The siblings teamed up with a chemist named Charles Lachman, and took the 'L' in his last name and combined it with theirs to come up with the moniker Revlon. Revlon was first founded on March 1, 1932, by brothers Charles and Joseph Revson - who launched the company amid the Great Depression in Manhattan. Founder Charles Revson is pictured in 2017 Its first product was a new style of nail polish, which used pigments instead of dyes. The trio began selling the nail polishes in 1937, and within one year, Revlon was branded a multi-million-dollar company. It is going to receive $575 million in debtor-in-possession financing to help support day-to-day operations.Īs Revlon files for bankruptcy, FEMAIL has taken a look back at the rise and fall of the beauty brand, including how it started, what went wrong, and everything in between. It listed its assets and liabilities between $1 billion and $10 billion, but has more than $3 billion of debt, the outlet reported. 'Our challenging capital structure has limited our ability to navigate macro-economic issues in order to meet this demand.'Īccording to CNBC, the company is unable to 'timely fill almost one-third of customer demand for its products due to an inability to source a sufficient and regular supply of raw materials.' 'Today's 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 CEO Debra Perelman, who became head of the company in 2018, in a statement. Now, it has filed for Chapter 11 bankruptcy protection in an attempt to 'strategically reorganize' its finances. Revlon rose to prominence throughout the late 1900s, going from a nail brand to one of the biggest beauty companies in the world - but it was recently plagued with crippling debt and an immense loss of sales. However, in recent years, between growing competition and closures from the COVID-19 pandemic, the company has been plagued with crippling debt and an immense loss of sales, as well as distribution problems, and product shortages. Revlon rose to prominence throughout the late 1900s, going from a nail brand to one of the biggest beauty companies in the world - which is now worth between $1 billion and $10 billion.įor much of its 90-years in business, the well-known beauty brand - which helped pioneer the famous red lip - was the go-to for all things makeup, and it was endorsed by many famous faces, including Jessica Alba, Jessica Biel, Olivia Wilde, Ashley Graham, and Halle Berry. The beauty company, which sells foundation, concealer, blush, highlighter, lipstick, eye shadow, and mascara, as well as hair products, beauty tools, and nail care, was founded in 1932 by two Jewish brothers who lived in New York City and had created a new type of nail polish. Makeup giant Revlon has filed for bankruptcy after nearly a century in business. That, partnered with distribution problems and product shortages, has resulted in Revlon filing for Chapter 11 bankruptcy protection in an attempt to 'strategically reorganize' its finances.Amid the released of celebrity makeup brands like Kylie Jenner's Kylie Cosmetics and Rihanna's Fenty Beauty, partnered with people staying home due to the pandemic, the brand saw a drop in profit over recent years.However, in recent years, between growing competition and closures from the COVID-19 pandemic, the company has been plagued with crippling debt and an immense loss of sales.For much of its 90-years in business, the well-known beauty brand was the go-to for all things makeup, and it was endorsed by many famous faces, including Jessica Alba, Jessica Biel, Olivia Wilde, and Halle Berry.Revlon rose to prominence throughout the late 1900s, going from a nail brand to one of the biggest beauty companies in the world - and is now worth between $1 billion and $10 billion.The beauty company was founded in 1932 by two Jewish brothers who lived in New York City and had created a new type of nail polish, using pigments instead of dyes.How Revlon lost its gloss: As 90-year-old makeup giant files for bankruptcy, an inside look at its humble beginnings, ascent to global success - and the glamorous faces who turned it into a multi-billion-dollar business
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