Cosmetics company Revlon has filed for bankruptcy protection after a turbulent few years, which included a drop in lipstick sales due to face masks.
The company, which broke racial barriers and dictated beauty trends for much of the last century, has been a mainstay on store shelves since its founding 90 years ago in New York City. But industry experts say Revlon failed to keep pace with changing tastes and was slow to follow women as they traded flashy red lipstick for more muted tones in the 1990s.
In addition to losing market share to big rivals like Procter & Gamble, Revlon also failed to capitalise on emerging social media trends and lost out to newcomer cosmetic lines such as Kylie Jenner and other celebrities who made gains digitally.as lipstick sales dropped 21% in 2020 while people were forced to wear masks.They rebounded in the company's most recent reporting year but still lag pre-pandemic levels in excess of $2.4bn a year.
The global supply chain disruptions that are affecting hundreds of international companies in recent months have finally proved to be the nail in the coffin for Revlon.
The 90s was 30 years ago? 😂🙄
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