10.25.23
Revlon is #20 on our Top Global Beauty Companies 2023 Report.
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands and latest innovations.
From completing its financial restructuring and emerging from bankruptcy to appointing a new CEO—the past year was full of major developments for the company.
Through the restructuring process, Revlon significantly simplified its capital structure by eliminating more than $2.7 billion in debt from its balance sheet, leaving it with approximately $1.5 billion of debt outstanding. The majority of the company’s reorganized equity is now owned by its former lenders, including affiliates of Glendon Capital Management LP, King Street Capital Management, L.P., Angelo, Gordon & Co., among others.
In connection with its emergence from bankruptcy, Revlon formed a new board of directors for the reorganized company comprised of senior executives with strong knowledge of the global consumer, retail, and beauty industries, including: executive chair Elizabeth (Liz) A. Smith, former executive chairman and CEO of Bloomin’ Brands, Inc. and former chair of the Federal Reserve of Atlanta; Martin Brok, former global president and chief executive officer of Sephora; Timothy McLevish, former chief financial officer at Walgreens Boots Alliance, Inc.; Hans Melotte, former president of Starbucks’ Global Channel Development; and Paul Pressler, chairman of the board of directors of eBay, Inc.
In May 2023, Elizabeth Arden launched its first-ever immersive virtual store experience, created in partnership with experiential e-commerce platform Obsess.
The virtual store experience brings the company’s history to life through interactive content and images that tell the story of its inspirational female founder, her impact on the beauty industry and the brand’s evolution. The space features gallery-style art that visitors can “jump” into to immerse themselves in the historical scenes depicted in the artwork and photos.
In July 2023, Revlon announced that Debra Perelman will step down from her role as president and chief executive officer and as a member of the Board. In the meantime, Elizabeth (Liz) A. Smith has been appointed interim chief executive officer of the company, effective immediately, while Perelman will serve as an advisor to the company for a transition period. Perelman was appointed as Revlon’s first female president and chief executive officer in 2018.
She is the daughter of Ronald Perelman who controlled the group from 1985 until 2022, when Revlon struck an agreement with creditors to give lenders and bondholders ownership of the cosmetics maker and wipe out the interests of Perelman. What this means is, for the first time since 1985, there are no Perelmans in leadership positions at Revlon—marking the beginning of a new era for the group.
Smith said, “I am energized by the engagement of our new Board, which is committed to the execution of the company’s business transformation. Along with the leadership team, I look forward to building an organization-wide culture of innovation and excellence, and to working with our retailer, supplier and distribution partners to reignite the momentum in our iconic brands.”
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands and latest innovations.
Beauty Sales:
$2 billionKey Personnel:
- Debra G. Perelman, president & chief executive officer
- Thomas Cho, chief supply chain officer
- Matt Kvarda, interim chief financial officer
- Keyla Lazardi, chief scientific officer
- Tracey Raso, managing director, Revlon Pacific
- Charles Waters, president EMEA
- Martine Williamson, chief marketing officer
Major Products/Brands:
- Revlon, Elizabeth Arden New York, Almay, American Crew
- CND, Cutex Care, Sinfulcolors, Mitchum
- Britney Spears Fragrances, Christina Aguilera Fragrances
- The Elizabeth Taylor Fragrance Collection
- John Varvatos, Juicy Couture
- Alfred Sung, Charlie, Crème of Nature
- Curve, d:fi, Ed Hardy, Giorgio
- Grey Flannel Geoffrey Beene
- Halston, Intercosmo, Jean Naté
- Lucky You, Orofluido
New Products
- Revlon ColorStay Suede Ink Lipstick
- Revlon ColorSilk Digitones Hair Color
- Revlon ColorStay Micro Easy Precision Liquid Liner
- Revlon ColorStay Micro Brow Pencil
- Elizabeth Arden New York Anti-Aging Eye Serum 2.0
- Elizabeth Arden New York Retinol Ceramide Line Erasing Eye Cream
- Elizabeth Arden New York Advanced Ceramide Lift and Firm Eye Cream
- American Crew Matte Clay
- American Crew Styling Pucks
- Almay Ageless collection
Financial Summary
Revlon’s consolidated net sales in the year ended December 31, 2022, were $1,980.4 million, a $98.3 million decrease, or 4.7%, compared to $2,078.7 million in the prior year.From completing its financial restructuring and emerging from bankruptcy to appointing a new CEO—the past year was full of major developments for the company.
2022/2023 Highlights
Earlier this year, Revlon hit a milestone—the company successfully completed its financial restructuring process and emerged from Chapter 11. With approximately $236 million of liquidity, funded through an equity-rights offering, a new money senior secured credit facility, and new asset-based loans, Revlon became a private company.Through the restructuring process, Revlon significantly simplified its capital structure by eliminating more than $2.7 billion in debt from its balance sheet, leaving it with approximately $1.5 billion of debt outstanding. The majority of the company’s reorganized equity is now owned by its former lenders, including affiliates of Glendon Capital Management LP, King Street Capital Management, L.P., Angelo, Gordon & Co., among others.
In connection with its emergence from bankruptcy, Revlon formed a new board of directors for the reorganized company comprised of senior executives with strong knowledge of the global consumer, retail, and beauty industries, including: executive chair Elizabeth (Liz) A. Smith, former executive chairman and CEO of Bloomin’ Brands, Inc. and former chair of the Federal Reserve of Atlanta; Martin Brok, former global president and chief executive officer of Sephora; Timothy McLevish, former chief financial officer at Walgreens Boots Alliance, Inc.; Hans Melotte, former president of Starbucks’ Global Channel Development; and Paul Pressler, chairman of the board of directors of eBay, Inc.
In May 2023, Elizabeth Arden launched its first-ever immersive virtual store experience, created in partnership with experiential e-commerce platform Obsess.
The virtual store experience brings the company’s history to life through interactive content and images that tell the story of its inspirational female founder, her impact on the beauty industry and the brand’s evolution. The space features gallery-style art that visitors can “jump” into to immerse themselves in the historical scenes depicted in the artwork and photos.
In July 2023, Revlon announced that Debra Perelman will step down from her role as president and chief executive officer and as a member of the Board. In the meantime, Elizabeth (Liz) A. Smith has been appointed interim chief executive officer of the company, effective immediately, while Perelman will serve as an advisor to the company for a transition period. Perelman was appointed as Revlon’s first female president and chief executive officer in 2018.
She is the daughter of Ronald Perelman who controlled the group from 1985 until 2022, when Revlon struck an agreement with creditors to give lenders and bondholders ownership of the cosmetics maker and wipe out the interests of Perelman. What this means is, for the first time since 1985, there are no Perelmans in leadership positions at Revlon—marking the beginning of a new era for the group.
Looking Ahead
Interim CEO Elizabeth A. Smith calls this “an exciting time for Revlon, which is well positioned for its next phase of growth with a simplified capital structure and the support of new owners.”Smith said, “I am energized by the engagement of our new Board, which is committed to the execution of the company’s business transformation. Along with the leadership team, I look forward to building an organization-wide culture of innovation and excellence, and to working with our retailer, supplier and distribution partners to reignite the momentum in our iconic brands.”
