Revlon has announced that it has successfully completed the financial restructuring process and has emerged from Chapter 11 bankruptcy as a newly reorganised company named Revlon Group Holdings LLC.
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Founded in New York City in 1932, Revlon grew to become one of the world’s leading beauty companies. Under significant debt and amid the rise of niche beauty brands, Revlon began to lose some of its lustre in recent decades, filing for bankruptcy in June 2022.
Revlon’s portfolio of brands includes Revlon, Revlon Professional, Elizabeth Arden, Almay, Cutex, and Juicy Couture, and spans product offerings in cosmetics, skincare, hair colour, haircare and fragrances sold in approximately 150 countries around the world in most retail distribution channels including prestige, salon, mass, and online.
Debra Perelman, Revlon’s president and chief executive officer, said: “Today marks an important moment in Revlon’s history and evolution. Less than a year after beginning the financial restructuring process, I’m proud to say that we are emerging today as a stronger company that is well positioned for long-term growth.
With a simplified capital structure, significantly reduced debt, and a new, highly experienced and committed Board of Directors, we look forward to unlocking the full potential of our globally recognised brands and continuing to offer our customers the iconic products they have loved for decades.”
With approximately USD236 million of liquidity, funded through various means such as an equity rights offering and asset-based loans, Revlon is exiting from Chapter 11 as a private company. Revlon has eliminated over USD2.7 billion in debt from its balance sheet, leaving it with approximately USD1.5 billion of debt outstanding.
Revlon will go forward with a new Board of Directors comprised of veteran senior executives from global consumer, retail, and beauty industries, among them executive chair Elizabeth (Liz) A. Smith, former executive chairman and chief executive officer of Bloomin’ Brands; Martin Brok, former global president and chief executive officer of Sephora; and Hans Melotte, former president of Starbucks’ global channel development.
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Revlon has reported estimated preliminary financial results for the first quarter of 2023, declaring an increase in net sales for the quarter, from USD483 million forecasted to USD490 million.