Ask an Indian shopper about Revlon and you will hear one of two stories. Either it is the American company that went through bankruptcy, or it is an Indian-run brand under a New York name. Both have some truth in them, and the difference matters at the counter.
The American company filed for Chapter 11 in June 2022 and walked out the other side on 2 May 2023 — alive, private, and owned by its former lenders. The Indian operation is run separately, by a licensee. This audit separates the two.
Revlon, founded in New York in 1932, survived bankruptcy: it emerged from Chapter 11 on 2 May 2023 as Revlon Group Holdings LLC, private and majority-owned by former lenders. In India it has run since 1995 under licence to Modi-Mundipharma Beauty Products, an Umesh Modi group company that makes it locally and sells the hero ColorStay foundation at ₹999 — about 38% below the US price. Prices checked 2 September 2026.
Snapshot
- Founded
- 1932, New York, by Charles and Joseph Revson with chemist Charles Lachman
- Global owner
- Revlon Group Holdings LLC — private since 2 May 2023, majority held by former lenders including Glendon Capital, King Street and Oak Hill Advisors
- India operator
- Modi-Mundipharma Beauty Products Pvt Ltd (formerly Modi Revlon), an Umesh Modi group company, under licence since 1995
- India head
- Meghna Modi, Executive Director and Head of Indian Subcontinent since November 2023, as reported in August 2025
- Price band in India
- ₹249 nail enamel to ₹1,999 PhotoReady powder, checked 2 September 2026
- Animal-testing listing
- PETA’s directory lists Revlon under companies that test on animals, in an entry last modified 18 June 2020, as read 2 September 2026
How it started
Charles and Joseph Revson and chemist Charles Lachman started Revlon in New York in 1932, on an opaque pigmented nail “cream enamel”. Fifty years later it became the prize in one of the most famous takeover fights in corporate history. Ronald Perelman’s Pantry Pride bid up to $58 a share in 1985, and on 13 March 1986 the Delaware Supreme Court cleared his path — a decision so consequential that “Revlon duties” is still the name American lawyers use for a board’s obligation to sell to the highest bidder.
Perelman’s MacAndrews & Forbes controlled Revlon for nearly four decades. The company returned to the NYSE in 1996 and bought Elizabeth Arden in September 2016 for an enterprise value of about $870 million, taking on debt it never shook off. On 16 June 2022 Revlon filed for Chapter 11 in New York with $575 million of rescue financing. The court confirmed its reorganisation plan on 3 April 2023, and on 2 May 2023 Revlon emerged as Revlon Group Holdings LLC — over $2.7 billion of debt eliminated, roughly $1.5 billion remaining, the old listed shares extinguished and the majority of the new equity in the hands of former lenders.
- Revlon, Inc.Founded New York, 1932 — the Revson brothers and Charles Lachman
- MacAndrews & Forbes eraPerelman takeover, 1985–86; Delaware ruling of 13 March 1986
- Chapter 11Filed 16 June 2022; plan confirmed 3 April 2023
- Revlon Group Holdings LLCEmerged 2 May 2023 — private, lender-owned, delisted
The Perelman era is over: since 2 May 2023, Revlon has been a private company owned mainly by the funds that were once its creditors.
India runs on a different clock. Modi Revlon Private Limited was incorporated in Delhi on 8 March 1994 and launched the brand here in 1995 — “the first international cosmetics brand launched in India”, by the company’s own undated telling. Business Standard reported the structure in August 2001: a 74:26 joint venture, with Revlon Consumer Products Corporation holding the 26% and the Modi side the rest. The company, since renamed Modi-Mundipharma Beauty Products, today describes the arrangement simply as a licence. An IPO promised in that 2001 report never happened; the company remains private, and by Forbes India’s 2014 count it ranked among India’s top four colour-cosmetics brands, behind Lakmé and L’Oréal and ahead of Colorbar.
Revlon’s US arm held 26% of the Indian venture as at 2001. Whether today’s lender-owned Revlon still holds that stake is not on the public record we read. Either way, the company selling you Revlon in India is run from Delhi by the Umesh Modi group.
What they actually make
The India portfolio is the classic American catalogue plus two local survivors: Super Lustrous and ColorStay lipsticks, ColorStay foundations, PhotoReady powders, ColorSilk hair colour, Charlie fragrances — and Touch & Glow, the ₹399 legacy line that holds the budget door. The group says its Indian products come from two of its own plants, and its corporate site names them: the GSP Cosmetics plant at Rudrapur in Uttarakhand and a cosmetics plant in Sri Lanka. A group unit at Modinagar, Ghaziabad describes itself as the manufacturer for fragrances and deodorants.
What no online listing told us is which plant made which product. We checked five listings — the brand’s own product pages, Purplle and BigBasket — and none printed the mandatory declaration: no manufacturer’s name, no country of origin, no licence number. The carton carries all of it by law, so read the box in the shop. The group’s statement about its plants is general rather than per product.
ColorStay Longwear Makeup says it “wears for up to 24 hours” and is transfer-resistant and waterproof; the product pages read do not cite a wear study, test method or laboratory. Super Lustrous claims “80% conditioning ingredients”, and the page does not say how that share is measured. The foundations carry SPF 15 and SPF 20 on the front, and the pages read do not name the test method behind the rating.
