Revlon is one of the world's best-known cosmetics companies, operating primarily in the upper mass-market segment. The company made its name back in the 1930s and 40s after causing a sensation with the first coloured nail varnish, followed by matching lipsticks. It has remained one of America's foremost cosmetics brands ever since, adding Almay to its portfolio in the 1980s. However it has been under intense competitive pressure for several years from larger multinationals such as L'Oreal and Procter & Gamble. Only its effective ownership by playboy investor Ron Perelman has prevented it from being snapped by a larger company. A change was expected after Perelman announced in 2016 he was considering strategic alternatives for the business. However, when it came, it was not the change analysts expected. Rather than be sold itself, Revlon agreed to acquire smaller rival Elizabeth Arden for $870m.
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|Revlon Beauty Tools||Mitchum|
Adbrands Weekly Update 16th Mar 2017: Just a few months after Revlon completed its acquisition of Elizabeth Arden, the two executives heading up the Arden brand and its fragrances business have left or are leaving the group. Instead, Revlon announced the appointment of industry veteran Serge Jureidini to lead both businesses. Until a recent spell in private equity, Jureidini had spent two decades at L'Oreal USA, latterly heading up the designer fragrances and Lancome divisions.
Adbrands Weekly Update 26th Jan 2017: Revlon unveiled a sweeping restructure that establishes four main brand businesses and a new geographical organisation. “We are shifting the axis from channels to brands,” said CEO Fabien Garcia, as he set a new target to lift sales from $3bn at present to around $5bn by 2023. Revlon and the newly acquired Elizabeth Arden brand will each operate as separate divisions, partnered by a dedicated Fragrances division - Arden's collection of Elizabeth Taylor and other celebrity franchises - and a Portfolio business that will oversee all other brands, such as Almay, Mitchum and so on. Anne Talley has been tempted back to the company after a decade at L'Oreal to become global president of the Revlon brand; JuE Wong leads Elizabeth Arden, with George Cleary and Sennen Pamich heading up Fragrances and Portfolio respectively. Gianni Pieraccioni is COO for markets, overseeing five main regional operating units.
Adbrands Weekly Update 23rd Jun 2016: In a surprise move, Revlon agreed to acquire hard-pressed beauty rival Elizabeth Arden for $870m. The deal appears to end earlier speculation that Revlon's owner Ronald Perelman was considering a sale of that business. Instead, he's made an additional commitment that is expected to increase combined sales by around 50% to just over $3bn. The acquisition mostly complements Revlon's existing strengths in cosmetics and nailcare, adding a wider skincare business as well as a strong position in fragrance, a segment from which Revlon is currently largely absent (though it still sells 70s favourite Charlie). Arden has a collection of celebrity fragrance licenses including Taylor Swift and Justin Bieber, alongside another 70s favourite, Elizabeth Taylor. The Elizabeth Arden brand itself is strong in Asia, a market where Revlon has only limited exposure, but weak in Latin America, one of Revlon's strongest regions.
Adbrands Weekly Update 31st Mar 2016: Revlon has raided Colgate-Palmolive for its new CEO, recruiting Fabian Garcia, formerly COO, global innovation & growth at the personal care giant, and also board member for Europe and for Hill's Pet Nutrition. Garcia takes over from Lorenzo Delpani, who announced plans to step down last month. Garcia's appointment suggests that a sale of Revlon - as previously rumoured - may not be imminent.
Adbrands Weekly Update 3rd Mar 2016: Hot on the heels of the recent announcement that Revlon may be seeking a buyer, and despite a much improved set of financial results for 2015, CEO Lorenzo Delpani announced his resignation. He stressed that his decision was for personal reasons and nothing to do with the possible sale of the business, and he will remain a director. His successor has not been named, but current consumer division president Gianni Pieraccioni moves up to group COO. Revlon's revenues for 2015 slipped back slightly on currencies to $1.91bn, but net income jumped more than third to $56m, even after more than another $50m of one-off impairment and restructuring charges.
Adbrands Weekly Update 21st Jan 2016: Beauty group Revlon is effectively up for sale, following an SEC filing by the investment vehicle of controlling shareholder Ronald Perelman which disclosed it is exploring "strategic alternatives" for the business, the widely used euphemism for seeking a buyer. Perelman controls almost 80% of Revlon's equity. The move is almost certainly an attempt to take advantage of the handsome valuations attaching to beauty companies at present in the wake of the Coty-P&G deal.
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