Revlon has filed for bankruptcy as competition from newer brands and pandemic supply chain issues have battered sales.
The international beauty company, which sells products in more than 150 countries, has struggled with heavy debt. It listed $3.7 billion in total debts in a Wednesday court filing, much of it built up in trying to compete with cosmetic startups.
Many new cosmetic corporations are backed by celebrities who can rely on an existing fanbase to generate hype and sales, such as Rihanna’s Fenty Beauty and Kylie Jenner’s Kylie Cosmetics. Supply chain issues and labor shortages, exacerbated by the pandemic, have also proved challenging for Revlon.
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