How Revlon revolutionized the world of cosmetics

Once a cosmetics juggernaut, Revlon filed for bankruptcy on Thursday to manage its debt, which it said was between $1 billion and $10 billion.

In a filing late Wednesday, Revlon filed Chapter 11 proceedings to manage its debt, which it said was between $1 billion and $10 billion. AFP

Burdened by heavy debt, soaring costs and inevitable supply disruptions, Revlon filed for Chapter 11 bankruptcy.

In a filing late Wednesday, the company filed Chapter 11 proceedings to manage its debt, which it said was between $1 billion and $10 billion.

Revlon, known for its nail polish and lipstick, reported long-term liabilities of $3.3 billion in the first quarter.

“Today’s filing will allow Revlon to bring our consumers the iconic products we’ve offered for decades, while providing a clearer path for our future growth,” CEO Debra Perelman said in a statement.

In the United States, Chapter 11, known as reorganization bankruptcy, allows businesses to restructure while being protected from creditors and continuing to operate.

The company said it expects to receive $575 million in financing from its lenders if its bankruptcy is approved by a court.

Owned by billionaire investor Ronald Perelman and run by his daughter, Debra Perelman, Revlon posted a net loss of $67 million from January to March.

The company, which lists Elizabeth Arden, Almay and Britney Spears Fragrances among its brands and operates in more than 150 countries, has suffered from the global supply chain crisis and high inflation.

Revlon has also faced increasing competition, which has hurt its revenue in recent years.

Let’s take a look at the groundbreaking history of the former cosmetics juggernaut:

Launched in 1932 by brothers Charles and Joseph Revson and Charles Lachman by unveiling a revolutionary nail polish. It was not until 1935 that the company made its first advertisement. It was in the New Yorker Magazine.

In 1937 Revlon introduced nail polish and began selling in stores and beauty salons.

Revlon introduced lipstick to the product portfolio in 1939 for the first time and promoted it
Revlon, at its peak for much of the 20th century, was the second-largest cosmetics company by sales, behind only Avon. Now he is ranked number 22.

In 1952, Revlon’s iconic Fire and Ice lipstick and nail campaign featured a Vogue partnership and celebrity endorsements with model Dorian Leigh, photographed by Richard Avedon.

The company expanded internationally in 1955. The company’s “The American Look” campaign featuring model Suzy Parker in 1960 caught the attention of customers around the world.

Revlon’s successful sponsorship of The $64,000 Question television show in 1965 boosted sales and brand awareness.
She also launched ColorSilk hair dye the same year.

Breaking down more barriers, Revlon became the first cosmetics company in 1970 to feature a black model, Naomi Sims, in its advertising.

The year 1973 marked another milestone in the company’s upward trajectory by becoming the first brand to sign an ambassador, Lauren Hutton. He also launched Charlie Fragrance and became the world’s number one fragrance.

In 1975, co-founder Charles Revson died and Michel Bergerac took over the management of Revlon.

In 1979 Revlon acquired Henry Colomer and launched Revlon Professional with Sensor Perm.

The cosmetics company launched a modeling campaign in 1980 featuring various famous and new models, including Iman, Claudia Schiffer, Cindy Crawford and Christy Turlington.

Revlon was bought by MacAndrews & Forbes, led by billionaire Ron Perelman for around $2.7 billion.

Revlon launched ColorStay Lipstick as the first transferless lipstick in 1991.

In 1996, Revlon was listed on the New York Stock Exchange as a limited company. The IPO price was $24 per share.

In 1997, she launched Age Defying, an anti-aging make-up line.

Revlon sold its Professional Products division to Beauty Care Professional Products Luxembourg in 2000.

In 2013, the company acquired the Colomer Group and combined it with its professional products division.
Brands acquired include Revlon Professional, CND, American Crew and Creme of Nature.

In 2016, Revlon acquired Elizabeth Arden for $870 million, completing the global acquisition of Cutex.

In 2018, Debra Perelman, daughter of Ron Perelman, became Revlon’s first female CEO.

With contributions from agencies

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Donovan B. Sanford