With the Perelmans finally out of the c-suite, will Revlon rise again? The one-time mass market color cosmetics leader emerged from Chapter 11 bankruptcy protection more than a year ago. The new, privately-held company is owned by former creditors including Glendon Capital Management, King Street Capital Management, Angelo Gordon & Co, Oak Hill Advisors and Cyrus Capital Partners.

Chair and CEO Liz Smith had been CEO and a member of the Bloomin’ Brands board. There, she turned around the fortunes of Bonefish Grill, Carrabba’s Italian Grill and Fleming’s Prime Steakhouse. And while she may have earned her chops in casual dining, Smith is no stranger to beauty. She spent two years at Avon Products where she was responsible for its worldwide product-market processes, infrastructure and systems, including global brand marketing, global sales, global supply chain and global information technology.

In February, Revlon appointed David Schwartz general counsel. He had been Hudson Bay Company’s executive vice president, general counsel and corporate secretary.

More recently, in May, Tchernavia Rocker was appointed chief people officer. Rocker has significant leadership experience in human resources as well as organizational transformation, DEI, corporate strategy and sustainability. She most recently served as Under Armour, Inc.’s chief people and transformation officer.

Sales: $1.9 billion

Revlon has officially exited bankruptcy. The battered beauty company filed for bankruptcy protection back in June 2022. Since then, it worked with lenders to wipe out $2.7 billion in debt from its balance sheet; that’s the good news. The bad news? Revlon still has $1.5 billion outstanding. Revlon’s reorganization was supported by 88% of the 4,500 creditors who voted on the plan, and those supporting creditors hold 98% of the company’s debt.

Revlon’s lenders took ownership of the company in exchange for the debt reduction agreement, wiping out the equity value of existing shareholders. The company’s largest shareholder was MacAndrews & Forbes, which is owned by CEO Debra Perelman’s father, Ron Perelman. MacAndrew & Forbes held 85% of the company›s shares at the time of its bankruptcy filing, and the remaining stock saw a surge in interest from retail investors last year before collapsing in value.

Revlon’s new owners include Glendon Capital Management, King Street Capital Management, Angelo Gordon & Co, and Oak Hill Advisors.

Sales: $2.0 billion

Revlon has filed for Chapter 11 bankruptcy protection. It has myriad problems. The company’s brands such as Almay, Elizabeth Arden and, of course, Revlon, have failed to find footing with younger consumers and were slow to enter the digital arena. Revlon has a huge, $3 billion pile of long-term debt. Most recently, supply chain issues have rocked results.

“(The) 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 President and CEO Debra Perelman. “Consumer demand for our products remains strong—people love our brands, and we continue to have a healthy market position. But our challenging capital structure has limited our ability to navigate macro-economic issues in order to meet this demand. We expect to be able to simplify our capital structure and significantly reduce our debt, enabling us to unlock the full potential of our globally recognized brands. We are committed to ensuring the reorganization is as seamless as possible for our key stakeholders, including our employees, customers and vendors, and we appreciate their support during this process.”

Problems remain even after Revlon has posted relatively good results. Last year, sales rose 9.2% to over $2 billion. All segments reported gains including a 14.8% increase at Elizabeth Arden, which the company attributed to demand for Green Tea fragrances and Ceramide skin care products. Fragrance results rose 13.8% on the strength of Juicy Couture, John Varvatos, Britney Spears and Curve sales.

Revlon segment sales rose 5.7% to nearly $728 million due primarily to higher international sales of Revlon professional hair care products and higher color cosmetics sales, especially in North America.

In Q1 2022, sales rose 7.8% to nearly $480 million. Net losses were trimmed from $96 million in Q1 2021 to $67 million this year. Sales of Revlon products soared 195%, but Elizabeth Arden’s sales dropped nearly 36%.”

Late last month, Indian conglomerate Reliance was said to be interested in acquiring Revlon.

Sales: $1.9 billion

Like other color cosmetics makers, the pandemic hit Revlon hard in 2020. Sales fell more than 20% last year. By segment, Revlon’s sales fell 28.2% to $688 million; Elizabeth Arden sales dropped 10.9% to $463 million; portfolio sales fell 17.7% to $401 million and fragrance sales dropped 22.5% to $351 million. Want some good news? E-commerce sales rose during the past year.

By region, Revlon North America sales fell 23.4% due, in part, to declines in Revlon Color. Revlon International sales fell 33.4% due to lower sales of Revlon color cosmetics, as well as, to a lesser extent, lower net sales of Revlon-branded hair-care professional products and Revlon ColorSilk hair color products. Elizabeth Arden North America sales declined 13.3%, but declines were partially offset by higher sales of Ceramide and Prevage skin care. Elizabeth Arden International sales fell 10.1% due to lower net sales of certain Elizabeth Arden-branded skin care products, as well as lower net sales of Elizabeth Arden-branded fragrances and color cosmetics, primarily within the Company’s EMEA and, to a lesser extent, Pacific and Latin America regions. Portfolio sales in North America fell 17.1%, primarily due to declines in Almay color, CND nail products and America Crew men’s grooming. International portfolio sales fell 18.8%.

