Revlon shares soar after rumor of Indian giant’s interest in the company

Cosmetics multinational filed for bankruptcy in the US this week

Revlon Inc shares. rose as much as 87% in premarket trading after ET Now, citing people familiar with the matter, reported that Reliance Industries Ltd. is considering buying the cosmetics giant.

Reliance Industries, controlled by Indian billionaire Mukesh Ambani, is considering an offer just days after Revlon filed for bankruptcy in the United States, the publication said.

India’s largest private company, Reliance Industries is involved in the oil refining, petrochemical, gas, retail and textile businesses and has consolidated sales of over US$60 billion.

Revlon, owned by billionaire Ron Perelman’s MacAndrews & Forbes, has suffered during the pandemic after years of falling sales and has grappled with financial controversies that the company admitted on Thursday could “hide” its restructuring process.

Sought after, a representative for Reliance Industries did not immediately comment.

Revlon, the American cosmetics giant, started 90 years ago selling nail polish during the Great Depression and later added matching lipsticks to its collection. In 1955, the brand was already international.

Source: The Globe