- POSTED: 01 Jan 2014 02:14
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US cosmetics company Revlon said Tuesday it was shutting down its operations in China to cut costs, eliminating about 1,100 positions.
NEW YORK: US cosmetics company Revlon said on Tuesday it was shutting down its operations in China to cut costs, eliminating about 1,100 positions.
Revlon said its China business represented about two per cent of total sales, which topped US$1.4 billion worldwide in 2012, and that the move would lead to savings of about US$11 million a year.
It said most of the 1,100 jobs cut will be in China, including approximately 940 beauty advisers that were hired indirectly through a third-party agency.
The company will incur about US$22 million in pre-tax charges due to the restructuring, of which US$20.9 million was being recorded as a charge in December 2013.
Revlon markets beauty products under the Revlon, Gatineau, Mitchum and Ultima II brands.
Shares were up 0.2 per cent to $24.60 in midday trade on Tuesday.