Revlon Inc. has hired Goldman Sachs Group Inc. to help review strategic alternatives, including the sale of all or parts of its business, as the cosmetics maker copes with changing consumer tastes, WSJ Pro Bankruptcy reported. The New York-based company, which is controlled by billionaire Ron Perelman ’s investment firm, is considering all its options, including a sale of all or some parts of its business. Like a number of mainstream cosmetics companies, Revlon has struggled to keep its grip on American shoppers. The company has faced multiple challenges, including competition from startups by celebrity founders such as Kylie Jenner, as well as loss of market share to larger competitors such as L’Oréal SA and the failure to reap benefits from its acquisition of Elizabeth Arden Inc. a few years ago. MacAndrews & Forbes Inc., the investment vehicle controlled by Perelman, has stepped in twice in recent years to loan the cosmetics maker millions of dollars. Last week, Revlon reported quarterly results that fell short of expectations, but it also said it received a $200 million term loan that it would use to invest in its business. One analyst said that capital infusion arrived “just in time” as Revlon had been cutting back on capital expenditures and display purchases.
