Revlon And Bankruptcy
Why Revlon Failed and How Culture, Diversity, and Inclusion Can Save It. Revlon , a global icon in the cosmetics industry, has faced significant challenges over the past few years. Established in New York in 1932, Revlon has been a household name, selling makeup, fragrance, and skincare products in over 150 countries. However, recent years have been tumultuous for the company. The COVID-19 pandemic led to store closures, resulting in a significant drop in sales by more than 20%. The situation was further exacerbated by rising inflation, which caused consumers to reduce spending on non-essential items like beauty products. Consequently, Revlon struggled to manage its massive liabilities, amounting to $3.68 billion, and faced difficulty paying suppliers. These challenges forced the company to file for bankruptcy. While Revlon has made strides in its reorganization efforts, successfully cutting over $2.7 billion in debt and emerging from Chapter 11 bankruptcy, the company is not out...