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Revlon drops China business
Revlon drops China business

Revlon drops China business

MARKETING NEWS

Fin24/ AFP - Jan 6th 2014, 09:21

New York - US cosmetics company Revlon has announced that it is shutting down its operations in China, which represents about 2% of total sales, which topped $1.4bn worldwide in 2012. 

It said the move would lead to savings of about $11m a year.

A spokesperson said most of the 1 100 jobs cut would be in China, including approximately 940 beauty advisers that were hired indirectly through a third-party agency.

The company will incur about $22m in pre-tax charges due to the restructuring, of which $20.9m was being recorded as a charge in December 2013.

Revlon markets beauty products under the Revlon, Gatineau, Mitchum and Ultima II brands.From Fin24.com 

Read more about: revlon | employment | cosmetics | asian markets

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