Reliance Industries may buy out Revlon Inc in the United States, days after the cosmetics giant filed for bankruptcy.
Mukesh Ambani-led Indian oil-to-retail conglomerate is now mulling bidding for cosmetics maker that filed for Chapter 11 bankruptcy protection in the United States.
The company has been a mainstay on store shelves since its founding 90 years ago in New York City, overseeing a stable of household names, from Almay to Elizabeth Arden.
But Revlon failed to keep pace with changing tastes, slow to follow women as they traded flashy red lipstick for more muted tones in the 1990s.
Already weighed down by rising debt, Revlon’s problems only intensified with the pandemic as lipstick gave way to a new era in fashion, this one featuring medical-grade masks.
Perelman said that demand for its products remains strong, but its “challenging capital structure" offered limited ability to navigate.
During its heyday in the 20th century, Revlon trailed only Avon in sales. It now holds the 22nd spot among cosmetics makers, according to a recent ranking by fashion trade journal WWD.