Revlon announces 400 job losses worldwide

Cosmeticsdesign.com

New York-based Revlon has announced restructuring plans that will result in 400 job losses worldwide.

The cuts come as Revlon struggles to protect its sales and profits in the economic gloom.

Weak sales prospects

“While the mass color cosmetics category in the US, according to ACNielson, continues to grow, the rate of growth has started to slow, and retailers are carefully examining and optimizing inventory levels,” said Revlon CEO Alan Ennis.

The company warned that in the coming second quarter lower demand and unfavorable exchange rate changes will have a “significant negative impact on net sales and profitability”. Read article