Cosmetics giant Revlon seeks ownership to help turnaround business

Last month, the struggling company hired Goldman Sachs to review its financial situation

Actress Gal Gadot for Revlon's Live Boldy campaign

After a year of sluggish sales, cosmetics giant Revlon is preparing to reach out to potential buyers.

Sources close to the company told Bloomberg the firm was hoping to find a buyer to help turn the ailing business around without taking it private.

Revlon, which owns Elizabeth Arden, Gatineau, Almay and Mitchum, reported disappointing sales for Q1 and Q2 2019, which it blamed on the slowing North America cosmetic market.

However, the firm has been struggling with its portfolio sales since 2017, despite Elizabeth Arden reporting a 10.7% rise in sales.

Last month, it hired financial advisors from Goldman Sachs to review its strategic options.

According to Bloomberg, Revlon’s majority owner MacAndrews & Forbes is not considering taking the company private.

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