Revlon In COVID-19 Tailspin; E-Commerce, At-Home Beauty Provide Lifts
At-home nail and hair care and e-commerce were bright spots in a numbing second quarter for Revlon, which was hit hard by mass retail and salon channel closures at a time of ongoing transformation.
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Revlon’s net sales fell approximately 20% to $477.1m in the third quarter, but the performance represents a sequential improvement compared with the second quarter, CEO Debra Perelman noted in a call with analysts. Having successfully closed a senior debt exchange offer on 13 November, Revlon will enter 2021 fully focused on strategic execution, she said.
In the current economy, e.l.f.’s value messaging is resonating with new consumers, contributing to an 8% jump in its fiscal 2021 first-quarter sales. The company expects continued volatility, but is optimistic about its robust digital game, growing skin-care clout and a newly announced partnership with Alicia Keys that it says will yield much more than “just another celebrity beauty line.”
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