NEWS WORLD
Revlon moves back from bankruptcy
precipice but Q3 sales dip 20% US Revlon has avoided entering Chapter 11 bankruptcy after successfully tendering US$236m of bondholders’ notes. The group leant on bondholders to trade in their 5.75% senior notes for cash in order to complete a $343m bond swap by mid-November. The company offered holders either $325 cash back for every $1,000 note tendered. By submitting 68.8% of the aggregated outstanding principal amount Revlon has satisfied its creditors – for
now. The cosmetics maker now has until 14 December to tender the outstanding $106.8m, which it will garner from more bondholders’ notes at a price equal to 100% of their aggregate principal amount. “We are pleased by the favourable response to the Exchange Offer,” said Revlon’s President and CEO, Debra Perelman. “This represents an important step towards strengthening our capital structure and better positions us to focus
Rosie Huntington- Whiteley & Amyris launch new venture
US Rosie Huntington- Whiteley has joined forces with sustainable cosmetic ingredients maker Amyris to form a new company, Clean Beauty Collaborative. The model and
businesswoman launched beauty commerce destination Rose Inc. in 2018 and has previously endorsed Amyris’ Pipette baby and mother care brand.
The new venture will expand Amyris’ presence in the ‘clean’ beauty sphere beyond its Biossance skin care and Pipette labels. Clean Beauty Collaborative will develop a new line of cosmetics using the brand Rose Inc. and build on the Rose Inc. content platform.
Caroline Hadfield, President of Amyris’ clean skin care
ingredients business, will be CEO and Huntington- Whiteley will be Chief Creative Officer.
10 December 2020
on our future growth. While we still have challenges to face, namely the ongoing impact of the Covid-19 pandemic, we believe that we have the right strategy in place and will continue to execute against it.” However, despite staying afloat with lenders, the cosmetics giant reported a nosedive in its net sales for Q3. Revlon reported net sales of $477m, a 20% downturn from $596m during the same period in 2019.
Tycoon Mike Ashley left furious over ‘deliberate’ Debenhams exclusion
UK Retail tycoon Mike Ashley has reportedly been left furious after being shut out of the auction of Debenhams. According to The Times, the Frasers Group owner said data provided to make a bid for the ailing department store chain was “woefully inadequate” and that it was “almost unbelievable” that the group was expected to make a bid on the information provided. In a letter to investment
bank Lazard, Frasers said there had been a “deliberate attempt to exclude us from the process” and Ashley is said to have taken his complaints to the Financial Conduct Authority and the Pension Protection Fund. In October, the retailer gave prospective buyers a deadline to make the £300m bailout or to step away from the race. At the time Ashley was reported to have offered £125m for the company.
GARNIER IS FIRST MAJOR MASS NAME TO LAUNCH A NO-PLASTIC SHAMPOO
UK L’Oréal’s Garnier is launching a range of solid shampoo bars with zero plastic waste. The Garnier Ultimate Blends Shampoo Bars are said to mark the first move by a major mass market beauty brand to offer consumers alternatives to traditional liquid shampoo. The bars will be available in four ‘blends’ –
Revitalising Ginger, Strengthening Honey, Hydrating Coconut and Softening Oat Milk – and are packaged in 100% recyclable FSC certified cardboard, have 80% less packaging than a liquid shampoo and use 70% less fossil fuel energy for transportation.
IN BRIEF
ULTA BEAUTY The US’ largest beauty retailer Ulta Beauty and retail corporation Target have entered a new strategic partnership. The shop-in-shop concept, dubbed Ulta Beauty at Target, aims to transform the beauty landscape with more than 100 concessions in Target locations, launching in 2021. An extension of Target’s beauty offering, the space will mirror Ulta Beauty’s in-store shopping experience.
BURST ORAL CARE BURST Oral Care, the subscription-based toothbrush brand, has teamed up with gaming phenomenon Call of Duty to help war veterans find high quality jobs during National Veterans and Military Families Month. To mark the release of Call of Duty Black Ops – Cold War, the latest instalment of the million-selling first-person shooter game, BURST has launched a limited edition Call of Duty-branded sonic toothbrush, with 20% of all sales going towards the Call of Duty Endowment (C.O.D.E.) to support veterans as they return to civilian life.
HUMANRACE Singer-songwriter royalty Pharrell Williams has lifted the lid on his debut skin care line Humanrace after years of keeping consumers in suspense. The three-piece genderless set, which includes a cleanser, exfoliant and moisturiser, is said to fulfill the three key requirements of skin care: prepare, repair and protect. Co-created with dermatologist Elena Jones, who has treated Williams since his mid-20s, and is said to be the key to his age- defying looks, the first product in the Happy singer’s range is the waterless Rice Powder Cleanser. The product uses alpha-hydroxy acids to melt away dead skin cells, reported Allure.
cosmeticsbusiness.com
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