Revlon makes $1 billion in profits on hair dye sales
Revlon made $1.4 billion in sales of hair-dryer accessories last year, the company announced Wednesday.
That includes $1 million in sales from its first-ever sale of hair dryers.
The company made $4.6 billion in its first fiscal quarter, up about $3 billion from the same period last year.
Revlon sold more than 2 million units of its hair dryermader in the quarter, a record for the brand.
That’s more than the $1,000,000 sales the brand sold in its second fiscal quarter last year as well as its first quarter of this year.
The growth of the product is a result of its popularity among young women, according to the company.
The new figures were the result of an analysis by the New York Times of Revlon’s revenue from the hair-dye sales it had recorded in its last fiscal year, which ended in June.
Revlons sales rose to $8.4 million from $5.8 million last year and its profits grew by 10 percent to $2.9 billion, according a statement from the company, which is owned by Guggenheim Partners.
The hair-products company, founded in 1961 by singer and dancer Mariah Carey, has become a global brand with a global reach.
It’s known for its beauty products, including its “Lipstick and Beard” line.
Its hair-care line also has a major presence in China.
The brand was valued at $3.9 trillion by the end of 2016.