Running Head: REVLON

Revlon, Inc.

Christopher Reck

BAM -479
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Companies are always looking to grow and expand, and with Revlon it is no different.

The cosmetics company, that is low-cost and appeals to the everyday, working citizen. Their

products are sold in grocery and drug stores all across the U.S., making them easily accessible

for consumers. Looking at information vital to investors of Revlon, the firms employees, and all

the firms stakeholders, helps to point the company in directions of growth and success. Patterns

of behavior in consumers, market average comparisons, and strategic goals can have a profound

effect on how the company plays out its next move. Patterns such as declines in color variants

used in markets, increases in market investors and buyout probability, name some of the vast

reasons that cause a company to be successful or struggle. Customers can forget that behind the

scenes of an organization, plays out in how or why they buy a certain product or good. Less

important factors to the consumers such as vision and mission statements, internal and external

factors, and strengths, weaknesses, and opportunities are the factors the company becomes

concerned with to drive their growth and success.

Vision and Mission Statements

Revlon is a global color cosmetics, hair color, beauty tools, fragrances, skincare, anti-

perspirant /deodorants, and beauty care products company whose vision is Glamor, Excitement,

and Innovation through High-quality Products at Affordable Prices (Austin, Buckner, 2011).

This vision statement utilizes all components of a good vision statement that tells what the

company is, what the purpose of business is, and what the products/ services are. Revlon goes

beyond the standard vision statement to include the non-essential parts to show further why they

do business. Revlons statement is vague, but in reality, vision statements are supposed to be
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short in length and not require a lot of information. Revlons vision statement importantly

answers the main question of what they aim to create and do as a whole company.

Mission statements compared to vision statements, generally go into more detail and are

longer in length. They generally include the Vision Statement in the contents of the Mission, but

serve to expand on the ideals of the company as it evolves. Sometimes companies need to

rework mission and vision statements in order to effectively include the bulk of new business.

When mergers, expansions, or market expansion happens, the company looks to evolve the vison

and mission. One question a mission statement answers for a company is, what is our business?

For stakeholders and the general public, information disclosed within these statements are

important to see what they are as a business and what is their mission as a whole.

Revlons mission is to emerge as the leader in cosmetic and personal care throughout the world.

Revlon takes pride in manufacturing the top skin care products and strives to please young and

old women alike (Austin, Buckner, 2011).

Revlons mission statement looks to have multiple pieces missing to it. Using the 9

standard components to a mission statement, it contains few of these necessities. They address

the first component, customers, by stating young and old women alike, and also address the

second component of products and services as cosmetics and top skin care products. The third

component, markets, in their mission statement is mentioned by stating throughout the world,

but focused markets need to be established in order to successfully strategize products. This

shows customers and stakeholders that Revlon wants to continue going into new world markets

and to expand their presence in their existing world markets as well. The forth component,
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technology, is not included in Revlons mission statement and leaves customers and shareholders

in the dark about what technology Revlon uses in their industry and if they are going to change

any of the processes. The fifth component, concern for survival, growth, and profitability is

addressed in Revlons mission statement by stating that they strive to be the leader in cosmetic

and personal care (Austin, Buckner, 2011). The components, philosophy, self-concept, concern

for the public image, and concern for employees are not included and should be looked at to

provide a sense of belonging and loyalty to the brand. Pride in making their products, Concern

for public image and employees, are left out entirely of the mission statement.

Milestones

Revlon Inc. started in 1932 by the two brothers and the chemist with $300. They used

their management skills to make this company a multimillion-dollar company in six years. Now

Revlon is one of the leading cosmetic companies in the world with a market cap of $1.27 Billion.

Below is a list of some of the milestones the company achieved:

1932; Revlon founded by Charles Revson and brother Joseph.

1940, Revlon adds lipstick to collection

1955 In November, Revlon went public and the IPO price was $12 per share.

1975; Michael Bergerac takes control of company and builds pharmaceutical branch

1985; Ronald Perelman buys out Revlon for $1.8 billion and axes health care products.

2003 Revlon received $150 Million from Mac Andrew and Forbes Holdings Inc.

2008 Revlon reduces debt by $100 million from sale of their Brazilians cosmetic

products.

