07.07.09
New York, NY
212.527.4000
www.revlon.com
Sales: $1.3 billion
Sales: $1.3 billion. Net income: $57.9 million.
Key Personnel: Ronald O. Perelman, chairman; David Kennedy, vice chairman; Alan T. Ennis, president and chief executive officer; Chris Elshaw, executive vice president and chief operating officer.
Major Products: Cosmetics, women’s hair color, beauty tools, fragrances, skin care, antiperspirants/deodorants and personal care products, marketed under such brand names as Revlon, Revlon ColorStay, Revlon Super Lustrous, Revlon Age Defying, Almay Intense i-Color, Almay Smart Shade, Revlon ColorSilk, Charlie and Jean Naté fragrances, Ultima II and Gatineau skin care and Mitchum personal care products.
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Jessica Biel is a new Revlon spokesperson. |
Comments: Sales fell 1.5% last year, but the company reported net income of nearly $58 million, after a loss of $16 million in 2007. Excluding foreign currency fluctuations, net sales of Revlon brand color cosmetics increased 9%, driven by strong new product introductions. However, these gains were offset by declines in sales for Almay and lower net sales of certain fragrance and beauty care brands. U.S. sales fell 2.7% to $782.6 million, while international sales rose a scant 0.2% to $564.2 million.
For the first quarter of 2009, sales declined less than 3% to $303 million, but the company reported net income of $12.7 million, compared to a net loss of $2.5 million the previous year.
While other companies roll out new products, Revlon seems to roll out a new CEO every other year or so. In April, Alan T. Ennis was named president and chief executive officer, succeeding David Kennedy, who was named vice chairman. Mr. Kennedy will also serve as a senior executive vice president at MacAndrews & Forbes Holdings Inc., Revlon’s largest shareholder. Mr. Ennis was previously Revlon’s executive vice president, chief financial officer and president, Revlon International. Both Mr. Ennis and Mr. Kennedy remain on the company’s board.
In other moves, Chris Elshaw, who had served as executive vice president and general manager of the U.S., was elected executive vice president and chief operating officer. Steven Berns was named executive vice president, chief financial officer and treasurer. Finally, the company formed an office of the vice chairman that includes Mr. Kennedy, Mr. Ennis and Mr. Elshaw. The trio oversees Revlon’s strategic development.
Less than a month after forming the office, Revlon announced a worldwide organizational restructuring program.
The restructuring program will eliminate approximately 400 positions worldwide, including approximately 325 current employees and approximately 75 open positions.
On Jan. 1, 2010, Alan Meyers will join Revlon as executive vice president and chief science officer. He will assume leadership of Revlon’s worldwide research and development functions, succeeding Neil Scancarella, Revlon’s chief science officer since January 2000. Mr. Scancarella is scheduled to retire in December 2009.
Mr. Meyers, age 51, has spent his career in cosmetics research and development in positions of increasing scope and responsibility with Avon, Elizabeth Arden and L’Oréal USA. Most recently, he served as senior vice president, research and development and consumer affairs for L’Oréal USA.
