Revlon Sells Non-Core Brazilian Brands in $104 Million All Cash Transaction

Business Wire, July 28, 2008

NEW YORK -- Revlon, Inc. (NYSE: REV) (the "Company") today announced the sale of its non-core Bozzano brand, a leading men's hair care and shaving line of products, and certain other non-core brands, which are sold in the Brazilian market. The transaction was effected through the sale of the Company's Brazilian subsidiary, Ceil Comercio E Distribuidora Ltda. ("Ceil") to Hypermarcas, S.A. (Bovespa: HYPE33; Reuters: HYPE3.SA; Bloomberg: HYPE3 BZ), a Brazilian diversified consumer products corporation.

The gross purchase price was approximately $104 million in cash. The Company expects net proceeds, after payment of taxes and transaction costs, to be approximately $94 million. The Company is currently evaluating the most appropriate use of net proceeds from this transaction.

In the results for the third quarter of 2008, the Company expects to record a one-time gain from this transaction of approximately $50 million. The Company expects that Ceil's net sales, operating income and adjusted EBITDA would not be material to the ongoing financial results of Revlon, Inc.

Revlon brand color cosmetics will continue to be marketed in Brazil through its current third party distributor.

Commenting on this transaction, Revlon President and Chief Executive Officer, David Kennedy, said, "Our business strategy is to build and leverage our strong brands worldwide, particularly the Revlon brand. This transaction presented Revlon with an opportunity to monetize a non-core, non-strategic brand at a very attractive valuation, while enabling us to remain focused on building our core brands around the world."

About Revlon

Revlon is a worldwide cosmetics, hair color, beauty tools, fragrances, skincare, anti-perspirants/deodorants and personal care products company. The Company's vision is to provide glamour, excitement and innovation to consumers through high-quality products at affordable prices. Websites featuring current product and promotional information can be reached at www.revlon.com, www.almay.com and www.mitchumman.com. Corporate and investor relations information can be accessed at www.revloninc.com. The Company's brands, which are sold worldwide, include Revlon[R], Almay[R], Mitchum[R], Charlie[R], Gatineau[R] and Ultima II[R].

Forward-Looking Statements

Statements made in this press release, which are not historical facts, including statements about the Company's plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made and, except for the Company's ongoing obligations under the U.S. federal securities laws, the Company undertakes no obligation to publicly update any forward-looking statement, whether to reflect actual results of operations; changes in financial condition; changes in general economic, industry or cosmetics category conditions; changes in estimates, expectations or assumptions; or other circumstances or events arising after the issuance of this press release. Such forward-looking statements include, without limitation, the Company's beliefs, expectations and/or plans regarding--(i) that the Company is currently evaluating the most appropriate use of net proceeds from this transaction; and (ii) our business strategy, including to build and leverage our strong brands worldwide, particularly the Revlon brand and our remaining focused on building our core brands around the world. Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in our filings with the SEC, including, without limitation, our 2007 Annual Report on Form 10-K filed with the SEC in March 2008 and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that we will file with the SEC during 2008 (which may be viewed on the SEC's website at http://www.sec.gov or on our website at http://www.revloninc.com), as well as reasons including--(i) less than anticipated proceeds, such as due to higher than anticipated transaction costs, or unanticipated uses of proceeds and (ii) difficulties, delays or our inability to execute our business strategy, including in building and leveraging our strong brands worldwide, particularly the Revlon brand, or in building our core brands around the world. Factors other than those listed above could also cause the Company's results to differ materially from expected results. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, the Company's websites or other websites referenced herein shall not be incorporated by reference into this release.