প্রকাশিত: জুন ১৭, ২০২২, ১১:৩৩ পিএম
Indian conglomerate Reliance Industries is considering buying out Revlon Inc in the United States. Report: Reuters.
The global cosmetics giant Revlon on Thursday (17 June) filed for bankruptcy as it fell victim to global supply chain disruptions that pushed up raw material costs and prompted vendors to demand upfront payments.
Mukesh Ambani-led Indian oil-to-retail conglomerate Reliance and Revlon however did not immediately respond to Reuters’ requests for comment.
The 90-year-old nail polishes and lipsticks company in recent years has lost shelf space and sales to startups backed by celebrities such as Kylie Jenner's Kylie Cosmetics and Rihanna's Fenty Beauty.
Revlon said its supply chain disruptions in the spring prompted intense competition for ingredients used to make its products. At the same time, vendors that traditionally offered up to 75 days for payment began demanding cash in advance of new orders, while labour shortages and inflation added to its troubles, it said.
The COVID-19 pandemic has lengthened ship delivery times since 2020, pushing up freight costs, while the Russia-Ukraine conflict and lockdowns in Shanghai have added to supply chain disruptions this year.
The shares had halved in market value between last Thursday and close of trading on Wednesday.
Revlon, which was formed in 1932 by brothers Charles and Joseph Revson and Charles Lachman, started off selling nail enamel. It was sold in 1985 to MacAndrews & Forbes - which remains the controlling shareholder and is owned by Ron Perelman - and went public 11 years later.
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