It has struggled in recent years with mounting debt, rising competition and failure to keep pace with changing beauty standards.
Revlon CEO Debra Perelman, the company's first woman CEO in its 89-year-old history, show products during an interview, Wednesday Aug. 18, 2021, in New York. Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection, Thursday, June 16, 2022, weighed down by debt load, disruptions to its supply chain network and surging costs.
The New York City company was slow to follow most women who gave up flashy cosmetics like red lipstick for more muted tones starting in the 1990s. And in addition to rivals like Procter & Gamble, it faced increased competition from celebrity cosmetics lines like Kylie Jenner’s Kylie, which capitalized on their massive social media following.
The New York-based company said that upon court approval, it expects to receive $575 million in financing from its existing lenders, which will allow it to keep its day-to-day operations running. Perelman said that demand for its products remain strong, but its “challenging capital structure” offered limited ability to navigate macro-economic issues.
In 1970, Revlon became the first beauty company to feature a Black model, Naomi Sims, in its advertising. In the 1980s, Revlon made a big splash with its supermodel campaign featuring diverse, famous and new models including Iman, Claudia Schiffer, Cindy Crawford and Christy Turlington when it promised to make women “unforgettable.”