Revlon announces plans to regain NYSE compliance
NEW YORK Beauty company Revlon announced on Friday that plans to regain compliance with the New York Stock Exchange’s criteria of $1 per share average closing price over 30 consecutive trading days through its pending reverse stock split.
As previously reported in its April 11, 2008 current report on Form 8-K filed with the SEC, the company was advised by the New York Stock Exchange in April 2008 that the price of its Class A common stock was below the NYSE’s price criteria, requiring at least a $1 per share average closing price over 30 consecutive trading days. The company’s Class A common stock continues to be listed on the NYSE.
In April 2008, Revlon advised the NYSE that its board of directors and stockholders had already approved a 1-for-10 reverse stock split of Revlon’s Class A and Class B common stock and that it intended to regain compliance with the NYSE’s price criteria, by, among other things, implementing the split.
Revlon has six months following the April 2008 notification to bring its share price and 30 trading day average share price to $1 or above, during which time the company’s Class A common stock will continue to be listed on the NYSE.
Mintel: beauty manufacturers tapping into public desire for ethical cosmetics
CHICAGO Beauty manufacturers are riding the natural and ethical wave with new launches that focus on the environment, animal safety and human rights, suggests recent research from Mintel Global.
According to the data from the Mintel Global New Products Database Cosmetic Research, more than 2,800 ethical cosmetic and skin care products were launched in the United States last year. In just the first five months of 2008, more than 1,800 new ethical beauty products have appeared on retail shelves.
“Beauty manufacturers have tapped into natural and ethical claims as a way to differentiate their products,” stated Nica Lewis, senior analyst at Mintel. “With ‘green living’ a hot issue for many Americans, companies have begun to highlight their use of natural ingredients and environmentally friendly packaging.”
The report found that cruelty-free is the most widely made ethical claim in new U.S. beauty products. In 2007, nearly 1,600 beauty and personal care products were introduced with a “cruelty-free” claim. In Mintel’s consumer research, 2-in-5 American women said they look for beauty products that were not tested on animals.
The organic trend in food has fueled the inclusion of natural contents in beauty products. The research found that 35 percent of American women surveyed cited natural ingredients as influential to their purchase decisions.
In addition, 12 percent of women cited recycled packaging as important to their beauty purchasing decision.
SoftSheen-Carson updates relaxer packaging
NEW YORK SoftSheen-Carson, a consumer products division of L’Oreal USA, has introduced updated packaging for its Precise No Lye Conditioning Relaxer.
The new packaging freshens Precise’s image with a sleek color scheme and layout and slimmer box, which saves on retailer’s shelf space. The package still has the signature periwinkle blue, purple and white. It offers the same number of applications across all SKUs: Two applications for twin packs and four applications in the economy pack.
The relaxer has the same formulation and the box clearly flags the “Same Patented Formula” and the number of applications included.