Reporter – US
Latest From Eileen Francis
Revlon approved for $1.4bn debtor-in-possession financing from BrandCo Lenders, a group of operating subsidiaries formed in capital structure changes which owns much of Revlon’s intellectual property. Firm appoints interim CFO to set course for debt restructuring.
E.l.f. Beauty’s sales grew 26% to $122.6m in the fiscal 2023 first quarter, leading the Oakland, CA-based firm to increase full-year projections. According to company leadership, e.l.f. is capturing market share at a rapid clip while expanding distribution, notably in pharmacy retail.
Symrise AG is now projecting organic sales growth ‘significantly higher’ than 7%, versus a previous estimate of 5% to 7%. The German fragrance and flavors firm, which recorded a 10.2% increase in organic sales in the fiscal 2022 first half, pointed to Hydrolite 8 green and its partnership with biotech Evoxx Technologies among other innovation-minded moves to meet cosmetics demand.
Driven by e-commerce and L’Oréal Luxe, which achieved historic market share, L'Oréal SA's results in China helped fuel 13.4% growth of its overall business in the second quarter to €9.3bn.
Environmental sustainability and DEI will remain key priorities for P&G as it enters a fiscal 2023 that augurs even greater volatility than 2022. The firm’s net sales for the 12 months ended 30 June increased 5%, or 7% organic, to $80.2bn, propelled by an 8% pricing increase in the fourth quarter.
Unilever’s confidence is unshaken, though “the threat of recession is starting to impact consumer confidence and change in spending patterns and behaviors,” Unilever CEO Alan Jope acknowledged in a 26 July presentation on fiscal 2022 first-half results.