion.

Bankruptcy Filing and Restructuring (2022–2023)

On June 15, 2022, Revlon Inc. and certain subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Code in the U.S. Bankruptcy Court for the Southern District of New York, listing approximately $3.7 billion in total liabilities against $2.3 billion in assets. The filing was precipitated by persistent supply chain disruptions that inflated raw material costs, intensified competition from lower-priced cosmetic startups and brands, and an unsustainable burden accumulated from prior leveraged buyouts and operational challenges. The company continued operations as a debtor-in-possession, securing court approval for $1.4 billion in on August 1, 2022, to support ongoing activities amid the proceedings. Revlon's restructuring efforts centered on negotiating a prepackaged plan with key creditors, primarily secured lenders holding term loans, which aimed to eliminate over $2.7 billion in debt through debt-for-equity swaps and rights offerings. The plan, which transferred majority ownership to these lenders and provided $44 million in distributions to unsecured creditors, was confirmed by the bankruptcy on April 3, 2023. Revlon emerged from on May 2, 2023, as Revlon Group Holdings LLC, with approximately $1.5 billion in remaining , $236 million in exit liquidity funded by a $650 million equity rights offering from sponsors, and a restructured intended to enhance financial flexibility. The process concluded without significant operational disruptions, though it marked the end of Revlon's public trading status and shifted control to private lender ownership.

Post-Emergence Operations as Private Entity (2023–present)

Upon emerging from Chapter 11 bankruptcy on May 2, 2023, Revlon operated as Revlon Group Holdings LLC, a privately held entity controlled by a of its former secured lenders, having eliminated over $2.7 billion in debt and simplified its capital structure to $1.5 billion in funded debt alongside $236 million in cash reserves. The company retained its core portfolio of , fragrances, and , prioritizing operational streamlining, stabilization, and investment in flagship brands like Revlon and to drive profitability amid competitive pressures from and indie beauty rivals. Leadership transitioned to support turnaround efforts, with Liz Smith serving as interim CEO following the emergence before Michelle A. Peluso, formerly executive vice president at CVS Health, was appointed CEO effective November 4, 2024, and joined the board to oversee holistic transformation, including digital innovation and . Peluso's strategy emphasized revitalizing the Revlon brand—dating to —through product innovation, targeted marketing, and cost efficiencies, while leveraging data analytics for consumer insights in a market shifting toward clean beauty and personalization. Key operational moves included securing a senior secured asset-based credit facility in October 2024, which facilitated $43 million in proceeds from asset sales in the U.S., U.K., and during Q3 2024, bolstering for growth initiatives without diluting equity. However, continued with the May 2025 announcement of closing its Westside manufacturing facility in , eliminating 127 positions to consolidate production and reduce overhead amid ongoing efforts to align capacity with demand. These actions reflected a focus on financial discipline, with private status shielding detailed metrics from public disclosure but enabling agile decision-making unburdened by prior leveraged buyout-era obligations.

Products and Brands

Core Cosmetics Lines

Revlon's core lines center on its proprietary color portfolio, emphasizing , face, nail, and eye products developed under the flagship Revlon brand since its inception. The company launched with nail enamel in , utilizing opaque, cream-based formulas derived from automotive technology to provide durable, high-pigment coverage that set industry standards for vibrancy and . color soon followed as a staple, with early innovations focusing on matched shades to complement nail products, establishing Revlon's emphasis on coordinated, accessible essentials sold through mass-market channels. The ColorStay line debuted in 1991 with transfer-resistant , marking Revlon's entry into long-wear and claiming the first non-smudging formula in its category. Expanded by 1994 to encompass , powders, and eye products, ColorStay prioritizes all-day endurance through oil-free, matte compositions that resist fading, creasing, or transfer, capturing significant in long-lasting makeup segments. These products incorporate skin-matching and buildable coverage, appealing to consumers seeking practical, performance-driven options over luxury pricing. Super Lustrous represents Revlon's enduring lipstick franchise, offering moisturizing formulas enriched with conditioning agents—comprising up to 80% emollients—for creamy application that smooths lip lines and delivers pearl or finishes across over 160 shades. This line maintains cult status for its balance of affordability and high-impact pigmentation, with variants like pearl-infused options enhancing luminosity without drying effects common in budget alternatives. PhotoReady, a more contemporary face-focused collection, features lightweight foundations, primers, and setting powders engineered for natural-finish coverage that blurs imperfections while incorporating anti-pollution barriers and hydrating elements for extended wear under lighting conditions. Integrated eye products, such as waterproof liners and volumizing mascaras often bundled with ColorStay technology, round out the core offerings, prioritizing empirical formulation advancements like SPF integration and shade inclusivity across undertones. These lines collectively underpin Revlon's position in mass-premium , deriving from iterative R&D on stability and consumer-tested wear metrics rather than trend-driven relaunches.

