Revlon, an iconic beauty brand for 90 years, filed for bankruptcy in 2022

Revlon, founded in 1932, was one of the most iconic names in American beauty, famous for its nail polish and cosmetics and for decades of glamorous advertising. But by the 2010s the company was struggling: it had taken on heavy debt, much of it from its 2016 acquisition of Elizabeth Arden, and it was losing ground to newer, nimbler beauty brands and to the shift toward e-commerce and social-media marketing.

Revlon's problems compounded. Its debt burden left it little money to invest in marketing and innovation, and it fell behind rivals who were faster to embrace online sales and the new beauty brands that thrived on Instagram and direct-to-consumer sales. Supply-chain problems during the pandemic made things worse, leaving shelves empty and the company unable to meet demand.

In June 2022, Revlon filed for Chapter 11 bankruptcy, a stunning fall for a 90-year-old icon. The case became a cautionary tale about how a heritage brand can be brought down by debt, a failure to adapt to e-commerce and new brands, and the danger of letting a famous name substitute for staying current.

Revlon filed for Chapter 11 bankruptcy in 2022, brought down by debt from the 2016 Elizabeth Arden acquisition and a failure to adapt to e-commerce and new brands.

Revlon took on heavy debt, much of it from its 2016 acquisition of Elizabeth Arden, leaving little money to invest in marketing and innovation.

It fell behind newer, nimbler beauty brands and the shift toward e-commerce and social-media marketing.

Supply-chain problems during the pandemic left shelves empty and the company unable to meet demand.

In June 2022 Revlon filed for Chapter 11 bankruptcy, a stunning fall for a 90-year-old icon brought down by debt and a failure to adapt.

A famous name is not a moat. A heritage brand that takes on debt leaving no room to invest, and lets its name substitute for staying current, will be overtaken by nimbler rivals.

Revlon's bankruptcy was a stunning fall for a 90-year-old icon of American beauty, a cautionary tale about how a heritage brand can be brought down by debt and a failure to adapt to e-commerce and new brands. The case is taught alongside other heritage brands undone by digital disruption. The lesson is durable: a famous name is not a moat, and a company that lets its heritage substitute for innovation, while taking on debt that leaves no room to adapt, will be overtaken by nimbler rivals that meet customers where they are now.