First quarter 2021 sales fell 1.8% to $445 million.

Sales: $2.4 billion

Pre-COVID-19, post-COVID-19, it really doesn’t matter at Revlon, where sales continue to fall. In 2019, revenue dropped nearly 6%, with only Elizabeth Arden (EA) posting an increase, up 6.1% to $520 million, helped by higher demand for Ceramide and Prevage skin care products and certain EA fragrances but, other than that, it was all bad news for Revlon’s portfolio of cosmetics, skin care and fragrances. Sales of Revlon fell 4% to $959 million, due to lower sales of ColorSilk hair color, the eponymous color cosmetics and beauty tools. The catch-all portfolio portion of the business dropped 13.6% to $488 million due to declining sales of CND nail products; Almay, Pure Ice and SinfulColors color cosmetics, and Mitchum antiperspirants. There were a couple of bright spots as sales rose for American Crew hair care and Cutex nail products. Fragrance sales declined 11.4% to $453 million, which Revlon blamed on the weak retail environment.

There was some good news, however, as operating income rose due to improved efficiencies and the conclusion of the company’s 2018 Optimization Program which delivered $95 million in cost reductions. E-commerce sales rose 49% and accounted for more than 9% of sales last year and finally, sales in China surged 70%, helped by the online relaunch of Revlon color cosmetics.

Sales: $2.5 billion.

After taking over as president and CEO of Revlon in May 2018, Debra Perelman has been unable to stop the slide at the venerable cosmetics company. Last year, sales fell 4.8% and net losses jumped more than 60% to $294 million. Sales in North America dropped 5.5% to about $1.3 billion and International sales declined 4% to $1.2 billion. Worse, in a March filing with the US Securities and Exchange Commission, Revlon said it needed more time to file its Q4 and full year 2018 audited results as it reviews the “effectiveness of internal control” over its financial reporting for the past year. A few days later, Revlon filed another report with the SEC explaining its reason for the delay. According to the company, it has found a “material weakness” in its financial reporting for last year “primarily related to the lack of design and maintenance of effective controls” resulting from its problems implementing a new enterprise US resource planning (ERP) system. Despite the problems, some analysts have praised the company’s digital and e-commerce initiatives, such as its collaboration with Sapient Razorfish to create a stronger digital presence.

In the first quarter of 2019, Revlon reported net sales of $553.2 million, a 1.3% decline from a year ago. Both the Revlon and Elizabeth Arden segments delivered strong net sales growth versus the prior-year period, but this was offset by declines in the portfolio and Fragrances segments. In fact, Revlon’s sales rose 11.7% to more than $247 million on higher net sales of Revlon color cosmetics and Revlon-branded professional and hair care products. Elizabeth Arden’s sales rose 9.5% to more than $111 million, driven by higher net sales of EA skin care products and Arden-branded fragrances. These gains were more than offset by a nearly 13% decline in portfolio sales, a drop blamed on lower sales of CND nail products and SinfulColors color cosmetics, which was partially offset by increased sales of American Crew grooming products and Mitchum AP deodorants. A 15.4% drop in fragrance sales was blamed on retail store closures.

Operating loss was $23.3 million in the first quarter of 2019, compared to a $61.7 million loss during the prior-year period, or a 62.2% improvement. The improvement in operating loss was driven by lower selling, general and administrative expenses, mainly attributed to lower overhead costs and planned lower brand support in the quarter to align marketing initiatives with in-store customer resets and new product launches, as well as lower acquisition and integration costs.

“We are very pleased with the continued momentum in our business during the first quarter of 2019 driven by strong growth in Revlon and Elizabeth Arden,” said Perelman. “We also remain encouraged by the positive consumer response to our first half 2019 new product introductions. Our strategic focus areas of e-commerce, Elizabeth Arden skincare, China and travel retail continued to perform exceedingly well, and as a result of improved operational performance, we achieved our third consecutive quarter of year-over-year Adjusted EBITDA growth.”

A class action lawsuit was filed on behalf of investors who purchased Revlon, Inc. securities between March 12, 2015 and March 28, 2019. The complaint filed in this class action alleges that throughout the class period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects, thereby injuring investors.

Sales: $2.6 billion.

It’s all in the family at Revlon. Debra G. Perelman took the helm of the venerable beauty business in May. The daughter of chairman Ronald O. Perelman, Debra has been with Revlon for more than 20 years, serving in a variety of positions. She replaces Fabian Garcia who left in January to pursue other opportunities, according to the company.

“Revlon is a brand of firsts—the first to match lips and finger tips, the first to be inclusive, the first to develop color stay technology and the first brand to embody women empowerment in the beauty industry,” said Ronald O. Perelman in a statement. “Debbie’s global perspective, financial acumen and holistic approach to brands, consumers and technology will help Revlon reclaim its leadership position. I have always trusted Debbie to bring fresh vision, innovation and success to companies, and I have no doubt she will do the same for Revlon.

