The New York-based cosmetics company announced on Thursday that it no longer expects to make a filing for Chapter 11 bankruptcy, thanks to a last-minute debt deal, and also reported a 20.1% decrease in Q3 revenues.
The NYC-based cosmetics conglomerate announced an 18.1% decline in its first-quarter revenues on Monday, as store closures related to the Covid-19 pandemic left a significant dent in the company’s sales.
Set to launch on Tmall, the Revlon Inc-owned cosmetics brand is gearing up to wield the power of celebrity as it re-enters the market, while its parent company continues to struggle with financial instability.
Global luxury brands are scaling back orders with Italian suppliers, as the spread of the coronavirus from key market China to major manufacturing hub Italy hits business across the sector, industry sources said.
As it continues to explore sale possibilities, the New York-based cosmetics company announced on Monday that it has named Coty alum Sergio Pedreiro as its new chief operating officer, effective immediately.
Currently reviewing the possibility of a sale, Revlon announced declining revenues and widening losses for Q3 on Friday, as weaknesses in its North American business took their toll on the company’s top line.
Following the announcement earlier this month that the cosmetics company would be exploring its options, Revlon is reportedly planning to approach potential bidders after the Labor Day holiday in September.