Retail Beauty has been closely tracking Revlon‘s fortunes from filing for Chapter 11 bankruptcy last year to its financial restructuring plans in April. In May, the company appointed a new board of directors led by executive chair Elizabeth Smith, formerly the CEO of Bloomin’ Brands, the US restaurant chain, chair of the Federal Reserve Bank of Atlanta and President of Avon.

Debra Perelman, daughter of longtime Revlon owner, Ron Perelman, became the company’s first female CEO in 2018 and has worked for the company for 20 years. Prior to the appointment, she was also COO and held senior executive positions across multiple sectors of the business, including marketing, finance, sales and distribution.

Australian operations unaffected as Revlon files for Chapter 11 protection

Perelman is stepping down from her role as president and CEO of Revlon and as a member of the board. Elizabeth Smith will take up the position of interim CEO, effective immediately, and Perelman will act as an advisor during a transition period, according to a company statement.

“It’s been an honour to lead the talented and dedicated Revlon team over the past five years, and I am grateful to my colleagues for their partnership and support through this time”, commented Perelman. “With a successful financial restructuring behind us, I believe now is the right time to pass the torch.”

This is an exciting time for Revlon, which is well positioned for its next phase of growth with a simplified capital structure and the support of a new owner, noted Smith. “I am energised by the engagement of our new board, which is committed to the execution of the company’s business transformation. Along with the leadership team, I look forward to building an organisation-wide culture of innovation and excellence, and to working with our retailer, supplier and distribution partners to re-ignite the momentum of our iconic brands. Revlon’s simplified capital structure and significantly reduced debt have positioned the company for long-term growth”.

Revlon’s restructuring process included eliminating US$2.7 billion in debt, becoming a private company and obtaining US$285 million in liquidity.

The company’s products are sold in more than 100 countries around the world. In Australia, Revlon holds the #2 brand position in the total cosmetics market. The company’s stable of brands and licenses across colour cosmetics, skincare, hair colour, haircare and fragrances, includes Revlon, Revlon Professional, Elizabeth Arden, Mitchum, American Crew, Cutex, Juicy Couture, Britney Spears and John Varvatos.

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