As both an executive and a board member, as well as a member of the senior leadership team at MacAndrews & Forbes Incorporated, she has been overseeing corporate strategy and leading Revlon’s ongoing digital transformation, including forming a data and analytics group and establishing infrastructure and deploying resources necessary to create a leading-edge e-commerce business. She has a track record for innovation and has launched a new partnership with the MIT Media Lab to explore new ways to disrupt the industry, according to the company.

“Revlon has been a central part of my personal and professional life for more than 20 years. I love Revlon not only as a company, but as a culture of employees and executives who are committed to delivering women and men the best products in our industry,” she said. “Beauty has emerged as one of today’s most dynamic and fastest-growing industries and I look forward to working with Revlon’s world-class team to amplify our strategy and accelerate growth. I am committed to driving the company to compete and thrive in today’s dynamic environment and encouraging our talented team’s entrepreneurial spirit, agility and bold creativity.”

Debra Perelman certainly has her work cut out for her. First quarter sales fell nearly 6% to about $561 million. The company blamed sales declines in the Revlon, Portfolio and Fragrance segments, which were partially offset by Elizabeth Arden sales growth.

Revlon’s sales fell 6% to $229 million, primarily driven by lower net sales of Revlon color cosmetics and Revlon ColorSilk hair color. manufacturing facility and consumption declines in North America.

Elizabeth Arden’s sales rose 10.4% to nearly $106 million on the strength of Elizabeth Arden-branded skin care products internationally.

Portfolio segment sales fell 8.3% to $134.5 million and fragrance segment sales fell 16% to $91.4 million.

Revlon blamed a portion of the overall decline, $20 million, due to service level disruptions at the company’s Oxford, NC manufacturing facility following the February 2018 launch of a new SAP enterprise resources planning IT system in the US.

The poor start to 2018 follows a good year for Revlon; a good year, that is, thanks to Elizabeth Arden. Sales rose more than 15% to nearly $2.7 billion, due to full year results for Elizabeth Arden which was acquired in 2016. Arden’s sales topped $950 million last year, more than double the amount credited to the brand in 2016.

Consumer segment sales fell 7.3% last year to just under $1.3 billion. Revlon blamed the slump on the declining fortunes of the North American mass market channel. Sales declines for Revlon, Almay and SinfulColors color cosmetics were partially offset by international sales gains for Revlon.

Professional segment sales fell more than 9% to $432.2 million. The decline was driven primarily by lower net sales of American Crew men’s grooming products and CND nail products, partially offset by higher net sales of Revlon Professional hair products.

Sales: $2.3 billion.

Revlon brass has a lot to digest these days, following last year’s acquisition of Elizabeth Arden, which added more than $440 million in sales, following the September, 2016 acquisition. To accomplish the job, in January, Revlon unveiled a new organization structure designed to enable the company to meet its long-term growth aspirations and more effectively compete in the dynamic and rapidly growing, global beauty industry. The company’s new brand-centric structure is built around four global brand teams, Revlon, Elizabeth Arden, Fragrances and Portfolio Brands.

Furthermore, a new customer-facing regional structure will optimize global sales and brand presence behind five regions in North America; Europe, Middle East & Africa; Asia; Latin America (including Mexico); and Pacific, which includes Australia and New Zealand. To support the new brand-centric and regional structures, the enabling functions, including finance, human resources, supply chain, research & development, legal, and communications & corporate social responsibility, will also reorganize their departments.

“This new brand-centric structure enables us to leverage the strength of our iconic brands, better focus on and serve beauty consumers, and quickly adapt to their changing behaviors and preferences,” said Fabian Garcia, president and CEO of Revlon. “Aligned with our strategy, the new brand-centric structure better positions us to grow and win across categories, channels and geographies by delivering consistent, seamless and exceptional brand experiences, wherever and however our consumers shop for beauty,” he added.

The new organization design enables the company to continue to build on its strategy for growth, streamlines and simplifies the ways of working and assembles an experienced, passionate and talented leadership team that will help realize the combined organization’s vision and growth ambitions.

With the benefit of a full year of Elizabeth Arden results, Revlon expects sales to reach $3 billion this year. But that’s still six months away.

Taking a look at 2016 results, due to Forex, consumer segment sales fell 1.8% to just under $1.39 billion. The company said the addition of Cutex in late 2015 provided a lift as did sales of Mitchum antiperspirant/deodorant. Almay sales fell and Revlon sales were flat.

Professional segment sales rose 1.1% to more than $476 million due to higher sales of American Crew men’s grooming products as well as the launch of Revlon Professional Be Fabulous and Revlonissimo Colorsmetique. Gains were partially offset by lower sales of CND nail products.

Within the consumer segment, North American sales fell 4.2%, which Revlon blamed on softening trade conditions in core categories, such as color cosmetics and hair color. In contrast, in international markets higher sales of Revlon color cosmetics and Revlon ColorSilk hair color, along with higher sales of Cutex, all contributed to an 8.2% gain. Top performing markets included Argentina, the UK and Mexico.