In August 2013, Revlon bought the "Colmar Group from CVC Capital Partners for

$660 million.
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Using ratio analysis, Revlon shows changes in profit margin ratio -0.94 in 2016. This change is a

negative change trending towards slow or no growth. Revlon shows a positive liquidity ratio of

1.6 over the three years period in short term. The quick ratio has also dropped to 0.86. Revlon

can pay its short-term debts, and negative working capital shows that the company is not liquid.

Inventory turnover decreased in 2016. Revlons growth sales in 2015 was -1.38, but was 21.92

in 2016 hinting towards a change in sales strategy.

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External Factor Evaluation (EFE) Matrix and Analysis

Key External Factor EFE Matrix

Opportunity Weight Rating Weighted
US Pop. Growing older 0.08 3 0.24
Increase in Hispanic Culture 0.04 2 0.08
Emerging Markets Middle East/Asia 0.1 2 0.2
Natural Organic Products 0.05 4 0.2
Social Media Reach 0.02 3 0.06
Men Products 0.06 2 0.12
Deodorant 0.04 3 0.12
Middle Class 0.06 2 0.12
Threats
Unpredictable Operating Situations 0.07 2 0.14
Currency Exchange 0.03 2 0.06
Competition 0.06 4 0.2
Department Stores 0.02 4 0.08
3rd World Countries 0.06 2 0.12
Online presence 0.04 3 0.12
Slower US population growth 0.03 1 0.3

The first factor in the opportunities category of this EFE matrix is the huge opportunity

that many manufacturers and companies face today, which is the baby boomer population, is

getting older. Focus for this group by offering or making products that cater to our aging

population can be for market expansion or diversification. Giving this weight a 0.08, Revlons

rating to this opportunity was set at a 3 because Revlon has a wide number of anti-aging creams

and skin creams that are specialized for older skin, and have a presence in the anti-aging market.

This gives a weighted score of opportunity factor number one a 0.24. For opportunity factor

number two, the fact that multiple races and ethnicities are moving to the US was decided upon.

The Hispanic population is growing in the US was taken into consideration; a weight was

decided of 0.04. Revlons reaction to this was rated at a 2 because they have different shades to
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match different skin tones and have makeup that complements certain colored eyes and hair.

This gives a weighted score of 0.08. Another opportunity factor with a high total weight was

opportunity factor number 6, which covers the opportunity of the personal care market becoming

more popular among the male population. This is a huge shift in the target market for the

beauty/personal care industry and was given a weight of 0.06. Revlons rating to this was a two

because although they have a few products for men, they could offer more to take advantage of

the new market. The weighted score of opportunity factor number seven amounts to 0.12.

Opportunity factor number eight also had a high weighted score, this factor covered the fact that

anti-perspirant/deodorant is becoming more popular and in demand. This factor was given a

weight of 0.04 and Revlons rating to this was a three because they do carry both multiple types

of anti-perspirant and deodorant. This gives a weighted score of 0.12 for factor number eight.

The last highest weighted score of the opportunity factors was factor number ten, the rise and

formation of a middle class in many countries overseas. This presents a huge opportunity to

many manufacturers and was given a weight of 0.06. Revlons rating to this factor was given a

two because even though Revlon does do business overseas, they could pay more attention to

emerging markets overseas. The total weighted score for opportunity factor number ten is 0.12.

There were a few high weighted scores in the threat category of this matrix, the first high

threat factor was factor number one, covering the fact that operating situations are unpredictable

in many foreign countries and new markets. This high level of uncertainty gave this factor a

weight of 0.07. Revlons rating to this factor was a two. Although they have been successful in

some global markets, they still have low or decreasing sales in some of those markets. This gives

a total weighted score of 0.14. Another high weighted score of the threat factors was threat factor

number three, which cover the fact that many different cosmetic companies offer several product
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lines and give the average consumer hundreds of options to choose from. Revlons rating to this

threat was given a three because of the fact that Revlon has multiple shades, lines, and options

for the average consumer to choose from. The total weighted score for threat factor number three

is 0.18. Another high threat factor was factor number seven, the threat being that the economies

in Japan, Latin America, and Europe are slowing down, resulting in decreased spending. The

weight of this threat was a 0.08 while Revlons rating to the threat was a two. The rating was

given because Revlon lacks specialized products to appeal to certain markets when it comes of

some of their product lines. This gives a total weighted score for threat factor number seven of

