Revlon is controlled by billionaire Ron Perelman’s MacAndrews & Forbes and is being eyed by Mukesh Ambani’s Reliance as a potential acquisition target in the US.
After experiencing years of dwindling revenue and financial difficulties, suffered during the epidemic, which the business said on Thursday could “impede” its restructuring process.
After ET Now revealed that Reliance Industries Ltd. is considering purchasing the cosmetics giant Revlon Inc. shares increased by 62 percent in New York trading.
Request Between Reliance And Revlon Were Not Fulfilled
Ambani oversaw Reliance’s construction of infrastructure facilities and the establishment of a multi-format, organized retail network across India. Reliance Retail is now the biggest organized retailer in India.
For Jio, Reliance’s digital services effort, he has set world records in client acquisition. He oversaw the establishment of one of the largest 4G broadband wireless networks in the world, providing end-to-end solutions that address the entire value chain across a variety of digital services in essential areas of public interest, such as entertainment, healthcare, security, and financial services.
According to Hindustan Times, Days after Revlon filed for Chapter 11 bankruptcy, the publication reported, citing persons familiar with the situation, that Mukesh Ambani-controlled Reliance Industries is considering an offer.
After experiencing years of declining sales and financial controversies, Revlon, owned by billionaire Ron Perelman’s MacAndrews & Forbes, suffered during the pandemic. The company said on Thursday that these issues could “impede” its restructuring process.
Requests for comment from Revlon and Reliance Industries representatives were not immediately fulfilled.
During the Great Depression, 90 years ago, Revlon began selling nail polish. Later, the company expanded its line to include coordinated lipsticks. The company had a global presence by 1955.
By Thursday’s close, shares of the multinational cosmetics company had dropped 83% since the year started.