In the professional category, North American sales increased 1.5% to about $205 million, thanks to the popularity of American Crew and Cream of Nature hair care products, partially offset by a decline in CND nail product sales. International sales increased less than 1%.

For the first quarter of 2017, sales surged 35.3% to nearly $595 million, due to the Elizabeth Arden and Cutex purchases. On a negative note, pro forma sales fell 5.8%, but the company has updated its corporate strategy to leverage the power of the expanded brand portfolio and geographic footprint. The strategy is based on three pillars:

• Strengthen the portfolio of brands;
• Strategically expand consumers’ access to the brands; and
• Develop a cost structure that fuels investment in the brands.

Sales: $1.9 billion.

Earlier this year, Chairman Ron Perelman said he was considering strategic alternatives for his company; but who knew that back in January he was targeting Elizabeth Arden? Last month, Revlon agreed to acquire the struggling beauty company for $870 million. Revlon will benefit from greater scale, an expanded global footprint, and a significant presence across all major beauty channels and categories, including the addition of Elizabeth Arden’s growing prestige skin care, color cosmetics and fragrances.

According to the companies, the combination will leverage Revlon’s scale across major vendors and manufacturing partners, improving distribution and procurement. Cost synergies of approximately $140 million are expected to be achieved through the elimination of duplicative activities, leveraging purchasing scale, and optimizing the manufacturing and distribution networks, according to Revlon. The companies anticipate that they will achieve additional growth opportunities in both sales channels and geographies.

Revlon’s strength and expertise in color cosmetics, hair care, men’s grooming, antiperspirants, deodorants and beauty tools will be complemented by the addition of Elizabeth Arden’s world-class portfolio of licensed prestige fragrances and the internationally recognized line of Elizabeth Arden-branded prestige skin care, color cosmetics and fragrance products, highly profitable categories that are key to future industry growth. Elizabeth Arden’s strong global reach in prestige distribution and travel retail will complement Revlon’s strength in mass and salons, strongly positioning the combined company in all key beauty channels, said Revlon. Lastly, the deal brings Revlon a broader geographic footprint. Revlon currently sells its products in approximately 130 countries. With Elizabeth Arden’s presence in important international growth regions, including Asia Pacific, the combined company will be better positioned to compete globally.

“This acquisition is strategically and financially compelling. Elizabeth Arden and Revlon are both known for their iconic brands, entrepreneurial spirit and commitment to innovation, quality and excellence,” said Fabian Garcia, president and CEO of Revlon, Inc. He noted that Revlon plans to build upon Elizabeth Arden’s ongoing transformation by “further enhancing the brand, with even more vibrant and relevant product development and marketing, while carefully preserving its unique heritage within prestige.”

In a much smaller deal that took place last month, Revlon acquired Coty’s international Cutex businesses, which primarily operates in Australia and the UK. The acquisition completed the global consolidation of the Cutex brand’s worldwide operations under Revlon management. A purchase price was not disclosed. By re-unifying Cutex’s worldwide operations within its brand portfolio, Revlon said it will strengthen the Cutex brand by redesigning the existing Cutex nail care products to enhance consumer appeal and expanding its portfolio into additional categories.

The moves will certainly reverse a sales decline at Revlon, although the decline was less than 2% last year, as Revlon, like so many other CPG companies, was hampered by currency headwinds. In the consumer segment, higher net sales of Revlon color cosmetics, Mitchum antipersipirant deodorants, Revlon ColorSilk hair color and Cutex nail products were partially offset by lower net sales of Almay color cosmetics. Results also suffered from the decision to exit Venezuela during 2015.

In the professional segment, higher net sales of American Crew, Revlon Professional and Crème of Nature hair care products were partially offset by lower sales of CND nail products.

For the first quarter ended March 31, sales rose less than 1% to about $440 million. Consumer sales fell 1.3% to $320 million as higher sales of Revlon ColorSilk hair color, Cutex nail products and SinfulColors color cosmetics were offset by lower sales of Revlon color cosmetics. Professional segment sales rose 2.7% due to higher sales of American Crew grooming products and Crème of Nature, but those gains were partially offset by lower net sales within the international region for CND nail products.

In April, Fabian Garcia was appointed president and chief executive officer. Prior to joining Revlon, Garcia was with Colgate-Palmolive Company for more than a decade. During that time, he led the company’s businesses in Asia-Pacific, Eurasia, Latin America, and most recently, Europe and the Hills Pet Nutrition business. As COO of global innovation and growth, he was responsible for for Colgate-Palmolive’s growth strategy, consumer and customer innovation, and operational productivity strategies and plans. Garcia replaced Lorenzo Delpani, who stepped down as CEO for personal reasons, but remains on the Revlon board.

Also in April, the company announced that Juan Figuereo was named chief financial officer.

Sales: $1.9 billion.