What Revlon costs in India
Here is the surprise: Revlon India is priced at or below America. At the US Federal Reserve’s rate of ₹95.38 to the dollar, ColorStay Longwear Makeup costs $16.99 — about ₹1,620 — on Revlon’s own US site. The Indian MRP is ₹1,499, roughly 7% below that. And revlon.co.in itself sells the same foundation at ₹999, about 38% under the US price. The import premium common to foreign beauty brands does not show up here, for a licensee that makes the range in India by the group’s own account.
- US price (ColorStay foundation)
- $16.99 ≈ ₹1,620
- Indian MRP
- ₹1,499
- Brand-site selling price
- ₹999
- Gap
- About 38% cheaper in India, as sold
- Checked on
- 2 September 2026
The brand’s own site sells below the printed MRP. That is a pattern Indian shoppers know from footwear — our Campus audit and Sparx audit document the same printed-ceiling-versus-street-price gap in the same terms. Prices below were checked on 2 September 2026.
| Product | MRP | Selling price seen |
|---|---|---|
| Super Lustrous Lipstick, 4.2 g | ₹999 (brand site) | ₹471.82–799 (BigBasket), ₹799 (Purplle) |
| ColorStay Longwear Makeup SPF 15, 30 ml | ₹1,499 | ₹999 (brand site) |
| PhotoReady Two Way Powder SPF 20 | ₹1,999 | ₹1,779 (brand site) |
| ColorStay One-Stroke Kajal | ₹999 | — |
| Touch & Glow Moisturising Makeup | ₹399 | — |
| Super Lustrous Nail Enamel | ₹249 | — |
Per gram, the ninety-year-old hero is no bargain at full price: ₹999 for 4.2 grams is about ₹238 per gram, though street prices pull that down to ₹112–190 per gram. The foundation works out to ₹49.97 per millilitre at MRP and ₹33.30 as the brand itself sells it. One oddity to know: a BigBasket page printed ₹699 as the MRP on one Super Lustrous shade the same day the brand site printed ₹999; the number printed on your unit is the ceiling that binds the seller.
Who Revlon is actually for
Revlon suits the buyer who wants an American-heritage formula at an Indian factory price — a ₹799 street-price lipstick and a ₹999 long-wear foundation undercut most imported rivals. Touch & Glow at ₹399 serves the entry buyer the company is now openly chasing; Meghna Modi told an interviewer in August 2025 that a ₹399 price point anchors her plan to double the India business.
Two kinds of buyer may look elsewhere. A buyer who shops by cruelty-free directories will find Revlon on PETA’s list of companies that test on animals, in an entry last modified in June 2020. And a buyer who reads ingredient lists before buying will find that the Indian product pages we read carry no full ingredient list, so the carton in the shop is the document to read.
Reputation and controversies
The bankruptcy is the reputation, so state it precisely. Chapter 11 is reorganisation, not death: Revlon filed on 16 June 2022, had its plan confirmed on 3 April 2023, and emerged on 2 May 2023 with $2.7 billion of debt gone. The people who lost were the old shareholders, whose equity was extinguished, and the winners were lenders — Glendon Capital, King Street, Angelo Gordon, Oak Hill Advisors and others — who now own the company. Calling Revlon dead is wrong; calling it the same company is also wrong.
On animal testing, the published directory is the record. PETA’s Beauty Without Bunnies database lists Revlon under “companies that DO test on animals” — directly, through suppliers, or through third parties — in an entry last modified 18 June 2020. India separately bans animal testing of cosmetics; PETA’s listing describes the global company’s policy rather than what is sold here.
In India, Revlon is sold by an Umesh Modi group company under licence, separate from the American owner.
One point of confusion is worth clearing up. Revlon India’s operator, Modi-Mundipharma Beauty Products, is part of the Umesh Modi group. Colorbar, another Indian colour-cosmetics brand, was founded in 2004 by Samir Modi and is a separate business; the two share no ownership on the register.
Buying it in India
Distribution is wide and old-fashioned: the company claims around 40,000 retail outlets and 100 exclusive brand outlets from its Delhi headquarters, alongside its own webstore at revlon.co.in and the big beauty marketplaces. The brand’s global name and its separate Indian operating company make it a cousin of the arrangement our Bata audit describes, where the company on the Indian register is not the company that owns the name.
Read the carton, because the web will not tell you
No listing we checked printed the manufacturer, country of origin or licence number. The box carries all three by law — read it before billing.
Never pay the printed MRP
The brand’s own site sold ColorStay at ₹999 against its ₹1,499 MRP on 2 September 2026. Treat the MRP as a ceiling, not a price.
Compute the price per gram
Super Lustrous is 4.2 grams: ₹999 is about ₹238 per gram, while BigBasket shades ran ₹472–799. Divide before you decide.
Read wear and SPF numbers as brand claims
The product pages we read do not cite a test method for “24 hours”, “transfer-resistant” or “SPF 15”. Choose on shade and finish.
