Cosmetics giant has struggled to keep pace with changing beauty tastes and stiffer competition.
Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection after being weighed down by debt load, disruptions to its supply chain network and surging costs.
"Today's filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth," said CEO Debra Perelman said in a statement Thursday., including Brooks Brothers and J.C. Penney.Revlon was slow to adapt to women's shift away from bright color cosmetics like red lipstick to more muted tones starting in the 1990s.
In recent months, Revlon, like many other companies, experienced industry-wide supply chain challenges and higher costs. The beauty company said in March that logistical issues hurt its ability to meet customer orders. It also said it was stymied by rising prices on key ingredients and persistent labor shortages.
The company hit many milestones in its heyday. 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, shot by Richard Avedon. Its iconic tagline promised to make women"unforgettable.
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