Connect with us

Stock Markets

Revlon’s road to bankruptcy

Published

on


© Reuters. A Public Safety officer keeps watch as people stand in front of a billboard owned by Revlon that takes their pictures and displays them in Times Square in the Manhattan borough of New York October 13, 2015. Cosmetics company Revlon switched on its “Kiss

(Reuters) – Revlon Inc filed for Chapter 11 bankruptcy protection late on Wednesday as the debt-laden cosmetics company struggled to take on rising competition from celebrity-backed startups in recent years.

Revlon, which was founded in 1932 as a nail paint maker, is controlled by billionaire Ron Perelman’s MacAndrews & Forbes and counts celebrities Gal Gadot and Megan Thee Stallion among its brand ambassadors.

Here’s a timeline of Revlon’s journey from a cosmetics giant to a debt-ridden firm:

Date/Year Event

1932 Brothers Charles and Joseph Revson and

Charles Lachman form Revlon and launch

the first opaque nail enamel.

1955 Expands its business to international

markets.

1965 Launches its ColorSilk hair color and

clinches sponsorship of “The $64,000

Question” T.V. show, helping drive sales

and build brand image.

1979 Acquires Henry Colomer and launches its

professional business.

1985 MacAndrews & Forbes acquires Revlon in a

hostile takeover for about $1.8 billion.

(https://reut.rs/3NMMpJf)

March 1996 Revlon goes public, listing on the NYSE

at a price of $24 per share. (https://

2000 Sells its Professional Products division

to Beauty Care Professional Products

Luxembourg, S.a.r.l.

2009 Perelman makes an unsuccessful attempt

to take Revlon private.

Aug. 2013 Revlon buys back its professional

products business through a $660 million

takeover of Spanish beauty care company

the Colomer Group. (https://reut.rs/3NPwCct)

Dec. 2013 Says it would exit China due to falling

sales, at a time when other Western

brands including Estee Lauder (NYSE:EL) Cos Inc

see fast growth. (https://reut.rs/3QiEtRy)

Jan. 2016 Perelman says he would seek strategic

alternatives for Revlon. (https://reut.rs/3tycOSJ)

June 2016 Revlon acquires Coty (NYSE:COTY) Inc’s international

Cutex businesses, completing its global

acquisition of the brand. (https://bwnews.pr/3xhHIA0)

Sept. 2016 Acquires Elizabeth Arden in an $870

million deal, adding the iconic brand

founded by cosmetics industry pioneer

and businesswoman Elizabeth Arden in

1910.

(https://bwnews.pr/39uOzxY)

May 2018 Names Ron Perelman’s daughter, Debra

Perelman, its first female CEO,

replacing Fabian Garcia who was hired to

turn the company around. (https://reut.rs/3xrDB4w)

Aug. 2019 MacAndrews and Forbes says Revlon would

explore options for its business. (https://reut.rs/3HrdHSZ)

March 2020 Revlon says it would cut 1,000 positions

in a bid to improve profitability. (https://reut.rs/3xouqSq)

Aug. 13, 2020 Citigroup (NYSE:C) pays Revlon lenders nearly

$900 million by mistake. (https://on.wsj.com/3zBPV4D)

Aug. 17, 2020 Citigroup sues Revlon lender Brigade

Capital Management, asking the hedge

fund to return its portion of the $900

million payment. (https://reut.rs/3tyOvV4)

Nov. 2020 Revlon avoids bankruptcy after getting

bondholder support. The company had

warned earlier that month it may be

forced to file for chapter 11 bankruptcy

protection. (https://reut.rs/3zzna8M)

Dec. 2020 Citigroup heads to trial to recoup a

half-billion dollars it claimed were

still due after the $900 million Revlon

snafu. (https://reut.rs/39wXbnM)

Feb. 2021 A federal judge says Citigroup is not

entitled to recoup the amount in Revlon

payment blunder.(https://reut.rs/3QoyhHB)

June 10, 2022 Revlon prepares to file for chapter 11

bankruptcy protection, according to a

Wall Street Journal report, citing

people familiar with the matter.

June 15, 2022 Company files for chapter 11 bankruptcy

protection.

Stock Markets

Easing chip shortages to help Volkswagen in H2 – CEO

Published

on


© Reuters. FILE PHOTO: Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File Photo

BERLIN (Reuters) – Volkswagen (ETR:VOWG_p) sees a strong second half of 2022 and expects progress in catching up with rival Tesla (NASDAQ:TSLA) as easing chip shortages start to offset supply chain bottlenecks and rising costs, the carmaker’s CEO said on Tuesday.

“We are earning more than ever,” Chief Executive Herbert Diess said at a works meeting, adding Volkswagen is ramping up electric vehicle volumes in its biggest markets in Germany and China thanks to easing semiconductor shortages.

This should allow the carmaker to narrow the Volkswagen-Tesla gap this year and meet its goal of becoming market leader by 2025 if it seizes the moment while the U.S. electric car maker burns cash on large investments, the CEO said.