0.16. The last threat factor with a high weighted score on the chart was threat factor number nine,

stating that the US population is growing more slowly than other countries, which means less

consumers to buy products in one of the number one consuming countries for cosmetics. This

given into account the factor was given a weight of 0.03, but Revlons rating to this threat was

given a four. The reasoning behind this rating is because the US still accounts for 55% of

Revlons sales, even though populations are higher in other countries, the US gives Revlon half

of its business (Austin, Buckland, 2011). The weighted score for threat factor number ten was

0.12. With the total combination of weighted scores of both opportunities and threats across the

industry, Revlon was given a total weighted score of 2.40 when it came to responding to both

types of factors. This total weighted score shows that Revlon, Inc. as a company is responding to

opportunities and threats, and they are doing this with some success. The 2.40 total weighted

score also shows that there is plenty of room for improvement and Revlon needs to respond to

the various opportunities and threat that the cosmetics industry faces with more force and

assertiveness.
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IFE Matrix Weight Rating Weighted

Key Factors
Strengths
Health Program Investment 0.04 4 0.16
CEO Finacial Accumen 0.03 3 0.09
Restructure 0.07 3 0.21
Consolidation of Stores 0.02 2 0.04
Retail Store Walmart Sales 0.04 2 0.08
Internet sales 0.03 3 0.09
Research investment 0.06 3 0.18
Worldwide Distribution 0.02 2 0.04
Weaknesses
Debt 1.1 Billion 0.08 4 0.32
Decline in Market share 0.06 3 0.18
2011 Sales Decrease 0.03 2 0.06
2008 Positive Income 0.03 3 0.09
History of debt 0.05 4 0.2
Social Media 0.04 3 0.12
Emerging Markets
Laging 0.04 2 0.08

Internal Factor Evaluation (IFE) and Analysis

The Internal Factor Evaluation (IFE), scores and weighs topics of strength and weakness

like the EFE matrix. Revlon invests in womens health, which creates a positive public impact

and relations. Due to growing concern within cancer and womens health centers alike, the rating

was scored at a 0.04 and a rating of 4. Positive public relations can have a driving force in the

consumption of goods and services by the customers that are most apt to use them. In this case,

Revlon closely relates their goods to women, and with the tie in of health to the brand, more

women think highly of the brand. The strength Restructure, pertains to restructuring in 2010
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and saving $30 million dollars lead to an even higher weight of .07 and a rating of 3. Revlon as a

has had a problem with large amounts of debt, and the restructuring helped to shave the $30

million off their debt. Long-term payout due to this action can also be closely related to market

spread, technology investments, and consolidation of assets, and ability to liquidate (liquidity).

Strength factor of retail store sales shows that Revlon is readily available at many retail chains in

the United States. This factor was given a weight of 0.04 because the ease of accessibility is

important now, but could be fazed out of relevancy in the near future. Revlons rating to this

factor was a 0.04 because Revlon is almost available in every large chain store in the US. The

total weighted score for this factor was 0.32. The seventh strength factor was also high, covering

how the retail chain Wal-Mart made up 22% of Revlons sales in 2010. The weight for this factor

was a 0.05 because Wal-Mart is one of the biggest retailers in the US and their stores are almost

everywhere. Revlons rating to this factor was a three because they try to have the correct

products to supply Wal-Mart with on a consistent basis. This gives strength factor number seven

a 0.15. Another high strength factor is number nine, which covers how Revlon invested $24

million dollars into research and development in 2010. This factor was given a weight of 0.08

because it is always important as a company to improve existing products and to create new ones

so a company can stay ahead of its competition. Revlons rating to this was a four because they

employed 140 new people to work on this project for years and are dedicated to improving their

research and development (Austin, Buckland, 2011). This gives strength factor number nine a

weighted score of 0.32. The last high weighted score in the strengths was factor number ten,

which is the fact that Revlon has many distribution centers and manufacturing plants across

many countries. The weight of this factor was a 0.07, because it is important to spread

distribution centers and plants out when a global company is involved, it can save money on
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shipping costs and helps accessibility. Revlons rating for this factor was a three because even

though they closed a few of these locations, they still have enough to run business smoothly.

