WHEN Debra Perelman took over as Revlon’s first woman CEO in its 89-year history in 2018, the global beauty company was already facing big challenges.
The publicly traded company, which is backed by her billionaire father Ron Perelman’s MacAndrews & Forbes Inc., and which also owns iconic brands like Almay and Elizabeth Arden, had been struggling for years. That includes a heavy debt load, changing consumer tastes and intense competition, most recently from celebrity launches like Kylie Jenner-backed Kylie.
Revlon’s problems only intensified with the pandemic, which hurt sales of lipsticks as people masked up. Sales fell 21% to $1.9 billion in 2020. The company avoided bankruptcy late last year by persuading enough bondholders to extend its maturing debt.
It’s a big change from when Revlon in its heyday throughout much of the 20th century was the second largest cosmetics company by sales, behind only Avon. Now, it’s ranked number
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
