Word: revlon
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Dates: during 1990-1999
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...bring in the serious cash. A top model agrees to represent a line of makeup for Elizabeth Arden, say, or Estee Lauder for a set time period. A major contract would be worth $5 million and run three or four years. Supermodel Crawford signed a four-year deal with Revlon in 1989 that is said to total around $4 million; Paulina Porizkova's exclusive long-term contract with Estee Lauder is probably worth more than $6 million...
...need all five, by any means, but you need at least one. Charles Revson, who founded Revlon, had all but Resources (he grew up in a cold-water flat, knew nobody important and never went to college). His partner, Charles Lachman (the L in Revlon), had only Luck. He married into a small chemical company, enabling him to provide Revson a few thousand dollars of goods on credit to get started. In return, he got a 30% stake in Revlon and, in his words, a rake. For the next 50 years he just raked...
Similarly, when corporate raider Ronald Perelman seized Revlon in 1985, First Executive helped finance the $2.7 billion takeover, buying $370 million worth of Drexel's junk bonds. Perelman shut down Revlon's pension plan and skimmed off at least $50 million in "excess funding." He then rolled existing pension obligations into Executive Life annuities. Says Eli Schefer, a retired Revlon engineer in Sands Point, N.Y.: "Those were cozy deals, not done according to fiduciary standards. These guys should be thrown in jail. Now that I am almost 72, I've got to worry about when my next pension check...
...Cincinnati-based giant is paying up for glamour. In a move to strengthen its worldwide beauty business, P&G (1990 sales: $24 billion) last week agreed to buy the Max Factor cosmetics firm and Betrix, a German makeup and fragrance manufacturer, from Ronald Perelman's debt-burdened Revlon for $1.14 billion in cash. The deal "speeds up the global expansion of the company by at least five years," said P&G chief Edwin Artzt, who has focused on foreign growth since he took over the top job last year. "It gives us an international base in the cosmetics and fragrance...
...deal means a measure of financial relief for Perelman, who acquired control of Revlon for $2.7 billion in a bitter 1985 takeover fight. To expand his cosmetics empire, Perelman subsequently paid some $300 million for Max Factor in 1986 and about $170 million for Betrix in 1989. Now, to pare his junk-bond debt, he has begun selling assets as fast as he once acquired them. What might be next? Perelman's advisers said the erstwhile raider could soon put on the block such tony cosmetics brands as Princess Marcella Borghese and Charles of the Ritz...