Global luxury brands are scaling back orders with Italian suppliers, as the spread of the coronavirus from key market China to major manufacturing hub Italy hits business across the sector, industry sources said.
Currently reviewing the possibility of a sale, Revlon announced declining revenues and widening losses for Q3 on Friday, as weaknesses in its North American business took their toll on the company’s top line.
Revlon Inc reported on Monday a net sales drop for the fourth quarter 2018, but narrowed profit losses, adding that it expects to disclose "material weakness" in its internal control over financial reporting for 2018.
The NYC-based beauty company reported a significant narrowing of Q3 net losses on Friday, thanks to cost-cutting measures which compensated for faltering sales and are soon to be expanded through a new optimization plan.
The New York-based cosmetics group reported its financial results for the first quarter 2018 on Thursday, recording widening losses due to falling sales, particularly in North America and its fragrance segment.