Yesterday, Revlon, a year after emerging from bankruptcy under new ownership, has appointed Michelle Peluso as its new CEO, effective November 4th. Peluso, previously Executive Vice President and Chief Customer and Experience Officer at CVS Health, takes over from interim CEO Liz Smith, who has led the company since August 2023 and will continue as the board’s executive chair.
Peluso expressed her excitement about leading Revlon during this pivotal time, focusing on unlocking growth potential for the company’s brands. She steps into the role during a period of transformation for the iconic beauty company, which restructured after cutting $2.7 billion in debt following Chapter 11 bankruptcy proceedings. As a result of the bankruptcy, Revlon Group Holdings LLC was created, leaving the company with $1.5 billion in debt. This change also marked the exit of longtime owner Ronald Perelman and his daughter, Debra Perelman, the former CEO.
Revlon’s sales saw a modest increase of 5% in 2023, totaling approximately $2.1 billion, with strong performance from its Elizabeth Arden brand in Asia offsetting declines in the Revlon brand. Peluso’s appointment signals a new phase for Revlon as it looks to capitalize on its transformation and position itself for future growth, particularly in beauty and wellness.
Liz Smith, reflecting on her time as interim CEO, praised the company’s progress and emphasized that Peluso’s retail and digital expertise will be vital to Revlon’s continued success. Peluso’s appointment follows a trend in high-profile beauty industry leadership changes, such as Unilever’s recent appointment of Mary Carmen Gasco-Buisson as CEO of its prestige beauty division.