“Elon (Musk) has to ramp up two highly complex factories in Austin and Gruenheide at the same time – as well as expand production in Shanghai. That’s going to take strength out of him,” Diess said.

Continue Reading

Stock Markets

Reliance Chairman Mukesh Ambani steps down as director of telecom arm

Published

on


© Reuters. FILE PHOTO: Mukesh Ambani, Chairman and Managing Director of Reliance Industries, arrives to address the company’s annual general meeting in Mumbai, India July 5, 2018. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) – Reliance Industries Chairman Mukesh Ambani has stepped down as director of Reliance Jio Infocomm Ltd, the conglomerate’s telecom arm said on Tuesday.

Reliance Jio said https://refini.tv/3Nrs773 it has appointed Mukesh’s son and non-executive director Akash Ambani as the chairman of its board. Akash has been involved with the telecom unit since its launch in late 2016, where he started as a director.

India’s telecoms sector had been upended after the entry of Jio, which triggered a price war that forced some rivals out of the market and turned profits into losses.

Jio, which started out offering mobile teleservices, has been aggressively investing in services like internet broadband and forging ties with handset makers to launch low-cost smartphones and providing 5G services.

Continue Reading

Stock Markets

UBS Downgrades Ebay, Farfetch to Neutral on Guidance Risks

Published

on


© Reuters. UBS Downgrades Ebay (EBAY), Farfetch (FTCH) to Neutral on Guidance Risks

By Senad Karaahmetovic

UBS analyst Kunal Madhukar downgraded shares of Farfetch (NYSE:FTCH) and eBay (NASDAQ:EBAY) to Neutral from Buy.

EBAY shares are cut alongside the price target (to $48.00 from $60.00 per share) despite low expectations. Still, the analyst expects 2022 GMV to fall by 17%, which is worse than the guidance of 16%-14% and the Street’s consensus of 15%.

“We think the buy side may already be lower than the Street. YTD, the stock has been one of the better performers within the eCommerce space, benefiting from both a ~2% dividend yield and aggressive share repurchases. However, when the market rebounds, we think EBAY shares could lag smaller cap peers (which are likely to grow much faster in a recovery) until investors have better visibility into organic growth at eBay. Consequently, we think the shares likely will remain range-bound until visibility improves,” Madhukar told clients in a note.

The price target on Farfetch shares goes to $10.00 from the prior $13.00 as Madhukar sees too optimistic assumptions for growth from the side of the company’s management.

“In addition to slower growth, we think upside is limited by lack of visibility into key drivers of value, including FPS volumes and economics, as well as on China. Granted, the YNAP deal could be a positive catalyst (link), but if the disclosure is limited (like with the recent deal with Neiman Marcus Group or NMG), it may be challenging for investors to understand if it creates shareholder value or not. Last, FTCH remains a profitless-tech company in an environment where investors are acutely focused on profits, and thus, there is limited valuation support,” the analyst added.

Similar to eBay, Madhukar sees shares remaining “range-bound until we have better visibility into growth and/or the path to profitability.”

Shares of eBay and Farfetch are down 2.4% and 2.2%, respectively, in pre-market Tuesday.

Continue Reading

News

Cryptocurrency15 hours ago

Dogecoin price could rally 20% in July with this bullish reversal pattern

Dogecoin price could rally 20% in July with this bullish reversal pattern Dogecoin (DOGE) looks ready to extend its rebound...

Stock Markets15 hours ago

Easing chip shortages to help Volkswagen in H2 – CEO

© Reuters. FILE PHOTO: Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York...

Economy15 hours ago

Futures rise as easing China COVID curbs lift travel, leisure stocks

© Reuters. A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S.,...

Economy15 hours ago

Euro below $1.06 as Lagarde keeps July policy options open

© Reuters. A shopper pays with a ten Euro bank note at a local market in Nice, France, June 7,...

Economy15 hours ago

China’s economy recovering but foundation not solid, premier says

© Reuters. FILE PHOTO: Chinese Premier Li Keqiang is seen on a screen as he attends a news conference via...

Cryptocurrency15 hours ago

3 charts showing this Bitcoin price drop is unlike summer 2021

3 charts showing this Bitcoin price drop is unlike summer 2021 Bitcoin (BTC) bear markets come in many shapes and...

Stock Markets15 hours ago

Reliance Chairman Mukesh Ambani steps down as director of telecom arm

© Reuters. FILE PHOTO: Mukesh Ambani, Chairman and Managing Director of Reliance Industries, arrives to address the company’s annual general...

Stock Markets15 hours ago

UBS Downgrades Ebay, Farfetch to Neutral on Guidance Risks

© Reuters. UBS Downgrades Ebay (EBAY), Farfetch (FTCH) to Neutral on Guidance Risks By Senad Karaahmetovic UBS analyst Kunal Madhukar...