This gives a total weighted score for strength factor number nine of 0.21.

Revlon had some very low internal weaknesses but also some had some very high ones

with numbers that management would take into consideration. The first high weakness factor

was the very first one, which states the fact that Revlons total debt in 2010 was the big number

of $1.1 billion. This was given a weight of 0.09 because being a billion dollars in debt is a big

problem for any company. Revlons rating for this factor was a two because even though, they

have tried to take steps to lessen their debt, their efforts almost seem pointless in the big financial

picture. This gives weakness factor number one a weighted score of 0.18. Weakness factor

number two was also high, the factor being how Revlons market share compared to their

competitors has been constantly declining. This factor was given a weight of 0.08 and Revlons

rating to this was given a two because Revlon seems to be not taking the right steps to get ahead

of their competitors for many years. This gives weakness factor number two a weighted score of

0.16. The last weakness factor that was high was weakness factor number ten. The factor covers

how Revlons high amount of debt makes the companys future very uncertain. This factor was

given a weight of 0.08 and Revlons rating to this was set at a two. The reasoning behind this is

that a high amount of debt can offset investors and buyers and create even less business for a

company. This gave weakness factor number ten a weighted score of 0.16. Combining all the

factors on the EFE matrix gives a total weighted score of 2.66. This total weighted score shows

internal weakness in the company and its operations, but with it being slightly above a 2.5, the

score shows some strength internally, but Revlon definitely has to take steps to improve their

operations and control their finances.

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Strengths, Weaknesses, Opportunities, and Threats (SWOT)

Despite the dreary outlook that some of the factors in the matrices present, Revlon, Inc.

still has viable strengths that under the right leadership and processes, can be used to their

advantage. Americas trusts Revlon products because they are a tried and true brand for many.

Their makeup is easily accessible and sold in common marketplaces, with growing concern for

ecommerce. Availability is an advantage for the company; due to the act now think later

mentality that generations is seeing now, it is all about convenience. Revlon has many top

priorities making them vulnerable to internal confusion and the everyday whirlwind (Covey,

2012). However this wide variety of priorities include various target groups that make the

company stronger in the eyes of the consumer such as advocacy for womens health, cancer

research and a newfound financial acumen. On top of these strengths, Revlon is making strides

of focus to their financial situations that will help improve and revitalize. Capital spent on R&D

can help catapult the company to the leadership position within beauty care products, but without

the foundation of a solid mission statement, they may get lost.

A major weaknesses Revlon has is the $1.1 billion dollars of debt accumulated by 2010

Debt is a large factor when considering investments and liquidity, and for Revlon, it has also

effected their sales, almost all sales were declining in 2011 (Austin, Buckland, 2011). The

company has little to no positive net income in profits and is effecting market share. With many

negative impacts stemming from fiscal management, it is no wonder the company has elected a
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new CEO with a stronger financial background. In order to effectively grow an international

company, many things need to happen including public perception, market appreciation,

diversification, and research and development. One large weakness in these areas is in the area

of new products and services. In this area, the company can improve greatly to freshen up the

company.

Revlon has found a way to a very particular situation; One of immense possibilities and

trials ahead. Some of the possibilities include restructure, product research and development, as

well as new and existing focus groups. To focus on the investments and stockholders equity,

the company needs to first be financially sound with choices that show growth such as new

enticing products, or revamped existing products. Many of the struggle areas stem from the

disconnect from product to consumer due to the technology/social media era creating less of a

need for foot traffic in retail stores. In order to combat this, social media platforms should be

leveraged to start with and introduce research within areas of different womens groups such as

fitness, general beauty, and health. There may be some drawbacks to restructure/focus,

especially in international markets where many countries economies are slowing down. This

decline may have a significant contribution to Revlons decrease in sales in 2011 (Austin,

Buckland, 2011). Some closer threats may be stemming from large quantities of companies in

the market, and with that larger percentage of losses and debt if the company doesnt have the

better or best products for that price range. Price structuring with new tiered lines of products

could allow for greater buy in from customers, such as premium lines, as well as bargain lines of

beauty products to fit the needs of all consumer areas.

