Revitalised Revlon raises sales target
The beauty giant targets a place among the top 10 global brands by sprucing up products and increasing marketing effort, CEO says
New York — Revlon, the beauty giant that bought Elizabeth Arden in 2016, aims to reach $5bn in sales within five years by reinvigorating brands and stepping up marketing, CEO Fabian Garcia, told employees in a video memo. Revlon would become a top 10 global beauty brand by hitting that target, he said. Including Elizabeth Arden, the company generates $3bn in sales in a year. Before the combination, Revlon ranked 22nd among beauty brands, according to Women’s Wear Daily. "Brands don’t get old, marketers get lazy," Garcia said in an interview. "Instead of going out and paying outrageous valuations for new brands, we need to spend that money rebuilding and revitalising our iconic brands," he added. As part of a reorganisation plan, four teams will be created to focus on the Revlon brand, Elizabeth Arden products, fragrances and the company’s other labels, including Almay. The company’s $419m purchase of the unprofitable Elizabeth Arden was seen as a surprise by investors who speculated...
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