The company has plans to increase the number of outlets to 600 from the existing 300 and also quadruple its presence from 1,000 departmental stores to 4,000 stores, said Revlon Executive Director and Head of Revlon Indian Subcontinent Meghna Modi.
Revlon filed a brief in Manhattan federal court on Sunday arguing that the company's $3.5 billion debt load meant that shareholders would likely receive nothing from the company's bankruptcy, so a committee's "significant" costs would "greatly outweigh any speculative benefit."
In a statement to exchanges, RIL said it is unable to comment on media speculation and various opportunities are evaluated on ongoing basis
Shares of the $330 million market-cap company, which filed for bankruptcy last Wednesday, are up more than 400% since its lows on June 14 as retail investors appear to pile in to the company.
Revlon filed for bankruptcy, citing supply chain challenges and mounting debt. The company said that move will allow it to strategically reorganise its legacy capital structure and improve its long-term outlook.
The storied brand has fallen victim to the same type of problems that toppled traditional department stores. But will an economic downturn give it a glowup?
It faced a high debt load, and supply chain crunch. The lipstick maker struggled against Estee Lauder and other smaller companies which used social media to attract customers.
The lipstick maker began talks with lenders ahead of looming debt maturities to try to steer the business clear of bankruptcy, the WSJ reported last week.
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The case stemmed from an incident where Citigroup, acting as Revlon's loan agent, wired $893 million to Revlon's lenders, appearing to pay off a loan not due until 2023.
The Maharashtra FDA is checking branded and un-branded lipsticks to check for traces of mercury, which is not permissible in cosmetics. Big companies like Lakme, Revlon and L‘Oreal are under the scanner.