Following the release of full-year and fourth-quarter 2015 results, Revlon, Inc. (New York), its CEO and president, Lorenzo Delpani, noted that he would be stepping down as of March 1, joining Revlon's board as a paid adviser.
Gianni Pieraccioni, executive vice president and global president of Revlon's consumer division, has been named COO.
Revlon reported net sales were $521.9 million for the fourth quarter of 2015, a growth of 4.2%, and $1,914.3 million for the full year, 2015, a decline of 1.4%. The results were significantly impacted by foreign exchange.
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Net income was $24.8 million in the fourth quarter of 2015, including the impact of $36.5 million of non-operating items, net of taxes. Full-year net income was $56.1 million, including the impact of $47.3 million of non-operating items, net of taxes.
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Highlights for 2015 included:
- Negative impact of Venezuela exit
- Professional segment net sales increase as a result of American Crew men’s grooming products, Revlon Professional hair products and Creme of Nature hair products
- Weakness from CND nail products in the United States
- Consumer segment net sales increase as a result of Revlon color cosmetics, Mitchum antiperspirant deodorants and Revlon ColorSilk hair color
- Weakness in Almay color cosmetics
- Negative impact of acquisition costs related to CBBeauty and Colomer
"On behalf of all of us at Revlon and MacAndrews & Forbes, I want to express our gratitude to Lorenzo for his hard work and dedication to our company," said Revlon chairman Ronald O. Perelman. "Through creativity and a commitment to innovation, Lorenzo helped guide Revlon through a successful period of integration and transformation that has led to the strong business growth we are now seeing. We are pleased that he is staying on with the Board and as an adviser.”