Acquired Brands and Portfolio Expansion

In October 2013, Revlon completed the acquisition of The Colomer Group for approximately $660 million, reuniting the company with its previously divested professional products division and expanding its portfolio into salon-focused , nail, and men's grooming segments. The deal incorporated key brands such as Creative Nail Design (CND) for professional nail polishes and enhancements, American Crew for men's hair styling and grooming products, Creme of Nature for ethnic , and Revlon Professional for color and treatment lines, alongside international brands like Intercosmo, Orofluido, and UniqOne. This acquisition diversified Revlon's offerings beyond mass-market consumer cosmetics into the higher-margin professional channel, targeting salons and barbershops with specialized formulations. The most significant expansion occurred in September 2016, when Revlon acquired for an enterprise value of $870 million, or $14 per share in cash, integrating a portfolio of prestige fragrances, skincare, and celebrity-endorsed beauty products. contributed iconic lines such as the Red Door fragrance franchise, designer scents from partnerships with brands like and , and skincare collections emphasizing anti-aging and ceramide-based technologies, thereby broadening Revlon's reach into the luxury and department store fragrance markets. The combined entity enhanced distribution synergies across over 150 countries, with 's prestige focus complementing Revlon's color strength, though integration challenges emerged due to overlapping operations. These acquisitions transformed Revlon's brand portfolio from a primarily mass-market leader into a multi-category player encompassing tools, men's products, ethnic , nail innovations, and prestige fragrances, increasing the total number of owned brands to over a dozen by 2017. Earlier efforts, such as the 1966 purchase of U.S. & Pharmaceutical, had laid groundwork for diversification into pharmaceuticals, but post-2013 moves emphasized beauty subsectors with higher growth potential in and prestige arenas. The expansions aimed to capture synergies in and global retail presence, though they coincided with rising leverage from acquisition financing.

Marketing and Advertising

Early Advertising Strategies

Revlon's inaugural advertising effort occurred in 1935 with a single placement in magazine, backed by a modest of $335, as the company sought to introduce its opaque, cream-based nail enamel to a discerning audience. This enamel represented a technological advancement over competitors' transparent, dye-based formulas, offering full nail coverage and longevity, which early campaigns highlighted as a key differentiator. , the driving force behind the brand, emphasized premium positioning from the outset, targeting beauty salons with exclusive distribution agreements to build prestige before broader retail expansion. By mid-1936, Revlon escalated its print advertising with monthly full-color, illustrated double-page spreads in high-end publications such as Vogue, featuring glamorous depictions of socialites, models, and endorsements from designers like . These ads promoted the product as an "aristocrat among nail polishes" designed to "distinguish your hands" and match outfits or personal coloring, texture, and contour, thereby aligning with trends rather than mere utility. Seasonal promotions tied shade introductions—using evocative names like Fatal Apple or Kissing Pink—to clothing palettes, fostering the innovative concept of coordinated beauty that elevated nail enamel to a . In 1940, Revlon extended this strategy to lipsticks, launching a full-color campaign that introduced matching lip-and-fingertip shades with the "Always, on smart lips as on smart fingertips, Revlon color is fashion-right." This move capitalized on growing consumer demand for synchronized looks, contributing to sales growth exceeding 600% from $4,055 in 1932 to $2.8 million by 1940, primarily driven by Revson's aggressive philosophy of quality, glamour, and trend leadership over mass-market discounting. The focus on upscale media and aspirational imagery avoided drugstore , establishing Revlon as a luxury contender in a competitive field dominated by lower-end rivals.