Revlon brass just love making headlines in New York City tabloids. When chairman Ronald Perelman isn’t marrying and divorcing starlets, suing his ex-father-in-law’s Hudson News empire to ensure that his little girl gets her billions, or taking a former friend to court over a multimillion-dollar art deal gone bad, his chief executive is getting tangled up in a he said/he said argument with a disgruntled ex-employee.

Revlon CEO Lorenzo Delpani jumped on Revlon’s  “there’s no such thing as bad publicity” bandwagon late last year, when former chief scientific officer Alan Meyers sued his old company, claiming he was fired after raising safety concerns that Delpani did not want to hear and was discriminated against for being Jewish. In his suit, Meyers claimed the Italian-born Delpani was hostile to him, frequently yelling at him in front of other executives and making anti-Semitic and anti-American comments. Meyers said many of the safety issues he complained about stemmed from Revlon’s $660 million acquisition of Spanish beauty care company Colomer Group in 2013.

In March, Revlon reached a settlement with Meyers. Terms of the deal were not disclosed.

Despite all the drama, Revlon’s sales rose nearly 30% last year to more than $1.9 billion. The company even reported a profit of nearly $41 million, after a loss of $5.8 million in 2013. The sales gain could be attributed to the 2013 acquisition of Colomer, which added $400 million. Within the consumer segment, Revlon color cosmetics, Revlon ColorSilk hair color and Mitchum products all posted sales increases, which were partially offset by lower net sales of fragrances, Almay color cosmetics and SinfulColors and Pure Ice color cosmetics. Professional product sales were up on the strength of American Crew, Revlon Products, CND nail products and Crème of Nature products.

For the first quarter of 2015, sales fell 13% to $438 million, which the company blamed on a strong US dollar, since sales were essentially flat. Consumer sales fell 4.5% to $324 million on higher sales of Revlon color cosmetics and Mitchum products, partially offset by lower sales of Almay. Professional segment sales declined 8.5% to $114 million, due to lower sales of CND nail products, which were partially offset by higher sales of American Crew and Revlon Professional products. By region, US sales fell 2.3% to $244 million and international sales dropped 11.6% to $194 million.

Sales: $1.5 billion. Net loss: $5.8 million.

What’s old is new again at Revlon as the company reacquired Colomer in October for more than $664 million in cash. Back in 2000, Revlon sold Colomer to an investment group for $315 million. It’s not exactly the kind of investment move that Warren Buffet would make, but the reacquired Colomer gives Revlon more access to the professional hair care industry. Not only is Revlon bigger, company executives are also promising bigger, better innovations—a concept that hasn’t really applied to Revlon in years, as the company’s been used as a personal piggy bank for its chairman, Ronald Perelman. But that’s just what management insists in the strategy going forward.

As a result of the Colomer acquisition, Revlon now operates in two segments, consumer (consisting of Revlon’s pre-acquisition brands) and Professional (all the brands that came over in the Colomer deal). In 2013, Colomer added nearly $117 million in sales to Revlon’s top line. Without the addition of Colomer, Revlon’s sales would have dipped about 1%.

The company said sales gains attributed to Revlon, SinfulColors and Pure Ice color cosmetics, as well as Revlon beauty tools and ColorSilk hair color, were offset by lower Almay sales and problems in Venezuela. The company noted that US sales were flat last year, while sales in Asia-Pacific fell 2.2% to about $209 million and sales in Europe, the Middle East and Africa fell 2.3% to $180 million. Sales in Latin America and Canada dropped 5% to about $193 million.

Following the Colomer acquisition, Revlon named Lorenzo Delpani as president and chief executive officer. He replaced David Kennedy, who continues to serve as vice chairman.

In December, Revlon decided to discontinue operations in China. Last year, Revlon spent $26.9 million on research and development activities.

Earlier this year, Chris Elshaw stepped down as executive vice president and chief operating officer.

For the first quarter of 2014, sales increased 4.4% to nearly $470 million. Domestic sales improved nearly 8% to $250 million, while international sales increased less than 1% to nearly $220 million.

Sales: $1.4 billion. Net income: $51 million.

Sales rose 3.2% last year, Revlon’s 80th anniversary, driven by higher sales in US, Latin America and Canada and Asia Pacific, partially offset by lower net sales in Europe, Middle East and Africa.

US sales increased 5.6% to nearly $800 million, driven by higher sales of Revlon color cosmetics and Sinful Colors color cosmetics, as well as the inclusion of net sales of Pure Ice color cosmetics beginning in July 2012. The gains were partially offset by lower sales of Almay color cosmetics, the company said.

Sales in Asia-Pacific increased 2.4% to almost $239 million, driven primarily by net sales of Revlon color cosmetics. Gains in Japan were partially offset by a decline in China.

In Europe, the Middle East and Africa, sales fell 11.6% to about $184 million. Sales fell in Italy and France, and rose in South Africa.

Sales in Latin America and Canada increased nearly 12% to $203 million. Revlon color cosmetics, Revlon ColorSilk hair color and Almay color cosmetics.

