Cosmetics brand Revlon announced an organisational restructuring to streamline and simplify its business, in a bid to meet its long-term growth targets in the global beauty industry.
The company will adopt a new brand-centric structure, built around four global brand teams, Revlon, Elizabeth Arden, Fragrances and Portfolio Brands, designed to optimise and focus on building brand equity.
Revlon CEO Fabian Garcia, speaking to employees in a video memo, said Revlon would become a top 10 global beauty brand by hitting that target.
Brands don’t get old, marketers get lazy.
“Instead of going out and paying outrageous valuations for new brands, we need to spend that money rebuilding and revitalising our iconic brands,” Garcia said in an interview.
In order to support the new brand-centric and regional structures, the enabling functions, including finance, human resources, supply chain, research & development, Legal, and communications & CSR, will also reorganise their departments.
“This new brand-centric structure enables us to leverage the strength of our iconic brands, better focus on and serve beauty consumers, and quickly adapt to their changing behaviors and preferences,” said Garcia.
According to Bloomberg, as part of its restructuring plan, Revlon said earlier this month it will eliminate 350 jobs and more than US $140 million in costs. The company is consolidating offices and eliminating duplicate activities with Elizabeth Arden.
“As we realise those savings more quickly, there will be more money to invest” in marketing, Garcia said in the interview. He said he doesn’t expect further job cuts.