Revlon adds new member to board
NEW YORK Revlon has announced that Richard Santagati has joined its board of directors.
With the election, Revlon’s board of directors is now comprised of 12 members, eight of whom constitute independent directors under NYSE standards.
Santagati has served in senior executive capacities in business and higher education throughout his career, and most recently served as the president of Merrimack College in Massachusetts from 1994 to 2008. Prior to 1994, he held many senior management roles, including president and CEO of Artel Communications, partner of Lighthouse Capital, CEO of Gaston & Snow and president and CEO of NYNEX business Information Systems.
Revlon posts loss in Q3
NEW YORK Revlon posted a decline in third-quarter sales and net income as it gears up for 2010 with new launches under its Revlon and Almay color cosmetics, Revlon Beauty Tools and Mitchum.
Net sales for the third quarter ended Sept. 30 totaled $326.2 million, down 2.5% from last year’s $334.4 million. Excluding unfavorable foreign currency fluctuations, third-quarter net sales declined 0.7%.
In the United States, net sales for the quarter decreased 3% to $183.7 million, driven primarily by lower net sales of Revlon color cosmetics and Revlon Beauty Tools, partially offset by higher net sales of Revlon ColorSilk hair color.
Net income totaled $23.1 million, or 45 cent per diluted share, compared with $29.2 million, or 57 cents per diluted share, in the year-ago period.
“We continued to execute our business strategy and delivered improved profitability and cash flow in the third quarter 2009. The organizational restructuring that we fully implemented earlier this year is delivering cost savings in line with our expectations and is enabling us to continue to strengthen our brands and become a stronger, more financially sound company. Additionally, we took steps to improve our capital structure by completing the exchange offer, which resulted in the extension of the maturity of oursenior subordinated term loan for a multi-year period,” stated Alan Ennis, Revlon president and CEO.
For the first half of 2010, the beauty company will launch new products under its Revlon and Almay color cosmetics brands, as well as new Revlon Beauty Tools and Mitchum products. According to the company, the new launches will include several first-to-market technologies including proprietary technology for pigment coatings that provide advance performance in multiple product categories, including lip and face, as well as on-trend shades. The first half 2010 product launches will be available in retail stores beginning in January 2010.
Markwins International hires two merchandise innovation executives
CITY OF INDUSTRY, Calif. Markwins International, whose brands include Wet ‘n Wild and Black Radiance, has added two executives to its merchandise innovation team, which reports directly to the company’s founder, chief architect and CEO, Eric Chen.
New to the team is Ed Mancia, who brings more than 15 years of beauty and fashion design experience to the Markwins design team. Mancia, who contributed to Markwins earlier development, has made stops in contemporary fashion design and global beauty development.
Grace Tsai, originally from Taipei, Taiwan, began her training in the Nike global fashion division at Nike headquarters. Most recently, Tsai returned from a four-year assignment in Markins’ Schenzhen, China, design campus where she rose through ranks, reaching chief design manager over youth products.