Home Business NewsBusiness Elizabeth Arden owner Revlon files for bankruptcy

Elizabeth Arden owner Revlon files for bankruptcy

by LLB Reporter
17th Jun 22 11:35 am

The 90-year-old cosmetics giant behind Elizabeth Arden and Gatineau, Revlon, filed for bankruptcy in the US yesterday.

The filing was made in the US Bankruptcy Court for the Southern District of New York and the company listed assets and liabilities between £810million and £8.1billion, according to the documents.

Revlon blamed supply chain disruptions and intense competition for the ingredients and suppliers asking be paid for orders upfront as reasons for its troubles.

This has caused “shortages of necessary ingredients across the company’s portfolio,” Revlon’s chief restructuring officer Robert Caruso said in the filing.

“For example, one tube of Revlon lipstick requires 35 to 40 raw materials and component parts, each of which is critical to bringing the product to market,” he added.

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