India's Reliance considers buying out Revlon in U.S.

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India's Reliance considers buying out Revlon in U.S. - ET Now

Published Jun 17, 2022 05:02AM ET Updated Jun 17, 2022 05:21AM ET

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India's Reliance considers buying out Revlon in U.S. - ET Now

BENGALURU (Reuters) -Indian conglomerate Reliance Industries is considering buying out Revlon Inc in the United States, days after the cosmetics giant filed for bankruptcy, business channel ET Now reported https://twitter.com/ETNOWlive/status/1537718663758811137 on Friday, citing sources.

The report comes as Revlon filed for bankruptcy earlier this week after global supply chain disruptions drove up raw material costs and prompted vendors to demand upfront payments.

Reliance has pushed its way into the fashion and personal care space in recent months as it diversifies away from its mainstay oil business. It has already established a foothold in telecom and retail sectors.

Shares of Revlon jumped 20% to $2.36 in premarket trade following the report. Reliance was up 1.9% in the Mumbai market.

Reliance and Revlon did not immediately respond to Reuters' requests for comment.

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Comments (1)

Chris Sundo Jun 17, 2022 5:27AM ET

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I bet that lack of accountability put Revlon under. -- They should spend more money on a good auditor. When companies neglect accountability in favor of getting rosy audit reports ...

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