Celebrity Endorsements and Campaigns

Revlon's advertising strategy has long emphasized celebrity endorsements to associate its cosmetics with glamour and aspiration, beginning with high-profile models in the mid-20th century. The company's 1952 "Fire and Ice" lipstick and nail enamel campaign, developed in partnership with Vogue magazine and photographed by Richard Avedon, prominently featured model Dorian Leigh, who answered provocative quiz questions in promotional materials to generate buzz and sales exceeding $4 million in the first year. This approach marked an early use of celebrity imagery to drive product launches, setting a precedent for Revlon's marketing. In 1960, the "The American Look" global campaign highlighted model Suzy Parker to promote Revlon's beauty ideals. By the 1970s, Revlon expanded inclusivity in its ads by featuring African American model in 1970, followed by signing as its first official brand ambassador in 1973 to represent multiple product lines. The 1980 "The Most Unforgettable Women in the World" campaign, again photographed by Avedon, elevated supermodels such as Iman and to embody Revlon's prestige, shifting focus from anonymous models to recognizable faces for broader appeal. This era continued into the 1990s with extended partnerships, including 's 11-year contract promoting lines like ColorStay lipstick and Unforgettable fragrance, alongside Claudia Schiffer in campaigns such as the 1992 series and Revlon's Raisin Rage promotion. In 1996, actress joined as a long-term ambassador, appearing in ads emphasizing empowerment and featured in campaigns like "Love Is On." In the early 2000s, Revlon briefly pivoted away from major celebrities like Crawford in 2001 to utilize lesser-known models for cost efficiency, but reversed course by 2002 to reinstate celebrity-led advertising amid competitive pressures. Subsequent decades saw a diversification toward actors and influencers, with and signed as ambassadors in 2011 for targeted product endorsements. The 2016 partnership with singer and artist initiated a focus on influence and mass awareness. The 2018 "Live Boldly" campaign featured a roster including model , activist , and models and to promote self-expression across demographics. Recent endorsements have incorporated film and music stars for digital-era reach, such as actress in 2018 for global promotions, in 2020 emphasizing youthful vibrancy, and rapper in 2023 for ColorStay Suede Ink lipstick targeting younger consumers via and TV spots. Model expanded her role in 2025 to front ColorSilk hair color and ColorStay foundation campaigns, highlighting affordability and longevity. Actress was named a global ambassador in 2024, aligning with Revlon's push for relatable, bold imagery in social media-driven marketing. These partnerships reflect Revlon's adaptation to evolving media landscapes while maintaining a core emphasis on aspirational figures to sustain brand visibility amid financial challenges.

Corporate Leadership and Governance

Key Executives and Ownership Transitions

Revlon was founded in 1932 by brothers and Joseph Revson, along with chemist Charles Lachman, with serving as the dominant figure in leadership for over four decades. Revson acted as president from 1932 to 1962 and then as chairman until his death in 1975, steering the company through expansion into nail enamel and lipstick lines while maintaining tight personal control over operations. Following Revson's passing, Michel Bergerac assumed the role of CEO from 1975 to 1985, during which Revlon pursued diversification into pharmaceuticals and health care, though these ventures contributed to financial strain. In 1985, investor acquired Revlon through a via his MacAndrews & Forbes, transitioning it to private ownership and installing himself as a key controlling figure. later took Revlon public again in the while retaining significant influence, but the company's became heavily leveraged under his oversight. In 2018, Perelman's daughter, Debra Perelman, was appointed CEO, marking Revlon's first female chief executive in its then-86-year history; she focused on and brand revitalization amid declining sales. Revlon's Chapter 11 filing in June 2022 stemmed from over $3.3 billion in , primarily from acquisitions and supply chain disruptions, leading to a restructuring where equity holders, including , were wiped out. The company emerged from on May 2, 2023, as a private entity owned predominantly by its former senior secured lenders, such as Glendon Capital Management, , and Angelo Gordon & Co., with reduced by approximately $2.7 billion and a new board installed. Debra Perelman stepped down as CEO in August 2023, succeeded by Liz Smith as interim CEO, who emphasized operational streamlining. In October 2024, Michelle Peluso, formerly of , was named permanent CEO, bringing expertise in consumer retail and technology to drive post-emergence growth strategies. As of 2025, Peluso leads alongside executives including Will Cornock as and Amber Garrison as president of .

