BOOTS BIDDER EYES REVLON

INDIAN conglomerate Reliance Industries may swoop on Revlon after it filed for bankruptcy.

The cosmetics giant has gone bust amid rising debts, supply chain chaos and fierce competition.

Reliance fancies the fashion and personal care space and is trying to buy Boots in the UK, making a £5bn bid with private equity giant Apollo.

Revlon is renowned for supermodel campaigns featuring famous names such as Iman, Claudia Schiffer, and Cindy Crawford ( pictured).

It promised to make women ‘unforgettable’ but was slow to follow women giving up flashy looks like red lipstick for muted tones in the 1990s, and lost ground to celebrity start-ups such as Rihanna’s Fenty Beauty.

Sales fell by 21pc in 2020 and product shortages helped to push Revlon into bankruptcy.