Revlon to exit ops in China and slash 1,100 jobs

CHICAGO: Revlon Inc, the maker of cosmetics under its namesake and Almay brands, will cease operations in China and eliminate about 1,100 positions, including 940 beauty advisers, as it restructures its struggling business.

China makes up about 2% of Revlon’s net sales, and the restructuring will result in about US$22mil of pre-tax charges, the New York-based company said in a filing with the US Securities and Exchange Commission. The changes were expected to reduce costs by about US$11mil a year, Revlon said.