Revlon, the cosmetics giant founded by Charles Revson in 1932, filed for Chapter 11 bankruptcy protection in an attempt to wrangle crippling debt, waning appeal, and supply chain issues.

The company has reportedly secured $575 million in loans to keep day-to-day operations running.

"Today’s filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth,” CEO Debra Perelman, Revlon's first female president, told the Associated Press.

Despite its presence in nearly every major drugstore, Revlon has struggled to maintain relevance and grow sales throughout the pandemic. According to AP, sales dropped 21 percent in 2020, likely due to the fact that stay-at-home orders and face masks rendered Revlon's speciality, lipstick and nail polish, superfluous. In Q1 of 2022, sales increased, but still trailed pre-pandemic levels. Per CNN, shares have fallen more than 80 fallen since the beginning of the year.

Revlon may have been a trailblazer in the '70s and '80s — it was the first cosmetics company to cast a Black model in an ad campaign, and helped launch the careers of supermodels including Iman and Christy Turlington — but the company has struggled to keep up with the never-ending slew of celebrity makeup brands, most of which sell direct-to-consumer and through speciality retailers such as Sephora and Ulta.

Revlon has always recruited celebrities for ad campaigns (some notable faces include Oprah and Salma Hayek), but the company reinvigorated its image by announcing Megan Thee Stallion as a spokesperson in August 2020. But even the rapper's outsize star power couldn't change the fact that Revlon was suffering from supply chain woes, product shortages, and the unfortunate reality that its stable of brands — including Elizabeth Arden, Britney Spears Fragrances, and Almay — weren't appealing to younger consumers.

Revlon's bankruptcy doesn't come as a total shock, considering preliminary reports regarding the cosmetic giant's woes. Still, the news is a wakeup call to legacy brands and drugstore mainstays alike: the success of household names isn't guaranteed.

What To Read Next

  • Image on Highsnobiety

    Fucking Awesome's adidas Experiment Collab Has Its Eye on You

    Sneakers
  • Image on Highsnobiety

    Ye's Back in YEEZYs & Dating Again, Apparently

    Style
  • Image on Highsnobiety

    Somehow, Julia Fox Found a Way to Wear Less Clothing

    Style
  • chaney jones kanye west dating girlfriend timeline julia fox

    Keeping Up With ChanYe, From Birkin Gifts to Calling It Quits

    Culture
  • Image on Highsnobiety

    Beyoncé's 'Renaissance' Party, Issey Miyake's Legacy, 'Watch the Throne' Outfits

    Culture
  • Image on Highsnobiety

    Issey Miyake's Legacy Is Ironclad

    Style
*If you submitted your e-mail address and placed an order, we may use your e-mail address to inform you regularly about similar products without prior explicit consent. You can object to the use of your e-mail address for this purpose at any time without incurring any costs other than the transmission costs according to the basic tariffs. Each newsletter contains an unsubscribe link. Alternatively, you can object to receiving the newsletter at any time by sending an e-mail to info@highsnobiety.com

Web Accessibility Statement

Titelmedia (Highsnobiety), is committed to facilitating and improving the accessibility and usability of its Website, www.highsnobiety.com. Titelmedia strives to ensure that its Website services and content are accessible to persons with disabilities including users of screen reader technology. To accomplish this, Titelmedia has engaged UsableNet Inc, a leading web accessibility consultant to help test, remediate and maintain our Website in-line with the Web Content Accessibility Guidelines (WCAG), which also bring the Website into conformance with the Americans with Disabilities Act of 1990.

Disclaimer

Please be aware that our efforts to maintain accessibility and usability are ongoing. While we strive to make the Website as accessible as possible some issues can be encountered by different assistive technology as the range of assistive technology is wide and varied.

Contact Us

If, at any time, you have specific questions or concerns about the accessibility of any particular webpage on this Website, please contact us at accessibility@highsnobiety.com, +49 (0)30 235 908 500. If you do encounter an accessibility issue, please be sure to specify the web page and nature of the issue in your email and/or phone call, and we will make all reasonable efforts to make that page or the information contained therein accessible for you.