Surely, in your cosmetic bag you must have some product of this brand, unfortunately, the company has declared bankruptcy due to debts
The cycle of life also applies to brands, which are born, grow, succeed and die, regardless of whether they are addressed to the public and here the phrase “renew or die” applies, since it has been revealed that the cosmetics brand Revlon has filed for bankruptcy for multiple reasons.
According to several media outlets, Revlon filed for bankruptcy in the Federal Bankruptcy Court of the Southern District of New York, also filed for Chapter 11 bankruptcy protection, due to the amounts of debt it has.
It is also said that Revlon has problems with supplies and rising costs, not to mention that there are brands in the market that are making it very difficult to compete , as fashion firms such as Kylie Cosmetics by Kylie Jenner, Rare Beauty by Selena Gomez or Rihanna’s Fendi have taken control of the market and people’s taste.
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According to Forbes magazine, the debts of the famous cosmetics brand in the 90s amount to 3 thousand 310 million dollars , and although it expects to receive loans for 575 million dollars, which will be used to maintain daily operations, Debra Perelman , president of the brand said in a statement:
"Today’s introduction will allow Revlon to offer our consumers the iconic products we’ve delivered for decades, while providing a clearer path for our future growth."
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The company was founded in 1932 , at first, they only sold nail polish, but as time went by, their product catalog included lipsticks and other products that today are the favorites of many, even expanded to include hair dyes. hair.
Revlon’s rise came with World War II, it managed to be the second favorite cosmetics brand in the United States, today, it has fallen to 22nd place in the cosmetics industry; Let’s not forget that great personalities such as Cindy Crawford, Audrey Hepburn, Melanie Griffith and Emma Stone were the image of the brand.