Reliance Considering Buying Out Revlon In US
Published On: Friday, June 17, 2022 | By: Team KnowMyStock
Indian conglomerate Reliance Industries is considering buying out Revlon Inc in the United States, days after the cosmetics giant filed for bankruptcy, business channel ET Now reported on Friday, citing sources. Mukesh Ambani-led Indian oil-to-retail conglomerate is now mulling bidding for a cosmetics maker that filed for Chapter 11 bankruptcy protection in the United States. Reliance has pushed its way into the fashion and personal care space in recent months as it diversifies away from its mainstay oil business. It has already established a foothold in the telecom and retail sectors. Shares of Revlon jumped 20% to $2.36 in premarket trade following the report. Reliance was up 1.9% in the Mumbai market.
The company has been a mainstay on store shelves since its founding 90 years ago in New York City, overseeing a stable of household names, from Almay to Elizabeth Arden.
But Revlon failed to keep pace with changing tastes, 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, newcomer cosmetic lines from Kylie Jenner and other celebrities successfully capitalized on the massive social media following of the famous faces that fronted the products.
Tags: Reliance Revlon cosmetics bankruptcy
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