In 2012, Walmart accounted for 22% of total sales.

For the first quarter of 2013, sales rose less than 1% to nearly $332 million, but the company reported a net loss of $6.9 million, compared to net income of $8.5 million the year before. Higher net sales of Revlon and SinfulColors color cosmetics and the inclusion of the net sales of Pure Ice, partially offset by lower net sales of Almay color cosmetics and Revlon ColorSilk hair color.

US sales increased 4% to $192.1 million during the quarter, driven primarily by higher sales of Revlon and SinfulColors color cosmetics and the inclusion of the net sales of Pure Ice, partially offset by lower net sales of Almay color cosmetics and Revlon ColorSilk hair color.

In Asia Pacific, sales fell 4.5% to $53.6 million, primarily due to lower net sales of Revlon color cosmetics in China, partially offset by higher net sales of Revlon color cosmetics in Japan and the introduction of SinfulColors color cosmetics in Australia.
In Europe, Middle East and Africa, sales fell 11% to $40.7 million, due to lower net sales of both Revlon color cosmetics and other beauty care products in France.

In Latin America and Canada, sales rose 3.2% to $45.5 million due to higher net sales of Revlon color cosmetics throughout the region and higher net sales of other beauty care products in Argentina.

Maybe things are turning around, but when Ron Perelman is your chairman, nothing ever seems quite right. Just last month, Revlon paid $850,000 in penalties after the Securities and Exchange Commission (SEC) charged the company with misleading shareholders in a “going private” transaction.  According to the SEC, in 2009, Revlon’s controlling shareholder, MacAndrews and Forbes (M&F), asked the company to offer shareholders the option to exchange common shares for preferred shares. The exchanged shares would then be provided to M&F to pay down Revlon’s debt. A third-party financial advisor evaluated the adequacy of the plan, but the company did not reveal to shareholders that the advisor deemed the deal inadequate, alleges the SEC.

Despite having one of the best brand names in the business, Revlon remains saddled with debt and that’s proving to be a drag on its valuation.

Sales: $1.3 billion. Net income: $53 million.

Sales rose 4.5% last year, but net income plunged more than 80%. The company credited the sales increase to the acquisition of Sinful Colors as well as higher net sales of Revlon and Almay color cosmetics and Revlon ColorSilk hair color. These increases were partially offset by lower net sales of Revlon beauty tools and lower net sales in Venezuela due to a June 2011 fire at the company’s local facility.

Taking a look at results by region, In the US, sales rose 3.9% to more than $757.4 million. The increase was primarily driven by the inclusion of the net sales of Sinful Colors and higher net sales of Almay color cosmetics and Revlon ColorSilk hair color. These increases were partially offset by lower net sales of Revlon beauty tools and Revlon color cosmetics.

In Asia Pacific, sales rose 11.2% to $233.4 million on favorable currency rates and higher sales of Revlon color cosmetics in China and certain distributor markets, partially offset by lower net sales of Revlon color cosmetics in Japan and Australia.

Sales in Europe, Middle East and Africa rose 4.1% to $208.7 million on foreign currency fluctuations along with higher sales of Revlon color cosmetics in South Africa and certain distributor markets, partially offset by lower net sales in Italy.

Latin American sales were flat at $107.2 million, as a 4.3% gain in sales was offset by currency fluctuation. Higher sales of Revlon color cosmetics were recorded throughout the region, with Argentina reporting particularly good results. These increases were partially offset by lower net sales in Venezuela where Revlon had not fully resumed business since the June 2011 fire.

In Canada, sales were flat at $74.7 million. Excluding the favorable impact of foreign currency fluctuations, sales fell 3.1%, primarily due to lower net sales of Almay color cosmetics.

First quarter 2012 sales slipped 1% to about $331 million, due to unfavorable currency fluctuations. Net income declined 18% to $8.5 million. The company said higher sales of Revlon color cosmetics and ColorSilk hair color, and the inclusion of SinfulColors sales for a full quarter were offset by lower sales of Almay color cosmetics and fragrances, as well as lower sales in Venezuela.

Sales: $1.3 billion. Net income: $66.7 million.

Sales rose 2% to $1.3 billion and net income increased more than 36% last year. The company credited the gains to higher net sales of Revlon color cosmetics and Revlon ColorSilk hair color, which were partially offset by lower net sales of Almay color cosmetics and Mitchum antiperspirant deodorant. As previously disclosed, effective for periods beginning Jan. 1, 2010, the company reports Canada separately and reports South Africa as part of the Europe, Middle East and Africa region. As a result, prior year quarterly and year to date amounts have been reclassified.

In the US, net sales declined 2.5% to $729.1 million, due primarily to lower net sales of Almay color cosmetics, Revlon ColorSilk hair color and Mitchum antiperspirant deodorant, partially offset by higher net sales of Revlon color cosmetics. Net sales of color cosmetics benefitted from lower promotional allowances as the company continued to optimize its brand support mix, and also benefitted from lower returns.

