Reliance and Revlon have not yet given any formal information about the plan, but the rumors address the news.
Days back, Revlon made headlines by filing for bankruptcy earlier this week. The case was filed as the global supply chain disruptions drove up raw material costs and prompted vendors to demand the company head down the streets.
Reliance Industries has recently pushed its way into the fashion and personal care space. It is seen that the business tycoon diversifies away from its mainstay oil business. Reliance industries have already established a foothold in the telecom and retail sectors.
The US-based Revlon Inc. company has been dealing with the store shelves since its founding 90 years ago in New York City. In later years, overseeing a stable of household names, from Almay to Elizabeth Arden, it established itself as a milestone.
Still, Revlon failed to keep pace with changing market tastes. Apparently fell slow to follow women and their interest as they traded flashy red lipstick for more muted tones in the 1990s. Things drastically changed, and Revlon could not maintain its plethora of authenticity and faced bankruptcy in the market too.
Revlon Inc. would have worked on its problems and changed its strategy per market demand as there is a changing trend in the fashion industry to have an immense quantity of products per the customer’s taste.
On another side of the story, it is an achievement for a developing Indian company to buy an American company.