Reliance eyeing an offer to buy Revlon in US, cosmetics giant’s shares jump

Revlon, owned by billionaire Ron Perelman’s McAndrews and Forbes, said sales suffered during the epidemic after years of decline and that financial problems had been tolerated, saying the company “hindered” its restructuring.

Revlon Inc. in a New York transaction after ET Now reported that Reliance Industries Limited is considering buying a cosmetics giant Shares were up 62%.

The publication reports that Reliance Industries, which is controlled by Indian billionaire Mukesh Ambani, is considering an offer shortly after Revlon filed for Chapter 11 bankruptcy, referring to people familiar with the matter.

Revlon, owned by billionaire Ron Perelman’s McAndrews and Forbes, said sales suffered during the epidemic after years of decline and that financial problems had been tolerated, saying the company “hindered” its restructuring.

Representatives from Revlon and Reliance Industries did not immediately respond to requests for comment.

Revlon began selling nail polishes 90 years ago on the throes of the Great Depression and then added coordinated lipsticks to its collection. By 1955, the brand was international.

Shares of the cosmetics giant fell 83% from the beginning of 2022 to the end of Thursday.

Close Story

Leave a Comment