NEW YORK --Cosmetics company Revlon said Tuesday it was shutting down its operations in China to cut costs, eliminating about 1,100 positions.
Revlon said its China business represented about 2% of total sales, which topped $1.4 billion worldwide in 2012, and that the move would lead to savings of about $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 $22 million in pre-tax charges due to the restructuring, of which $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.
Copyright Agence France-Presse, 2014
