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US beauty giant Revlon is to cease operations in the Chinese market as part of its ongoing restructuring effort,Bloombergreports. In line with this, the company is expected to axe 1,100 positions, including 940 beauty advisers.
While the restructuring will result in about $22m in charges, the company is expected to reduce costs by about $11m a year as a result of the decision.
Last November, Revlon appointed Lorenzo Delpani as its new President and CEO. Delpani joined the company following its recent acquisition of The Colomer Group, where he been serving as CEO since 2007.