According to the reports, Reliance Industries of India is now considering to purchase Revlon Inc. in the United States and this announcement come days after the cosmetics giant filed for bankruptcy. Both the companies does not responded immediately to the requests for making comments.
Reliance has been pushing its way into the fashion and the personal care space in the recent months as it has been diversifying away from the company’s mainstay oil business and it has already been established a foothold in the retail and telecom industries.
The cosmetics company of the United States has now filed for bankruptcy after years of strong competition from the rivals that has been focused on the online sales and the supply chain problems. In a court filing, the company has also initiated the proceedings of Chapter 11 for the purpose of managing the debt, which the company said has been standing between 1 billion dollars to 10 billion dollars.
The company ‘Revlon’, which is known for the company’s signature nail polish and lipstick and Debra Perelman, chief executive officer of Revlon said that, the filing is going to be allowing Revlon for offering their customers the iconic products they have delivered for decades at the time of providing a more clear path for the future growth of the company.
The company also said that, it is now expecting to receive 575 million dollars in financing from the lenders of the company if the bankruptcy is approved in the court.
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