NEW DELHI: Revlon shares surged as much as 62% in New York trading after ET Now reported that Reliance Industries is considering buying the cosmetics giant.
Reliance Industries, owned by billionaire Mukesh Ambani, is mulling an offer just days after Revlon filed for Chapter 11 bankruptcy, the publication reported, citing people familiar with the matter.
Revlon, owned by billionaire Ron Perelman’s MacAndrews & Forbes, suffered during the pandemic after years of declining sales and endured financial controversies that the company said Thursday could “impede” its restructuring process.
Representatives for Revlon and Reliance Industries didn’t immediately respond to requests for comment.
Revlon got its start 90 years ago selling nail polishes in the throes of the Great Depression, and later added coordinated lipsticks to its collection. By 1955, the brand was international.
Shares of the cosmetics giant had declined 83% since the beginning of 2022 through Thursday’s close.
