Revlon Inc. successfully avoided bankruptcy in 2020, but as the company moves into 2021 and the coronavirus pandemic ensues, there are several more hurdles to clear.
Elizabeth Arden, which until 2020 had been the bright spot in the business, also saw significant sales declines. For the three months ending Sept. 30, Arden’s sales were down almost 14 percent year-over-year, to $106.3 million. For the nine-month period, sales dipped nearly 20 percent, to $282.4 million.
“It feels like what they are doing is quite an old strategy,” Nokes said. “Get the celebrity endorsement, put them all over your ads. That worked for a while. Now, a lot of what’s appealing to consumers is hearing about it from other consumers.” In order to make progress in 2021, Revlon will not only need to reach consumers, but will also need to safeguard liquidity, according to Debtwire restructuring editor Reshmi Basu.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.