August 15, 2019 / 7:19 PM / 3 months ago

Revlon taps Goldman to explore strategic options: Bloomberg

FILE PHOTO: A Public Safety officer keeps watch as people stand in front of a billboard owned by Revlon that takes their pictures and displays them in Times Square in the Manhattan borough of New York October 13, 2015. REUTERS/Carlo Allegri

(Reuters) - Cosmetics maker Revlon Inc (REV.N) has tapped Goldman Sachs Group Inc (GS.N) to explore options for its business, Bloomberg reported on Thursday, citing people familiar with the matter.

Shares of the company rose as much as 15% on the news.

Revlon, backed by billionaire Ron Perelman, has been struggling to grow sales in a competitive market that houses several upstarts and bigger companies such as L’Oreal (OREP.PA) and Estee Lauder (EL.N).

Revlon is exploring all options, including a sale of parts or all of the business, the Bloomberg report said, adding that no deals have been reached at this time. (bloom.bg/2yX92G3)

The company, now headed by Ron Perelman’s daughter Debra, did not immediately respond to a Reuters request for comment.

Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel

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