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Revlon news covers a global beauty company known for color cosmetics, hair color and care, skin care, beauty care and fragrances. Recurring updates include brand portfolio activity across Revlon, Revlon Professional, Elizabeth Arden, Almay, Mitchum, American Crew, Creme of Nature, CND, Cutex and fragrance labels such as Juicy Couture, Elizabeth Taylor, Curve and John Varvatos.
Company announcements also address leadership changes, product and brand education roles, sustainable cosmetics packaging initiatives, quarterly results, capital-structure disclosure and the Chapter 11 financial restructuring commenced in 2022.
Revlon (NYSE:REV) has appointed Amber Garrison as the new leader of Elizabeth Arden brand and global Fragrance category, coinciding with Elizabeth Arden's 115th anniversary. Garrison brings over 20 years of experience, including 12 years in beauty and previously served as Global Brand President of Origins at The Estée Lauder Companies.
The strategic appointment comes as Elizabeth Arden celebrates its milestone anniversary with global initiatives, including a new brand spokesperson launch in China and consumer events in New York City. Garrison will be based in New York and will focus on driving innovation, accelerating growth, and strengthening brand engagement across the portfolio.
Revlon, Inc. announced its financial results for Q4 2022, reporting net sales of $589.8 million, down 4.1% from the previous year. The company faced a net loss of $178.5 million, driven by $172.7 million in Chapter 11-related charges. Operating income rose to $72.8 million, attributed to reduced selling and administrative expenses. For the full year, net sales dropped to $1.98 billion, with a substantial net loss of $673.9 million, impacted by reorganization expenses and higher tax provisions. Revlon is expected to emerge from Chapter 11 soon, significantly reducing its debt and capitalizing with new investments.
Revlon reported financial results for Q3 2022, revealing a 10.1% decline in net sales to $468.4 million, largely due to adverse foreign exchange impacts. The company also experienced a significant 62.2% decrease in operating income, resulting in a net loss of $152.8 million, compared to a loss of $53.1 million the previous year. The firm continues to navigate Chapter 11 restructuring, having secured $575 million in debtor-in-possession financing. As of September 30, 2022, liquidity totaled $273.4 million.
Revlon, Inc. (NYSE: REV) announced that its appeal against the NYSE Staff's decision to delist its Class A common stock has been rejected. This follows the Chapter 11 filing on June 15, 2022. The NYSE has suspended trading in Revlon’s Class A stock, which is expected to be delisted and trade on the OTC marketplace/pink sheets soon. Investors can find more information about the Chapter 11 process on the company's restructuring website.
American Crew has announced an expansion of David Raccuglia's role to Creative Director and Global Head of Education. Raccuglia, founder of American Crew, will oversee the brand's creative direction and education globally while remaining the brand's key photographer. He aims to innovate within the men’s grooming sector, which he helped establish almost 30 years ago. The brand, now under Revlon, boasts a comprehensive portfolio of premium grooming products available in over 30,000 locations worldwide.
Revlon, Inc. (NYSE: REV) announces the retirement of Chief Financial Officer Victoria Dolan, effective September 30, 2022. Matt Kvarda, Managing Director at Alvarez & Marsal, will serve as interim CFO starting October 1. CEO Debra Perelman expressed gratitude for Dolan's contributions and optimism for Kvarda's role in the company's restructuring process. Kvarda brings nearly 30 years of experience and has held interim CFO positions at multiple companies, including TEAM, Inc. (NYSE: TISI).
Revlon, Inc. (NYSE: REV) announced its Q2 2022 financial results, revealing a net sales decline of 11.0% to $442.6 million compared to $497.4 million the previous year. The company reported a net loss of $275.6 million, significantly higher than the prior year's loss of $67.7 million, driven by Chapter 11 bankruptcy-related costs and operational challenges. Gross profit decreased by 16.6%, with a gross margin drop of 370 basis points. The firm initiated voluntary Chapter 11 proceedings on June 15, 2022, supported by $575 million in debtor-in-possession financing to aid restructuring efforts.
Origin Materials (NASDAQ: ORGN, ORGNW) and Revlon (NYSE: REV) have announced a partnership to develop sustainable carbon negative materials for cosmetics packaging. This initiative aims to reserve commercial volumes of Origin PET to enhance Revlon's Responsible Sourcing sustainability goals. The collaboration will focus on accelerating the commercialization of innovative materials while addressing the challenges of the global supply chain. The partnership is expected to provide consumers with access to eco-friendly packaging.
Revlon, Inc. (NYSE: REV) has voluntarily filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of New York. This decision aims to restructure the company’s capital and address liquidity issues stemming from global supply chain challenges and inflation. Upon court approval, Revlon expects to receive $575 million in debtor-in-possession financing, ensuring liquidity for daily operations. The management team will continue operations seamlessly during this process, focusing on future growth and maintaining support for stakeholders.
Revlon, Inc. reported a strong financial performance for Q1 2022, with net sales reaching $479.6 million, a 7.8% increase from the previous year. Operating income improved to $23.7 million, compared to a loss of $12.7 million in Q1 2021. Adjusted EBITDA grew to $58.4 million, up from $38.2 million. However, Revlon also recorded a net loss of $67.0 million, although less than the prior year's $96.0 million. The company emphasized its strategic focus on core brands and cost control amidst ongoing supply chain challenges, while total liquidity stood at $132.1 million.