REVLON IN THE RED

Crippled by massive debt, the beauty giant has had to file for bankruptcy - but the company insists it will bounce back

- MAXINE PETERS

THE most unforgettable women in the world wear Revlon, their ads proudly proclaimed. Back then few would argue given the luscious lips, chiselled cheekbones, gloss and gorgeousness of the Cindy Crawfords, Halle Berrys, and Linda Evangelista of the world.

These superstars epitomised the glamour and femininity the iconic brand wanted to inspire in ordinary women. And for many years they succeeded for generations Revlon was a makeup must-have.

But it turns out the beauty brand's financial state is far from flawless. The company is bankrupt and its high debt levels are far from pretty - they're $3,54 billion (R55bn) in the red.

How could it have all gone so wrong for the 90-year-old multinational beauty giant that also owns Elizabeth Arden? That's what many are wondering after the shock filing.

The company says a decline in sales and delays in shipping delivery times due to the Covid-19 pandemic hit their bottom line hard. Further adding to the ugly picture are the supply-chain disruptions caused by the Russia-Ukraine conflict and pandemic lockdowns in China.

But what does this mean for fans of its much-loved products? Is there any way back for the cosmetics giant or is this the end of an era?

WHAT WENT WRONG?

Throughout much of the 20th century, Revlon was the second-largest cosmetics company by sales worldwide, behind Avon. But changing consumer tastes and stiff competition from newer, glitzier rivals have taken off a lot of the shine.