The latest beauty industry news to know

In case you were too busy doing a double-take at Doja Cat’s Met Gala beauty look to keep up with beauty industry news this week, we’ve got you covered.

Banking on it: Revlon emerged from bankruptcy this week, now doing business as a private company, Revlon Group Holdings LLC. The 91-year-old beauty brand eliminated $2.7 billion in debt, with $1.5 billion remaining, and said the majority of its equity is now owned by former lenders.

“I’m proud to say that we are emerging today as a stronger company that is well positioned for long-term growth,” Revlon President and CEO Debra Perelman said in a statement.

The company also has a new board, including Executive Chair Elizabeth A. Smith, former executive chair and CEO of Bloomin’ Brands and former chair of the Federal Reserve of Atlanta; and former Sephora Global President and CEO Martin Brok.

Revlon filed for bankruptcy in June 2022 to reorganize the company amid “liquidity constraints” from supply chain challenges and inflation, a move which Perelman said would provide the company “a clearer path for our future growth.”

Thin skin: Beauty giant Estée Lauder experienced its largest recorded share drop this week when it reported less-than-stellar third quarter results.

Its net sales dropped 12% year over year to $3.75 billion for the quarter, with organic net sales falling 8%, which the company attributed to “slower-than-expected recovery” in the Asian travel retail market, Estée Lauder President and CEO Fabrizio Freda said in a statement.

• Skincare saw a 17% net sales decline, while makeup sales were flat YoY, and fragrance and hair notched growth.

The company updated its full-year outlook to reflect a sales decline between 10% and 12%, after sharing in the previous quarter it anticipated a 5% to 7% drop.

Present day: Sephora this week introduced a $25 minimum for online redemption of its free birthday gift perk, part of its Beauty Insider rewards program, effective June 1. In an email to customers, the retailer said there is still no purchase requirement for shoppers to receive the gift in stores, but the move still caused a bit of backlash on Twitter.