Global luxury brands are scaling back orders with Italian suppliers, as the spread of the coronavirus from key market China to major manufacturing hub Italy hits business across the sector, industry sources said.
As it continues to explore sale possibilities, the New York-based cosmetics company announced on Monday that it has named Coty alum Sergio Pedreiro as its new chief operating officer, effective immediately.
Currently reviewing the possibility of a sale, Revlon announced declining revenues and widening losses for Q3 on Friday, as weaknesses in its North American business took their toll on the company’s top line.
Following the announcement earlier this month that the cosmetics company would be exploring its options, Revlon is reportedly planning to approach potential bidders after the Labor Day holiday in September.
Revlon Inc reported on Monday a net sales drop for the fourth quarter 2018, but narrowed profit losses, adding that it expects to disclose "material weakness" in its internal control over financial reporting for 2018.
The NYC-based beauty company reported a significant narrowing of Q3 net losses on Friday, thanks to cost-cutting measures which compensated for faltering sales and are soon to be expanded through a new optimization plan.
Revlon Inc named Debra Perelman its first female chief executive officer on Wednesday, as the cosmetics maker controlled by her billionaire father, Ronald Perelman, tries to keep up with changing consumer preferences.
The New York-based cosmetics group reported its financial results for the first quarter 2018 on Thursday, recording widening losses due to falling sales, particularly in North America and its fragrance segment.