Board Composition and Decision-Making Critiques

Prior to its 2022 bankruptcy filing, Revlon's consisted of nine members, with six classified as independent under NYSE standards, though the qualified as a "controlled company" due to Incorporated—controlled by Chairman Ronald O. Perelman—holding approximately 86% of the company's voting power, which exempted it from certain requirements for board committees and director elections. Non-independent directors included Perelman, his daughter Debra Perelman (President and CEO), and E. Scott Beattie (non-executive Vice Chairman and former CEO). Independent directors, such as Alan Bernikow (former & Touche executive, chairing Audit and Compensation committees) and Ceci Kurzman ( Management president), brought financial and operational expertise, but critics argued the board's effective control by Perelman compromised objective oversight, prioritizing his interests over broader maximization. Decision-making critiques centered on the board's approval of debt-financed acquisitions that exacerbated Revlon's leverage without delivering proportional growth or synergies, leaving the company vulnerable to external shocks. For instance, the 2016 acquisition of for $870 million—primarily funded through new term loans and senior notes—pushed Revlon's debt above $3 billion by 2020, amid integration challenges and stagnant sales in a shifting market favoring and prestige brands over mass-market . The board's failure to aggressively deleverage or pivot to , despite warnings from declining s (e.g., a 20% drop in U.S. prestige fragrance sales by ), reflected risk-averse strategies influenced by Perelman's structure, which emphasized debt servicing over innovation. Analysts attributed this to weaknesses, including limited pushback from nominally independent directors beholden to the controlling , resulting in cumulative fiscal strain that culminated in the June 16, 2022, Chapter 11 filing with $3.7 billion in liabilities. Following emergence from on May 2, 2023, as a private entity owned by a consortium of lenders including , Revlon installed a new seven-member board comprising industry veterans such as former President Mary Beth LaBombard and ex-Bloomin' Brands CEO Elizabeth Smith, aimed at enhancing strategic agility and operational focus unencumbered by prior shareholder dominance. This addressed prior critiques by reducing Perelman's influence—his equity stake was effectively wiped out—and introducing directors with direct retail and experience to guide post-restructuring decisions, though long-term efficacy remains unproven amid ongoing market pressures.

Financial Performance

Revenue Growth and Peak Valuation

Revlon experienced significant revenue expansion in its early decades, driven by innovative nail enamel products and aggressive international following . By 1977, sales surpassed $1 billion, reaching $1.7 billion by 1979 amid diversification into and fragrances. Sales peaked at approximately $2.2 billion in 1980, reflecting a plateau after years of consistent growth from the company's 1932 founding. The 1980s marked a period of stagnation and decline, with revenue dropping to $1.6 billion by 1986 due to unsuccessful diversification, executive turnover after founder Charles Revson's 1975 death, and a 1985 by that refocused on core but burdened the company with debt. Post-buyout, revenue recovered modestly in the early , rising from $1.59 billion in 1993 to $1.94 billion in 1995 through asset sales like and operational streamlining. After going public via IPO on February 5, 1997, Revlon's hovered around $2 billion through the late before declining sharply to $1.11 billion by 2002 amid competitive pressures and economic downturns. A period of stabilization followed, with revenues fluctuating between $1.3 billion and $1.4 billion from 2006 to 2013. Growth resumed in the mid-2010s through strategic acquisitions, including the $870 million purchase of in 2016, propelling net sales to a modern peak of $2.69 billion in 2017—a 15.41% increase from $2.33 billion in 2016.
YearRevenue (USD Billion)Year-over-Year Change
19972.39+10.37%
20021.11-15.18%
20131.49+4.81%
20162.33+21.92%
20172.69+15.41%
Revlon's peak public occurred shortly after its 1997 IPO, reaching approximately $1.23 billion by early 1998, coinciding with a price high of $528.89 per share on , 1998. This valuation reflected investor optimism in the post-IPO phase under Perelman's control via majority-owned Class B shares, though the remained limited, constraining overall market cap relative to enterprise value. Subsequent dilutions and debt loads prevented sustained highs, with market cap declining to under $1 billion by the early .

