Revlon is a global cosmetic company that has been operating for over 90 years. 

The brand was a pioneer, breaking racial barriers with its marketing and product range, dictating beauty trends for much of the 21st century.  

Revlon was the first beauty company to feature a black model in 1970, Naomi Sims.

However, in 2022 Revlon filed for Chapter 11 bankruptcy protection in the US.

Once a key pioneer, the brand failed to maintain pace with changing makeup tastes and trends, losing market share to many new brands and celebrity cosmetic companies. 

Online-friendly cosmetic brands like Kylie Cosmetics, Glossier and Fenty Beauty capitalised on massive social media followings of celebrity brand faces and influencers and maintained relevance to secure high profits that Revlon did not.

Already losing market share, the pandemic caused further problems for Revlon, seeing a 21 per cent drop in sales in 2020, the first year of the pandemic. However, those sales rebounded 9.2 per cent in its most recent reporting year with vaccines widespread.

In the latest quarter that ended in March, sales rose nearly 8 per cent but still lag pre-pandemic levels in excess of $US2.4 billion ($3.4 billion) a year.

So is it over for Revlon? Their CEO does not believe so.

Revlon said on Thursday that upon court approval, it is expected to receive $US575 million in financing from its existing lenders, which would allow it to keep its day-to-day operations running.

"Today's filing will allow Revlon to offer our consumers the iconic products we have delivered for decades while providing a clearer path for our future growth," said Debra Perelman, who was named Revlon president and CEO in 2018.