In Asia Pacific, net sales rose 11% to $209.9 million. Excluding the favorable impact of foreign currency fluctuations, net sales increased $6.0 million, or 3.2%. Higher net sales of Revlon color cosmetics, Revlon ColorSilk hair color and other beauty care products in the region were partially offset by lower net sales of Revlon color cosmetics in Australia and Japan.

In Europe, Middle East and Africa, net sales increased 9% to $200.4 million. The increase was primarily due to higher net sales of fragrances throughout the region as well as higher net sales of color cosmetics and other beauty care products in South Africa.

In Latin America, net sales fell about 1% to $107.9 million, due primarily to currency fluctuations. Excluding fluctuations, Latin American sales rose 29.5% due to sales of Revlon ColorSilk hair color, Revlon color cosmetics and other beauty care products in both Venezuela and certain distributor markets.

In Canada, net sales increased nearly 12% to $74.1 million. Excluding the favorable impact of foreign currency fluctuations, net sales in Canada increased $1.4 million, or 2.1%. The increase was primarily driven by higher net sales of Revlon color cosmetics, which were partially offset by lower net sales of Revlon beauty tools.

For the first quarter of 2011, net sales rose 9.1% to $333.2 million. The increase was primarily due to higher net sales of Revlon color cosmetics, as well as Almay color cosmetics, fragrances, and other beauty care products, which were partially offset by lower net sales of Revlon ColorSilk hair color.

In the US, net sales increased 2.3% to $186.2 million. The increase was driven primarily by higher net sales of Revlon and Almay color cosmetics, which were partially offset by lower net sales of Revlon ColorSilk hair color. Net sales of Revlon color cosmetics increased in part due to lower promotional allowances as compared to the first quarter of 2010.

In Asia Pacific, net sales increased 15.7% to $53.1 million, primarily due to higher net sales of Revlon color cosmetics in China and certain distributor markets.

In Europe, Middle East and Africa, sales increased 15.9% to $49.7 million, thanks to higher net sales of Revlon color cosmetics, Mitchum antiperspirant deodorant and fragrances in the UK and South Africa.

In Latin America, sales rose 35% to $27.0 million, on the strength of higher sales of Revlon color cosmetics, Almay color cosmetics, Revlon ColorSilk hair color and other beauty care products. Finally, in Canada, sales increased 17.8% to $17.2 million, primarily due to higher net sales of Revlon color cosmetics.

Net income soared more than 400%, to $10.4 million, compared to $2.2 million a year ago.

Last month, a fire destroyed a substantial portion of Revlon facility in Venezuela. At press time, the company was evaluating the extent of the damage and the impact on its business in the Latin America region. During 2010, the company’s subsidiary in Venezuela had net sales of approximately 3% of the company’s consolidated net sales and its total assets were approximately 3% of the company’s total assets. Revlon’s net sales in Venezuela are comprised of locally manufactured product as well as product imported from its Oxford, NC facility.

Sales: $1.2 billion. Net income: $48.8 million

Sales fell 3.8% and net income slipped nearly 16%. Of course, for Revlon, that’s not so bad. In fact, Revlon president and chief executive officer Alan T. Ennis, insisted that these results, “demonstrate the continued execution of our business strategy.”

On the plus side, the company did manage to reduce debt by $81 million.

U.S. sales fell 4.4% to $747.9 million, driven primarily by lower net sales of Revlon and Almay color cosmetics and Mitchum antiperspirant deodorant, partially offset by higher net sales of Revlon ColorSilk hair color. Revlon continued to lead the mass lip segment in 2009 with a 22.3% share, driven by the success of Revlon ColorStay Ultimate liquid lipstick, which made ACNielsen’s top new product list. Strong sales of Revlon Crème Gloss and Revlon Matte lipstick added to Revlon’s lip segment results. In the eye segment, Revlon dollar volume increased 4.2% as Revlon DoubleTwist mascara and a range of eyeliners continued their strong performance. In the face segment, Revlon benefited from the new Revlon Age Defying Spa range and the new Revlon ColorStay Minerals introductions. In the nail segment, Revlon Core Nail Enamel continued its strong performance with dollar volume growing 18.1% for the year and 32.7% for the fourth quarter.

International sales fell 2.9% to $548 million. Higher sales of Revlon ColorSilk hair color, Mitchum antiperspirant and deodorant and Revlon color cosmetics, were partially offset by lower net sales of certain beauty care products and Almay color cosmetics. By region, sales in Asia Pacific and Africa increased less than 1% to $266.7 million. Sales in Europe, Canada and the Middle East fell 14.1% to $172.4 million. Latin American sales increased 10.7% to $108.9 million.

Revlon recently rolled out the Daydreamer Collection.

Novel New Products
In the first half of 2010, Revlon rolled out several new products including Revlon PhotoReady Makeup, which is said to contain innovative photochromatic pigments that bend and reflect light to give a flawless, airbrushed appearance in any light. Revlon ColorBurst Lipstick, available in 20 shades, has Elasticolor technology that provides an instant burst of rich, true color that feels virtually weightless on the lips.