Debt Accumulation and Fiscal Mismanagement

Revlon Inc.'s debt burden originated with Ronald Perelman's 1985 , in which he acquired the company for approximately $2.7 billion, a transaction financed largely through high-yield junk bonds and other debt instruments that immediately encumbered the balance sheet. Perelman, through his MacAndrews & Forbes, retained about 85% ownership, creating a structure where the operating company bore the leverage while upstream entities benefited from cash flows. This initial overleveraging set a precedent for fiscal decisions prioritizing debt service and related-party transactions over organic or reinvestment, as evidenced by persistent high interest expenses that strained cash flows amid stagnant revenue growth in mass-market . Subsequent debt accumulation stemmed from refinancings and acquisitions funded by additional borrowing, including the 2016 credit facilities and amendments that extended maturities but at elevated costs, reflecting Revlon's inability to access investment-grade financing due to its leverage profile. By 2020, total debt exceeded $3 billion, with a that deteriorated into negative territory as accumulated losses eroded shareholder equity, signaling chronic overreliance on borrowed funds without corresponding profitability improvements. Examples of mismanagement include allegations of value extraction, such as a 2020 by lenders claiming Revlon transferred $1.8 billion in collateral to affiliates, undermining protections, and SEC findings in 2013 that the board misled shareholders in a benefiting Perelman's entities. These actions, under Perelman's influence, diverted resources from core operations, contributing to underinvestment in and market against agile competitors. The compounding effects manifested in liquidity crunches, with Revlon repeatedly negotiating debt extensions—such as in late 2020 amid pressures—but failing to address root causes like high fixed obligations relative to EBITDA, which hovered below debt coverage thresholds. Fiscal decisions, including plans approved during distress (up to $21.1 million annually pre-bankruptcy), further prioritized insiders over , exacerbating the imbalance where debt service consumed over 50% of operating cash in peak years. This pattern of leveraged expansion without sustainable earnings growth, rooted in the LBO model, left Revlon vulnerable, with total liabilities reaching $3.7 billion by mid-2022.

Bankruptcy Impact and Debt Reduction

Revlon filed for Chapter 11 bankruptcy protection on June 16, 2022, amid mounting debt pressures from prior acquisitions and operational challenges, with long-term debt totaling $3.31 billion as of March 31, 2022. The filing enabled the company to maintain operations without immediate , securing to support ongoing business activities during the restructuring process. The U.S. Bankruptcy Court for the Southern District of New York confirmed Revlon's reorganization plan on April 3, 2023, which slashed over $2.7 billion in debt from the balance sheet, leaving approximately $1.5 billion in post-emergence obligations primarily to secured lenders. This restructuring converted significant creditor claims into equity, transferring ownership and control to a of lenders and firms, while providing $285 million in new liquidity to fund operations and investments. Existing shareholders received no recovery, effectively wiping out public equity value as the company delisted from the . Revlon emerged from as a privately held entity on May 2, 2023, with a simplified that reduced annual interest expenses and enhanced financial flexibility for potential recovery in the competitive market. The debt reduction addressed chronic overleveraging but highlighted vulnerabilities from earlier fiscal decisions, positioning the firm under lender oversight with a new board to prioritize cost efficiencies and brand revitalization.

Controversies and Criticisms

In December 2014, Alan Meyers, Revlon's former Chief Scientific Officer, filed a lawsuit in U.S. District Court in Manhattan against the company and its CEO Lorenzo Delpani, alleging discrimination based on his Jewish ethnicity and American nationality, as well as retaliation for raising product safety concerns. Meyers claimed Delpani made repeated derogatory remarks, including calling Jews "stingy," Americans "lazy and incompetent," and Black people subjects of racial slurs, creating a hostile work environment. He further alleged his termination on December 10, 2014, followed complaints about unsafe ingredients in Revlon products and opposition to cost-cutting measures that prioritized profits over safety. Revlon denied the allegations, describing them as "completely meritless" and attributing Meyers' firing to performance failures and lapses in judgment. The case gained widespread attention online due to the specificity of the alleged remarks, prompting backlash against Revlon. In March 2015, Revlon reached an undisclosed settlement with Meyers, with no admission of wrongdoing by the company. The resolution avoided a , leaving the claims unadjudicated in court. Revlon has faced other discrimination-related suits historically. In Rimedio v. Revlon (1981), a alleged , claiming unequal treatment compared to counterparts in compensation and opportunities; the court found she established a case but ultimately ruled in Revlon's favor on some counts. Similarly, in Ford v. Revlon (1987), an employee charged and , filing a that highlighted hostility, though the case centered on procedural issues rather than a full merits determination. In v. Revlon (1998), age claims were raised alongside conflicts of in representation, but the suit did not result in liability findings against Revlon. No major settlements or verdicts against Revlon have been reported since 2015.

