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13 Oct

Revlon Files For Bankruptcy Protection – Essence

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During the last decade, fashion and sweetness corporations have needed to adopt latest marketing strategies because the influencer industry continues to prove as probably the most lucrative ways to drive sales. The times of counting on a brand’s heritage are drifting and executives are forced to search out their way in today’s hyper-digital world. Celebrity placements are also not as impactful as they once were and identifying social media influencers with a loyal following has turn out to be more necessary than ever. Inside the last two years, Revlon announced Megan Thee Stallion because the brand’s newest ambassador, but even with Megan’s growing influence, Revlon’s celebrity ambassadors couldn’t dig the cosmetic company out of its debt.

Ronald Perelman, who’s the owner of Revlon and a billionaire investor across quite a few industries, recently filed for Chapter 11 bankruptcy to maintain Revlon operating while the corporate works out a payment plan with its creditors. Reports say that the court filing revealed that the cosmetics giant is facing a debt value that exceeds $3.0 billion. 

Although Revlon has been in business for 90 years and has turn out to be probably the most renowned names in the sweetness industry, the corporate has struggled to maintain up with its direct competitors resembling L’Oreal and Estée Lauder and even newer cosmetic corporations which can be growing fast due to their lack of engagement with social media influencers. On top of that, it doesn’t help that the corporate can also be combating supply chain challenges and inflation that product-based corporations have been experiencing because the starting of the pandemic. 

Revlon has made mighty strides prior to now and so they even made history in 1970 after they became the primary beauty company to feature a Black model, Naomi Sims. Nevertheless, to take care of success, today’s businesses must give you the option to evolve with technology.

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