Revlon leaves China after 37 years
Cosmetics and beauty products maker Revlon Inc is leaving China after 37 years, and experts say the company had a failed marketing strategy, single distribution channel and weak products that did’t meet local needs.
The New-York based company will shed 1,100 jobs, the company announced last week. Most of the job cuts will be in China, where Revlon’s operations make up only 2 percent of the company’s sales, which have been falling. Revlon declined to comment.
Global sales dropped 1.3 percent to $1.02 billion in the nine months ended last September, compared with the same period in 2012. Revenue in Asia decreased 3.5 percent to $166.8 million during that time. The departure from China will save Revlon $11 million a year, the company said in a regulatory filing. (Photo 1)