Last week, Revlon Inc. filed for Chapter 11 bankruptcy under the weight of $3.7 billion in debt. As it reorganizes, the beauty company is borrowing up to $575 million to strengthen its supply chain and continue regular operations. On the brighter side, in the first quarter this year, its net sales increased 7.8%  after its net sales advanced 9.2% in 2021.

Acquired by billionaire Ron Perelman in 1985 and currently led by his daughter Debra Perelman, who became CEO in 2018, Revlon has been plagued by a myriad of problems stemming from branding, marketing, merchandising, and financial missteps, including an infamous 2020 gaffe involving Citibank paying off an almost $900 million loan that wasn’t due until 2023.

To get insights from beauty industry insiders and advisors about Revlon’s past stumbles and its future potential, we asked eight of them the following questions: Do you think Revlon is worth saving? Why do you think it’s been stumbling? Do you believe it can recover? What should other makeup brands, particularly older ones, learn from Revlon’s situation? What would you do if you were at the helm of Revlon?

Beauty Independent Editor Rachel Brown asked Venus Starr Hurst Founder, of Color Me Pretty Manufacturing  is Revlon worth saving?

I do believe it’s worth saving. It’s a legendary brand that’s been around for 90 years. The cosmetic industry is globally valued at $538 billion. The U.S. currently is the world’s largest beauty market, with about 20% share, followed by China at 13%, Japan at 8%, and is projected to advance and exceed $800 billion by 2025.  The cosmetic industry is more lucrative than ever before.

A legendary brand like Revlon may need to change marketing strategies to keep up with consumer needs, offer a stronger social media presence, show more behind the scenes, supply the demands of younger buyers, offer more competitive shades for women of color and [be] less reliant on the brand’s name to hold consumer’s interest.

Back in the ‘90s, Revlon had a signature product, Revlon ColorStay, featuring brand ambassador icon Halle Berry. [The product is] long-wearing, transfer-proof, smudge-proof and life-proof, impeccable, won’t-rub-off makeup for face, lips and eyes that stays in place no matter what comes your way. The line became the No. 1 long-wear brand. I would suggest focusing on a specific up-to-date catchy product that will attract millennials and generation Z shoppers.