We first blogged about Vital Radiance back in January (see our blog)
I recently did a trend lecture with a few consumer beauty editors. One trend we noted was the trend in cosmetic marketing going to the 50 plus female. Especially as Diane Keaton signs on with L'Oreal and last year Sharon Stone with Dior one would think this boom was big, but with Revlon's Vital Radiance going flat did this new genre really just go bust? Or is Revlon just having bad luck? When my Ford Model friend Maye Musk signed on for the Vital Radiance launch I thought the market would support this brand. I learned that from my associates that work in marketing at Cover Girl that women 50+ often buy Revlon - Cover Girl type brands when they are young, then when they get into their 20's and 30's they typically leave mass market cosmetics and go prestige, then when common sense comes around and the need to keeping up with the Joneses expires the 50+ female often goes back to the grocery store to purchase her cosmetics. Vital Radiance made sense, packaging was niche and smart, ingredients where skin friendly and press worthy. But as part of a broad organizational streamlining and consolidation effort announced Monday, Revlon will discontinue Vital Radiance, a cosmetics line for older women that it launched late last year, and cut 250 jobs. The news comes less than a week after the company announced that its CEO would step down.
The strategy also includes the elimination of three key executive positions. On the brand marketing side, the roles of evp and CMO, held by Stephanie Klein Peponis, and EVP and chief creative officer, held by Rochelle Udell, will be eliminated. The remaining brand marketing leadership will report to CFO David L. Kennedy, who replaced the ousted CEO Jack Stahl last week.
In addition, the role of evp and president of International, held by Tom McGuire, also will be eliminated.
"Today's announcements represent important and necessary steps forward for Revlon," Kennedy said in a statement today.
For the third quarter, Revlon said it expects a loss of $135 million and net sales from $280-290 million. For the year, it expects net sales of approximately $1.3 billion.
