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.