Revlon Watching For Color Cosmetics Rebound In 2021
The New York-based firm reported net sales declines of roughly 10% and 21% for the fiscal 2020 fourth quarter and full year, with COVID-related impacts on color cosmetics weighing heavily on its namesake and Portfolio businesses.
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The specialty retailer, entering Target stores in the fall, is aiming for net sales of $7.2bn to $7.3bn in fiscal 2021, compared with $6.15bn in 2020 and $7.4bn in 2019. President Dave Kimbell will be taking the helm in June while CEO Mary Dillon stays on for one year as executive chair of the board.
Dermocosmetics was L’Oreal’s biggest growth story in 2020, benefiting from shifting consumer priorities during the COVID crisis and reinvigorated faith in the recommendations of healthcare professionals. Makeup sales tanked, but that could well reverse with the advent of another Roaring Twenties post-pandemic, L’Oreal leadership suggests.