Stock Markets15 hours ago

Bank of America Clients are Selling This Rally

© Reuters. Bank of America Clients are Selling This Rally By Senad Karaahmetovic Bank of America strategist Jill Carey Hall...

Stock Markets15 hours ago

Michelin to hand over Russian operations to local management

© Reuters. FILE PHOTO: The logo of French tyre maker Michelin is seen on tyre of a Formula E racing...

World15 hours ago

U.S. Capitol riot panel promises new evidence at surprise Tuesday hearing

2/2 © Reuters. FILE PHOTO: A video of former U.S President Donald Trump speaking is shown on a screen during...

Economy15 hours ago

Stocks, oil higher as China relaxes quarantine rules

2/2 © Reuters. FILE PHOTO: A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an...

Cryptocurrency15 hours ago

FTM Begins to Retest Previous Highs As Correction May Be Over

FTM Begins to Retest Previous Highs As Correction May Be Over Fantom (FTM) seems to be retesting previous highs. FTM...

Stock Markets15 hours ago

White House says companies investing $700 million to boost EV charger production

2/2 © Reuters. FILE PHOTO: A electric vehicle charger is seen as a vehicle charges in Manhattan, New York, U.S.,...

Cryptocurrency15 hours ago

SEC Chief Gary Gensler Labels Bitcoin a Commodity, but Other Cryptos Securities

The U.S. regulator has determined: bitcoin is a commodity. Other cryptocurrencies can be securities SEC Chair Gary Gensler reiterated that...

Stock Markets15 hours ago

Explainer-Why the survival of Scandinavian airline SAS hinges on Denmark

© Reuters. FILE PHOTO: A Scandinavian Airlines (SAS) plane is refuelled at Oslo Gardermoen airport, Norway, November 7, 2019. REUTERS/Lefteris...

Forex16 hours ago

Lira Weakens as Corporates Keep Buying Dollars Despite New Rule

© Bloomberg. An electronic board displays exchange rates information at a currency exchange bureau in Istanbul, Turkey, on Friday, June...

Stock Markets16 hours ago

Russia fines foreign firms for alleged data storage violations

© Reuters. FILE PHOTO: Attendees walk past a Twitch logo painted on stairs during opening day of E3, the annual...

Stock Markets16 hours ago

Siemens to invest in Volkswagen’s N.American charging network

© Reuters. A electric vehicle charger is seen as a vehicle charges in Manhattan, New York, U.S., December 7, 2021....

Commodities16 hours ago

Why Russian oil and gas price cap is easier said than done

© Reuters. FILE PHOTO: Model of petrol pump is seen in front of EU and Russian flag colors in this...

Stock Markets16 hours ago

FTX-Robinhood Rumors: Piper Sandler Sees ‘Win-win’ Situation, Others Less Optimistic

© Reuters FTX-Robinhood Rumors: Piper Sandler Sees a ‘Win-win’ Situation, Others Less Optimistic By Senad Karaahmetovic   Robinhood (NASDAQ:HOOD) shares...

Stock Markets16 hours ago

Lufthansa CEO apologises for summer travel chaos

© Reuters. FILE PHOTO: CEO of German air carrier Lufthansa Carsten Spohr delivers a speech at the ILA Berlin Air...

Commodities16 hours ago

G7 agrees to explore cap on Russian oil price – communique

2/2 © Reuters. FILE PHOTO: Yang Mei Hu oil products tanker owned by COSCO Shipping gets moored at the crude...

Cryptocurrency16 hours ago

Uzbekistan warms up to Bitcoin mining, but there’s a catch

Uzbekistan releases requirements for miners Uzbekistan’s National Advanced Projects Agency (NAPP) has required miners to register and use solar power...

Cryptocurrency16 hours ago

Ethereum’s Price Action Suggests Better Upside Potential

Ethereum’s Price Action Suggests Better Upside Potential At the moment, ETH’s price is closer to a bottom than a new...

Stock Markets16 hours ago

From Peru to Uganda, activists call on Deutsche Bank to drop fossil finance

4/4 © Reuters. Ankuash Mitiap Kapuchak and Shapiom Noningo Sesen, indigenous leaders from Peru and Ricardo Perez of the environmental...

Politics16 hours ago

Factbox-Four key races in Illinois, Colorado midterm primaries

© Reuters. FILE PHOTO: An American flag flies outside of the U.S. Capitol dome in Washington, U.S., January 15, 2020....

World16 hours ago

Rescuers dig for survivors after Russian missiles demolish Ukrainian shopping mall

6/6 © Reuters. Rescuers work at a site of a shopping mall hit by a Russian missile strike, as Russia’s...

Stock Markets16 hours ago

Renault teams up with Atos on data gathering

© Reuters. FILE PHOTO: The Renault logo on the Renault Scenic Vision concept-car is seen at its exhibition space, at...

Cryptocurrency16 hours ago

Cardano Has Highest Development Activities in 30 Days: Report

Cardano Has Highest Development Activities in 30 Days: Report Sanbase reports a list of the top 10 coins with the...

Trending