Management Practices and Internal Conflicts

In 2022, amid its Chapter 11 proceedings, Revlon's faced criticism for proposing a key employee incentive plan that included up to $36 million in bonuses for top executives, despite the company's financial distress. The U.S. objected, arguing the performance metrics were overly lenient—such as maintaining basic operational continuity—and that the payouts were excessive and unnecessary for retention, potentially rewarding executives for routine duties rather than exceptional value creation. A federal judge overruled the objection on September 14, 2022, approving the plan to incentivize C-suite leaders during restructuring, with CEO Lorenzo Delicate eligible for up to $4.1 million. Internal tensions escalated in 2024 when Revlon sued former executive Victoria L. Dolan and Give Back Beauty, alleging Dolan secretly orchestrated the poaching of Revlon's fragrance license—a deal generating approximately $50 million annually—by misappropriating secrets and hiring away colleagues. The complaint, filed in New York federal court on August 27, 2024, claimed Dolan began plotting her departure months in advance, sharing confidential renewal strategies with the rival firm to undermine Revlon's negotiations with ' team. Management practices came under further scrutiny following a botched 2018 SAP ERP system rollout, which disrupted supply chains, delayed product launches, and caused $65 million in unexpected costs, prompting Revlon to miss financial reporting deadlines in . Shareholders filed class-action suits in May , accusing executives of concealing the implementation's severity and engaging in mismanagement that eroded company value, though Revlon denied wrongdoing and the cases highlighted broader operational rigidity under centralized decision-making. In 1985, Revlon was acquired in a by investor through his Pantry Pride supermarket chain for approximately $2.7 billion, a transaction that loaded the company with substantial financed primarily through high-yield bonds and bank loans. This LBO structure shifted much of the acquisition cost onto Revlon's , increasing leverage ratios and constraining operational flexibility, as the company assumed responsibility for servicing the while Perelman extracted value through special dividends exceeding $1 billion in subsequent years. Debt accumulation intensified with later acquisitions. In August 2013, Revlon purchased The Colomer Group, a Spanish professional beauty care firm, for $660 million, funded by a $1.52 billion debt package from that included a $1.375 billion and a $140 million facility; this not only covered the purchase but also refinanced $675 million in existing term debt, effectively raising overall indebtedness by more than double the acquisition price. The deal boosted interest expenses pro forma by $19.4 million annually, straining cash flows amid stagnant core revenues. Similarly, Revlon's 2016 acquisition of for $870 million relied heavily on debt financing, pushing total liabilities higher as the company sought to consolidate market share in prestige beauty but without commensurate equity contributions or asset sales to offset borrowing. These transactions elevated Revlon's net debt to over $3 billion by the late , with leverage metrics exceeding 6 times EBITDA, rendering the capital structure vulnerable to rising rates and supply disruptions. Cumulative overleveraging from these debt-laden expansions contributed directly to Revlon's Chapter 11 bankruptcy filing on June 16, 2022, with $3.7 billion in liabilities against $2.3 billion in assets, as servicing costs consumed operational cash and limited investments in innovation or marketing. The restructuring eliminated $2.7 billion in debt but transferred control to lenders, ending Perelman's decades-long ownership.

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  94. https://fortune.com/2015/03/23/revlon-discrimination-settlement/
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  102. https://www.law.com/therecorder/2024/08/28/revlon-says-rival-stole-trade-secrets-to-take-britney-spears-fragrance-deal/
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  110. https://www.sec.gov/Archives/edgar/data/887921/000088792115000002/R9.htm
  111. https://www.bloomberg.com/news/articles/2022-06-16/revlon-files-for-bankruptcy-facing-high-debt-supply-chain-pain
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