Bengaluru: Reliance ET Now, citing sources, reported on Friday that the industry is considering buying Revlon in the United States, days after the cosmetics giant filed for bankruptcy.
The report comes as Revlon filed for bankruptcy earlier this week as global supply chain disruptions pushed up raw material costs and prompted vendors to demand upfront payments.
Reliance has made a foray into the fashion and personal care space in recent months as it moved away from its core oil business. It has already established a foothold in the telecom and retail sectors.
Shares of Revlon jumped 20% to $2.36 in pre-market trade following the report. Reliance was up 1.9% on the BSE index.
Reliance and Revlon did not immediately respond to Reuters requests for comment.
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