Revlon to slash 400 jobs

Global beauty care products maker Revlon Inc will cut 400 jobs worldwide as a part of its restructuring plan to reduce cost by about $30 million, amid the uncertain economic environment.

"The organisational restructuring will result in the elimination of approximately 400 positions worldwide, including approximately 325 current employees and about 75 open positions," a Revlon statement said.

The company's restructuring programme involves rightsizing to reflect the more efficient work flows and processes Revlon has implemented over the last two years.

Besides, given the ongoing uncertain economic environment and potential effect it could have on Revlon's net sales, the action would provide it with additional flexibility, the statement added.

"Today's announcement represents an important, necessary, and logical next step forward for Revlon. Over the past two years, we have built improved and more efficient processes and work flows, which now allow us to take this step to reduce annualised costs by approximately $30 million," Alan T Ennis, president and chief executive officer said.

This action, which the company is implementing immediately, would enable it to become a stronger and more financially sound while staying true to the vision of providing glamour and innovation to consumers through high-quality products at affordable prices, Ennis added.