New from Almay is Smart Shade Anti-Aging makeup, which contains skin-sensing microspheres and instantly reduces the appearance of lines and wrinkles. New from Mitchum is Smart Solid Clinical Performance, a clinical strength antiperspirant/deodorant in an invisible stick form available for both men and women.

For the first quarter of 2010, Revlon’s sales rose less than 1% to $305.5 million. Net income fell from $12.7 million to $2.2 million. Net income in the 2010 first quarter included $9.7 million of expenses associated with the March 2010 refinancing.

Sales: $1.3 billion. Net income: $57.9 million.

Sales fell 1.5% last year, but the company reported net income of nearly $58 million, after a loss of $16 million in 2007. Excluding foreign currency fluctuations, net sales of Revlon brand color cosmetics increased 9%, driven by strong new product introductions. However, these gains were offset by declines in sales for Almay and lower net sales of certain fragrance and beauty care brands. U.S. sales fell 2.7% to $782.6 million, while international sales rose a scant 0.2% to $564.2 million.

For the first quarter of 2009, sales declined less than 3% to $303 million, but the company reported net income of $12.7 million, compared to a net loss of $2.5 million the previous year.

While other companies roll out new products, Revlon seems to roll out a new CEO every other year or so. In April, Alan T. Ennis was named president and chief executive officer, succeeding David Kennedy, who was named vice chairman. Mr. Kennedy will also serve as a senior executive vice president at MacAndrews & Forbes Holdings Inc., Revlon’s largest shareholder. Mr. Ennis was previously Revlon’s executive vice president, chief financial officer and president, Revlon International. Both Mr. Ennis and Mr. Kennedy remain on the company’s board.

In other moves, Chris Elshaw, who had served as executive vice president and general manager of the U.S., was elected executive vice president and chief operating officer. Steven Berns was named executive vice president, chief financial officer and treasurer. Finally, the company formed an office of the vice chairman that includes Mr. Kennedy, Mr. Ennis and Mr. Elshaw. The trio oversees Revlon’s strategic development.

Less than a month after forming the office, Revlon announced a worldwide organizational restructuring program.

The restructuring program will eliminate approximately 400 positions worldwide, including approximately 325 current employees and approximately 75 open positions.

On Jan. 1, 2010, Alan Meyers will join Revlon as executive vice president and chief science officer. He will assume leadership of Revlon’s worldwide research and development functions, succeeding Neil Scancarella, Revlon’s chief science officer since January 2000. Mr. Scancarella is scheduled to retire in December 2009.

Mr. Meyers, age 51, has spent his career in cosmetics research and development in positions of increasing scope and responsibility with Avon, Elizabeth Arden and L’Oréal USA. Most recently, he served as senior vice president, research and development and consumer affairs for L’Oréal USA.

Sales: $1.4 billion. Net loss: $16.1 million.

Net sales for Revlon increased about 5% to $1.4 billion. Net loss was significantly lower than last year at $16.1 million, compared to a net loss of $251.3 million in 2006. U.S. sales rose 5% to $804.2 million, driven by demand for women’s hair color and Almay color cosmetics. However, the gains were offset by declines in Revlon color cosmetics and the impact of Vital Radiance, which was discontinued in September, 2006. Revlon’s share of the U.S. color cosmetics category fell 230 basis points last year to 19.2%. Revlon’s share dropped from 14% to 13%, Almay’s share dipped .2% and Vital Radiance dropped from 1.2%  to .2%. However, Revlon’s share of the women’s hair color category rose 200 basis points to 11.2%.

International sales increased 5% to nearly $596 million. Sales gains in the Asia Pacific region were partially offset by lower sales in Europe and Canada.

This year, the company continues to focus on:
• Building and leveraging its strong brands;
• Improving the execution of its strategies and plans, and providing for continued improvement in its organizational capability through enabling and developing its employees;
• Continuing to strengthen its international business;
• Improving its operating profit margins and cash flow; and
• Improving its capital structure.

In 2007, Revlon also signed brand ambassadors Jessica Alba and most recently, Elle Macpherson, who represent the brand globally along with Beau Garrett and Halle Berry in global advertising campaigns and company-sponsored philanthropic activities. World-renowned makeup artist Gucci Westman was also tapped as the Revlon brand’s new global artistic director. In this new role, Ms. Westman will provide Revlon with expertise on new products and shade development. The company plans to introduce an extensive lineup on new products for both Revlon and Almay throughout 2008.

Despite the new faces, Revlon’s 2008 first quarter net sales dropped 2.5% to $320.4 million. Net sales in the first quarter of 2007 did benefit from initial shipments of beauty care products, including the launches of Revlon Colorist hair color and Mitchum Smart Solid antiperspirant and deodorant. Net loss in the first quarter of 2008 was $2.5 million, compared with a net loss of $35.2 million for the same quarter in 2007, according to the company.