Revlon drops China business
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
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