The news that global beauty giant Revlon has filed for bankruptcy protection in the US makes us wonder what went wrong, and what place is there in the industry for legacy brands that fail to keep up with modern consumer habits.
We’ve seen it all post-pandemic, brands and businesses that failed to pivot effectively have lost all brand relevance and association for clients and customers who have felt the disconnect and are shopping elsewhere for goods and services.
For generations of women, Revlon, credited with creating the iconic red lipped and matching nail trend in the 1950’s, was the aspirational brand choice of girls across the world.
Even in the ‘70’s, the introduction of its ‘Charlie’ perfume captured the imagination – right through to the 90’s with the ‘Supermodel’ campaign and Cindy Crawford et al engaged as ‘spokesmodels’ for the brand in billboards and print campaigns across the globe.
Then…
I can’t remember. And this here lies the point. As a beauty and skincare addict – and CEO of a communications agency that specialises in the industry, I’m well versed on the visibility of new and exciting brands, and with our own clients, multinational brand names, working hard to creatively showcase innovation and products to capture the imagination of new and existing consumers.
Not just the next big thing, but keeping well-known brands at the forefront of fellow beauty consumers’ minds.
So, what happened? Revlon, with a 90-year legacy, now languishes on the shelves of pharmacies and retailers across the world.
Granted, the business has struggled under the weight of enormous debt, but the brand still exists, although you would be forgiven for not realising it.
Revlon can rightly include supply chain issues and the Covid-19 pandemic for its woes, but alongside that, it is a brand that has failed to innovate and put itself front and centre of a booming industry – and into the hearts and minds of today’s customer, old or new.
The opportunities were there – even in the current face of seemingly insurmountable competition from celebrity led ranges – Kylie Jenner, Rihanna et al. But Revlon’s fellow legacy brands have managed.
Not every lipstick buyer is aged 25 and younger. Digital marketing touchpoints are not just based on Instagram followings and TikTok visibility (although you’d be forgiven for thinking so).
Meeting your customer ‘where they are now’ is vital for any business, but in fast moving consumer goods, abandoning the online world is akin to brand suicide.
Ironically, amongst a fashionable wave of nostalgia across all cultural and communications channels – fashion, movies, music and TV – Revlon had a brilliant opportunity to capitalise and monetise on this.
Such a rich history brought so many options for Revlon, that were clearly ignored in favour of behind the scenes business wrangling.
Drugstore beauty buying is not dead, but these stores look very different today. Every one of the obvious, Sephora, department store beauty halls, Boots, Watsons and more understand the power of the single brand and how to entice buyers into the store to test and try.
When was the last time you spotted Revlon on a shelf anywhere aspirational, fashionable or simply, attractively?
Revlon’s stock soared to a peak in 1998 and whilst the Bankruptcy Protection filing does not mean we have seen the last of Revlon, I do feel that 25 years later it might be too late to keep up.
Supply chain nightmares have the obvious knock-on effect on products reaching retail in timely fashion, but again, we are not witnessing bare shelfed Revlon displays in the stores we like to buy our cosmetics from. We are not seeing them at all.
Beauty shoppers are buying and restocking online for certain and still visiting outlets to purchase in person – but this aside, when your consumer is garnering their transparent product information via social channels and digital PR efforts, neither of these can be ignored by any brand.
Social proof and influence is more important than ever, and even in a B2B space where the ultimate in lead generation is in person, you can bet that your prospects have seen, read or watched you online first.
Revlon is also owner of Queen Elizabeth II’s favourite lipstick brand, Elizabeth Arden – but even the world’s most famous 96-year-old has embraced the benefits of distributing information online and modern technology.
If brand ‘Buckingham Palace’ have understood this for over a decade – then even legacy brands with a target demographic of the over 40’s have no excuse.
Natasha Hatherall-Shawe, founder and CEO of TishTash Marketing and PR@TishTashTalks
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