Billionaire Ron Perelman’s empire loses crown jewel Revlon

The billionaire financier’s holding company is a shadow of its former self without the cosmetics business he bought in 1985. Picture: BLOOMBERG

Without the cosmetics company, run by his daughter Debra since 2018, Perelman’s holding company, MacAndrews & Forbes, is a shadow of its former self. Once boasting a stable of brand names including Marvel, Coleman and New World Entertainment, it’s left with stakes in two little-known biotechnology firms and a marketing company that derives most of its revenue from cheque and mail printing.

Wall Street began to think Revlon was too big — to Perelman — to fail, as recent court documents detailed. Even after Revlon’s shares jumped 76% on Friday in response to a report of a potential bid from India’s Reliance Industries, the shares are down about 69% year to date.

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