 "Revlon")
Oil-to-retail conglomerate Reliance Industries is considering buying out Revlon in the United States, days after the cosmetics giant filed for bankruptcy, ET Now reported on Friday, citing sources.
The report comes as Revlon filed for bankruptcy earlier this week after global supply chain disruptions drove up raw material costs and prompted vendors to demand upfront payments.
Reliance has pushed its way into the fashion and personal care space in recent months as it diversifies away from its mainstay oil business. It has already established a foothold in telecom and retail sectors.
Shares of Revlon jumped 20 per cent to $2.36 in premarket trade
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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