History of Revlon
Revlon is a cosmetic company that was established in 1932 by two brothers, Charles and Joseph Revson and their business partner Charles Lachman. Lachmann started as a nail polish supplier and Charles Revson was primarily the force behind the company with already owning beauty parlor sales. Revlon began their company with nail enamel which they only supplied professional salons. Revlon became a multimillion-dollar organization after only six years of operation. In 1955, Revlon first offered stocks as they began to market different types of cosmetics. Revlon sales began to explode in the 1970’s and they surpassed $1 billion by 1977.
In 1985, two –thirds of Revlon’s sales were health care products such as Tums and Oxy acne medications. By the end of the 1980’s Ronald Perelman took over the company and turned Revlon back into the company they once was. In the 1990’s Revlon began manufacturing in China and also made acquisitions in South America. In 2000 the Revlon Company reduced their workforce by 1,115 employees in an effort to improve efficiency. Revlon sold there Colorama brand to L’Oreal for $50 million in that same year. Over the years Revlon has been evaluating the company’s strengths and weaknesses in order to increase sales which have declined from 2006.
Mission and Vision Statement
Revlon Inc. mission is to emerge as the leader in cosmetic and personal care throughout the world. Revlon takes pride in manufacturing the top skin care and strives to please young and older woman alike.
Revlon Inc. Vision is to satisfy the needs of their customers with glamour and excitement that they provide at an affordable price.
Strategies
Revlon has taken many steps to increase sales and manufacturing such as issuing $185 million in stock to raise money to reduce debt. With this decision Revlon has also been given an extended line of credit of $87 million which they plan to recover from losses due to the Vital Radiance line....