Revlon surges 62% in trade after Reliance Industries said to weigh offer
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Revlon Inc shares surged as much as 62 per cent in New York trading after media reports said Reliance Industries Limited (RIL) is considering buying the cosmetics giant.
Reliance Industries, controlled by billionaire Mukesh Ambani, is mulling an offer just days after Revlon filed for Chapter 11 bankruptcy, media reports said.
Revlon, owned by billionaire Ron Perelman's MacAndrews & Forbes, suffered during the pandemic after years of declining sales and endured financial controversies which the company said on Thursday could "impede" its restructuring process, Bloomberg reported.
Representatives for Revlon and Reliance Industries didn't immediately respond to requests for comment.
Revlon got its start 90 years ago selling nail polishes in the throes of the Great Depression, and later added coordinated lipsticks to its collection. By 1955, the brand had gone international.
Shares of the cosmetics giant had declined 83 per cent since the beginning of 2022 through Thursday's close, Bloomberg reported.
In the attempt to marry the brands with the smart customer, Reliance Brands has brought home 35 international brands, some of which have their largest markets in India.
Catering to the segments of luxury, bridge-to-luxury, high-premium and high-street lifestyle, and having 13 years' of rich experience in understanding the psyche of the Indian consumer, Reliance Brands has become the most coveted partner of choice for international brands looking to explore the Indian luxury Landscape.