Watch for two MRPs on one product
The same lipstick showed ₹999 on the brand site and ₹699 printed as MRP on BigBasket the same day. The MRP on your unit is the one that binds the seller.
Common questions
Did Revlon shut down?
No. Revlon filed for Chapter 11 in the United States on 16 June 2022 and emerged on 2 May 2023 as Revlon Group Holdings LLC. It is a private company, majority-owned by its former lenders, and still trades worldwide.
Who owns Revlon now?
Since 2 May 2023, a group of former lenders — including Glendon Capital, King Street, Angelo Gordon, Oak Hill Advisors and Cyrus Capital — holds the majority of Revlon Group Holdings LLC. Ronald Perelman’s MacAndrews & Forbes era, which began with the 1985–86 takeover, ended with the bankruptcy plan.
Is Revlon India owned by Revlon?
No. Revlon India is run by Modi-Mundipharma Beauty Products Pvt Ltd, formerly Modi Revlon, an Umesh Modi group company operating under licence since 1995. Revlon’s US arm held 26% of the original joint venture as at 2001; its current stake, if any, is not on the public record we read.
Is Revlon cruelty-free?
PETA’s Beauty Without Bunnies directory lists Revlon under companies that test on animals, in an entry last modified 18 June 2020 and read on 2 September 2026. India separately bans animal testing of cosmetics.
Is the Modi behind Revlon India the same as the Modi behind Colorbar?
No. Revlon India is run by Modi-Mundipharma Beauty Products, an Umesh Modi group company. Colorbar is a separate brand, founded by Samir Modi in 2004; the two share no ownership on the register.
Where is Revlon made for India?
The group says its Indian range comes from two of its own plants — GSP Cosmetics at Rudrapur, Uttarakhand and a plant in Sri Lanka. No listing we read printed a per-product origin, so check the country of origin on the carton for the unit in your hand.
How we research and verify brand audits: our methodology.
References
- Revlon corporate site, accessed 2 September 2026 — 1932 founding by Charles and Joseph Revson with Charles Lachman; current entity styling
- Delaware Supreme Court, Revlon v MacAndrews & Forbes, 13 March 1986 — the $58-per-share Pantry Pride bid and the “Revlon duties” ruling
- NBC News, June 2022 — Perelman-era control and the 1996 NYSE return
- Elizabeth Arden press release, 7 September 2016 — acquisition completed at about $870 million enterprise value
- Axios, 16 June 2022 — Chapter 11 filing and $575 million financing
- Revlon release, 3 April 2023 — reorganisation plan confirmed; company private on emergence
- Revlon release, 2 May 2023 — emergence as Revlon Group Holdings LLC, $2.7 billion of debt eliminated, lender ownership
- Company register via ZaubaCorp, accessed 2 September 2026 — incorporation 8 March 1994 and previous name Modi Revlon
- Revlon India about page, accessed 2 September 2026 — Modi-Mundipharma Beauty Products, 1995 launch, licence, outlet counts, two plants, “first international” claim
- Business Standard, 20 August 2001 — the 74:26 joint venture with Revlon Consumer Products Corporation at 26%; the IPO plan
- Daily Excelsior, August 2025 — Meghna Modi’s November 2023 appointment, growth plan and ₹399 entry price point
- Umesh Modi Group, accessed 2 September 2026 — the group and its chairman, Umesh K. Modi
- Umesh Modi Group cosmetics page, accessed 2 September 2026 — GSP Cosmetics plant at Rudrapur and the Sri Lanka plant
- Forbes India, 15 January 2014 — Modi Revlon among India’s top four colour-cosmetics brands; Colorbar’s founding
- PETA Beauty Without Bunnies, entry modified 18 June 2020 — Revlon listed under companies that do test on animals
- ASCI complaint outcomes database, searched 2 September 2026 — no outcomes on record for Revlon
- revlon.co.in, prices checked 2 September 2026 — ColorStay ₹1,499 MRP sold at ₹999; Super Lustrous ₹999; Touch & Glow ₹399
- Revlon US site, accessed 2 September 2026 — ColorStay at $16.99 with the 24-hour wear claim
- US Federal Reserve H.10, release of 31 August 2026 — exchange rate of ₹95.38 per US dollar
- BigBasket, checked 2 September 2026 — Super Lustrous selling prices ₹471.82–799 and the ₹699 printed MRP
- Purplle, checked 2 September 2026 — Super Lustrous 4.2 g at ₹799; ColorStay 30 ml listing
Revlon in India is a better deal than its American name suggests. A licensee making the product locally sells the hero foundation at ₹999 — about 38% under the US price — and a street-price lipstick at ₹472–799 undercuts most imported rivals. Thirty years of Modi group operation, four regional offices and a claimed 40,000 outlets mean the product is easy to find and easy to bargain on.
Read the claims as claims. The product pages we read cite no test method for “24 hours”, “transfer-resistant” or the SPF numbers, and carry no ingredient lists or origin declarations, so the carton is the document to read. Buyers who follow PETA’s directory will find Revlon listed among companies that test on animals, in an entry last modified in June 2020.
At ₹999 as sold, ColorStay earns its counter space; at the printed ₹1,499 it is harder to justify.