While the past few years have been difficult for Revlon, the punch line is simple, they are

still kicking, and with new management. The fact that upper management and boards of
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directors have noticed a significant downfall in fiscal management has resulted in some

promising possibilities with the future. First focus should be on creating a driving force behind

the company (mission and vision) that also helps guide them to their goals. From there the

company will be able to restructure and monitor progress within smaller areas/ departments of

the company.

Current Competition

Revlon has big time competition, with the likes of their biggest competitors being

companies such as P&G, LOreal. Both of these companies have largely known names to

households across the world, and all three are sold in the same retail stores. With the

competition selling products at the same place as Revlon, customers look for quality, eye

catching, affordable products compared to the others in the same isles.

LOreal, like Revlon, is a large beauty and cosmetics line company that has sub divided

companies such as Maybelline (Austin, Buckland, 2011). Due to the size, and relevancy of all

products under the LOreal Umbrella, they have become one of Revlons biggest competitors

and consistently try to stay ahead of Revlon. Their diversification and spread of products through

multiple sub companies, allows them to be versatile and cater to different focus groups.

P&G differs from Revlon slightly as they have sub divided companies similar to the way

LOreal does, but focuses on different age groups and cosmetics to sell. Some of these include

Olay and Covergirl, which are anti aging and teenage products respectively.

While there are other companies that infringe on the business of Revlon, there are

differences between all of them. The biggest difference between Revlon and most of the
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competitors can be noticed in the subdivided companies that focus on specific goods, such as

Avons Sephora stores, which specialize in a wide variety of goods, but mostly known for

fragrances and makeup.

New Competition

Companies, startups, and lines are emerging in all different industries, and the cosmetics

industry is no different. With the ease of accessibility for entrepreneurs to gain traction through

social media, and other digital marketing means, it is sure to stir up the conventional pot of

possibilities. People desire products that are affordable, unique, and accent their personal style.

With financial backing and a strong fan base, one can easily launch a brand or line of cosmetics

that can be sold to the public. Examples of successful startups within the smaller cosmetics

market are noticed looking at Taylor Swifts line of fragrances and makeup. If people see a

possibility for easy entry into an industry that makes decent capital, they will find a way to make

it happen, especially if they have a big name to back them.

Substitute Products

Substitute Products are not easily found within this market. We can list competitors in

this industry, or even new technology/ ideas being incorporated into the current industry, but the

only real substitute in this field may be medically related such as plastic surgery. New ideals,

such as organic, or all natural products are beginning to really make a stand and emerge as this

shows the companys ability to become relevant with social topics of footprint left on the earth,

as well as long term effects on our bodies. Research shows in some cases that harsh chemicals

can significantly impact long-term health, thus the dawn of the organic era.
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Suppliers Bargaining Power

With the company of Revlon, Inc. the bargaining power of suppliers is not very high at

all. All Revlon cosmetics are made in Revlon run facilities across the globe and Revlon buys

third party ingredients for their cosmetics. The number of third party suppliers is vast and

extensive. Revlon is not very concerned about the availability of third party materials, because

their list is so extensive and the fact that they as a company believe that there are many avenues

when it comes to raw material suppliers and they can freely change business between them when

a certain one runs out of material or makes unreasonable demands This simplifies the supply

chain when Revlon has its own manufacturing facilities run by the company. This step takes out

a middleman when it comes to making their product. The availability of many third party raw

material companies does indeed decrease supplier bargaining drastically.

Consumers Bargaining Power

Buyers have more options than ever, and the advancement of new technology makes

products readily available in todays market. People have they say in what is bought today, due

to wide consensus of wants and needs. Styles change, but people ultimately dictate what is the in

style, not large corporations. The continuing rise of senior citizens provides a higher need for

products such as anti aging creams, while the vast number of the young generation has an effect

on what is popular from year to year. There will always be a need in both categories, however

the diversity of these categories can be what sets Revlon apart from others as they would be

versatile through the aging process. People want to dictate the way a person should look not
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companies. Many celebrities and younger people have created their own make up lines to fit

different target audiences, many of them appeal to people more than the old, traditional makeup

companies and their products once. This leaves many older cosmetic companies like Revlon, Inc.

in a position that almost every business has to face: either adapt to the changing times or go out

of business. In this demanding consumer market today, many companies like Revlon do not hold

the power they once had over consumers.

