Revlon Exits China

Revlon Inc. (New York) has announced it will cease operations in China, where it gets about 2 percent of its sales, as it restructures its business.

The cosmetics giant insisted the action is unrelated to its $660 million acquisition in October of The Colomer Group, a Spanish company with a specialty in nail care and nail polish products.

According to Economic Times, Revlon said the changes are expected to reduce costs by $11 million a year. The company posted profit declines in both 2011 and 2012 and has been making acquisitions and introducing new products as sales in some of its larger brands had been slowing down.