Revlon announces global organizational restructuring
NEW YORK Revlon is implementing a worldwide organizational restructuring to curb costs, a move that will result in the elimination of about 400 positions, including roughly 325 current employees and about 75 open positions.
The beauty company expects this restructuring will save roughly $30 million annually, about $15 million of which will benefit 2009 results.
The primary components of the restructuring involve consolidating certain functions; reducing layers of management, where appropriate, to increase accountability and effectiveness; streamlining support functions to reflect the new structure; and further consolidation of the company’s office facilities in New Jersey.
“Today’s announcement represents an important, necessary and logical next step forward for Revlon. Over the past two years, we have built improved and more efficient processes and workflows, which now allow us to take this step to reduce annualized costs by approximately $30 million,” stated Alan Ennis, Revlon president and CEO.
The moves are expected to result in charges of $20 million, comprised of $17 million in employee-related costs, including severance and other termination benefits, and $3 million related to the consolidation of the New Jersey office facilities. Revlon stated that roughly $17 million of the charges will be recognized during the second quarter 2009, while the remaining $3 million will be recognized in the second half of 2009. All of the charges are expected to be paid out over the 2009 to 2012 period, including $11 million in 2009, $6 million in 2010, and the balance of $3 million to be paid thereafter.
Commenting on its outlook for the second quarter 2009, Ennis said the company expects “a significant negative impact on net sales and profitability” due to retailers scaling back inventory levels in light of the current economic situation, unfavorable foreign currency fluctuations and pension expenses.
Conair launches Clean Head for men
STAMFORD, Conn. Conair is urging men to kiss that comb-over goodbye with its new Clean Head, which has positioned itself as the first groomer with patent-pending angled dual foils and comfort guides specifically designed for shaving the head.
The independent flexing foils adjust to the natural curve of the scalp for a smooth, comfortable shave, according to Conair. The spring-loaded comfort guides allow the foils to glide easily over the skin, helping to prevent irritation.
The ergonomic design makes it easy to use for both right- and left-handed people and the back-and-forth motion makes grooming quick and efficient. It also has a rubberized casing for a no-slip grip.
The Clean Head shaver, which is available at mass and drug retailers nationwide, has a suggested retail price of $40.
Philosophy launches new anti-aging eye cream
PHOENIX Beauty brand philosophy has introduced a new anti-aging eye cream for those individuals battling thinning skin, fluid retention around the eyes and fine lines and wrinkles.
The new Eye Hope Advanced Anti-Aging Eye Cream is a lightweight, multi-functional formula that promises to provide hydration to the sensitive skin around the eyes and has anti-inflammatory benefits, such as green tea and coffee bean extract, to calm and soothe skin. It also has light diffusing properties to help brighten skin tone.
According to the beauty brand, an independent clinical study found that 4-out-of-5 people saw significant improvement in fine lines, dark circles, puffiness and smoothness after six weeks of use.
The new Eye Hope Advanced Anti-Aging Eye Cream is price at $48.