Rapid Growth

Q II QI

Market development
Market penetration
Market development Product development
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Market penetration Horizontal integration
Product development Forward integration
Horizontal integration Backward integration
Related
Liquidation
diversification

Weak Strong
Competitive Competitive
Position Position

Retrenchment
Related diversification Related diversification
Unrelated diversification Unrelated diversification
Divestiture Joint ventures
Liquidation

Q III Q IV

Slow Growth

Financial

In 2010 Revlon saw lower total current liabilities as well as total liabilities. While this

shows growing security in investment opportunities, the large overhead they hold is still a worry.

The company held significant debt, causing some stores to close, while some restructuring
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needed to be done. During this time, consolidation caused lower liabilities due to lower number

of inventory and gross fixed assets. In order to continue this lowering of debt to income, it is my

recommendation that the company needs to look into a heavier ecommerce, and retail store

presence. This will cause the company to be lower in total liabilities leaving greater room for

investment into market penetration through the development of new expanded brands, and

market research. A new trend in the world today is to have certain colors be the colors of the

year. These colors are decided by Pantone, which will also allow companies to plan for greater

implementation of color products as well as packaging. One main focus I have found is the

diversification from other brands. Many people see Revlon as just another beauty brand,

meaning they want to see premium products for less. Moving into 2014-2016, some things have

changed for the better within the company.

Ratio Analysis

Profitability Ratio 2014 2015 2016

Profit margin ratio 2.11 2.93 -0.94

Return on assets Ratio 2.01 2.83 -0.87

Liquidity Ratio

Current Ratio 1.66 1.68 1.59

Quick Ratio 1.11 1.11 0.87

Assets Ratio
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Inventory turnover 4.03 3.92 3.01

Assets turnover 0.95 0.97 0.93

Sales Growth 29.86 - 1.38 21.92

Net income growth 37.19

Ratio Analysis: Profit margin changes affecting the ratio of -0.94 in 2016. This means

that a change in the market had a highly negative affect. Revlon has a positive ratio of 1.6 over

the three years period in short term, showing a positive difference from current assets to current

liabilities and the quick ratio also resulted in a 0.86 drop. While Revlon can pay its short-term

debts, their negative working capital may show illiquidity. This illiquidity may result in an

inability to pay long-term debts if the downward trend continues. For assets ratio, inventory

turnover decreased in 2016, but assets turnover decreased as well, meaning that there were lower

budgets for marketing and development. For growth ratio, Revlons growth in sales was -1.38

2015 but moved to 21.92 in 2016 due to changes in sales strategy.

From the Financial analysis conducted above, a number of conclusions can be made.

While the company shows a downward trend in financial ability, it is not due to a lack of

experience, but a change in the consumer market. This shift must be taken into account if the

company wants to expand investments and continue relevancy. Capital budgeting is effective

however the outcome of net income to dividends shows a decrease from years past. Dividend

payout needs to be reevaluated due to the lower investment, and low lateral growth. In order to

get to higher potential investment, payout should be higher and interior investment into research

and development must be done to show the willingness to grow. Adaptation to modern
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technology and offering a wider variety of goods that entice the customer to keep returning for

their good because it is a valued good compared to the inferior substitutes of other companies.

Diversification within current markets as well as new ventures could help revitalize the

struggling company to breakout into our modern world.

Running Head: REVLON

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Austin, M. J., & Buckner, L. M. (2011). Case 20: Revlon, Inc. -2011. Strategic Management: A

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Pearson Education, Inc.

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http://www.glassdoor.com/Reviews/Revlon-Company-Reviews-E5812_P2.htm

John Kell (2016, Mar 28) Revlon Just Named Fabian Garcia its New CEO, Retrieved from

http://fortune.com/2016/03/28/revlon-finds-new-ceo/

Lisa Fickenscher (2017, May 5) New York Post: Revlon Sales tumble after $37.4 M loss in the

first quarter, Retrieved from http://nypost.com/2017/05/05/revlon-sales-tumble-after-37-

4m-loss-in-first-quarter/

McChesney, C., Covey, S., & Huling, J. (2012). The 4 Disciplines of Execution. New York, NY:

Free Press.

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https://www.bloomberg.com/news/articles/2017-01-17/revlon-sees-long-term-growth-

with-revitalized-brands-marketing. Accessed 21 Oct. 2017.