Cosmetics firm Revlon has filed for chapter safety after a turbulent few years, which included a drop in lipstick gross sales on account of face masks.
The firm, which broke racial limitations and dictated magnificence developments for a lot of the final century, has been a mainstay on retailer cabinets since its founding 90 years in the past in New York City.
But trade consultants say Revlon didn’t preserve tempo with altering tastes and was sluggish to comply with ladies as they traded flashy pink lipstick for extra muted tones within the Nineteen Nineties.
In addition to dropping market share to large rivals like Procter & Gamble, Revlon additionally didn’t capitalise on rising social media developments and misplaced out to newcomer beauty traces similar to Kylie Jenner and different celebrities who made positive factors digitally.
Then, already trailing, Revlon’s issues intensified with the pandemic as lipstick gross sales dropped 21% in 2020 whereas folks have been pressured to put on masks.
They rebounded within the firm’s most up-to-date reporting yr however nonetheless lag pre-pandemic ranges in extra of $2.4bn (£1.9bn) a yr.
The world provide chain disruptions which might be affecting lots of of worldwide firms in latest months have lastly proved to be the nail within the coffin for Revlon.
Putting well-known fashions on the map
The firm has mentioned that, upon courtroom approval, it expects to obtain $575m (£467m) in financing from its current lenders, which is able to enable it to maintain its day-to-day operations working.
Debra Perelman, who was named Revlon president and CEO in 2018, mentioned: “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.”
During its heyday within the twentieth century, Revlon trailed solely Avon in gross sales. It now holds the twenty second spot amongst cosmetics makers, in response to a latest rating by trend commerce journal WWD.
Revlon turned the primary magnificence firm to function a black mannequin in 1970, Naomi Sims.
In the Nineteen Eighties, the corporate energised the cosmetics trade by placing each well-known and yet-to-be-discovered fashions like Iman, Claudia Schiffer, Cindy Crawford and Christy Turlington entrance and centre, promising to make all ladies “unforgettable”.
Revlon’s UK and Canada operations are included within the proceedings however none of its different worldwide subsidiaries.