The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Cosmetics maker Revlon Inc said Chief Executive Lorenzo Delpani would step down for personal reasons.
The news comes about a month after Revlon's controlling shareholder and Chairman Ron Perelman said he would seek strategic alternatives for the company.
The company, known for its Revlon and StreetWear brand cosmetics and Charlie perfumes, has reported a sales decline in three of the past four quarters as consumers increasingly prefer more exclusive brands.
Revlon is also facing intense competition from bigger companies such as Estee Lauder Cos Inc and L'Oreal SA, whose deep pockets allow them to spend heavily on research and marketing new brands.
ADVERTISEMENT
Revlon said on Friday that Delpani would step down as CEO on March 1, but remain on the company's board. He will also serve as an adviser.
The company appointed Executive Vice President Gianni Pieraccioni its new chief operating officer.
Revlon sales rose 4.2 percent to $521.9 million in the fourth quarter ended Dec. 31, helped by demand for its Revlon and SinfulColors cosmetics in the United States.
Revlon shares closed at $31.17 on Thursday on the New York Stock Exchange.
Up to Thursday's close, the stock had risen nearly 24 percent since Jan. 14, a trading day before Perelman said he would seek strategic alternatives for the company.
By Yashaswini Swamynathan; editors: Savio D'Souza and Kirti Pandey.
Here’s why your new moisturisers look like Sharper Image tools.
A genius marketing campaign from E.l.f. Beauty this week emphasised how diversity, equity and inclusion efforts can be done at the highest levels — and what the barriers are to making substantial progress.
The showcase translated the company’s global insights consumer study into scent profiles, technologies and fragrances.
The Estée Lauder-owned premium fragrance house has signed a two-year deal with the actor in a bet to seize more of the men’s market.