Revlon Inc. said Wednesday that it is taking several measures to reduce its debt.

The company plans to launch a $100 million rights offering in December that would allow stockholders to purchase additional shares of Revlon Class A common stock. Revlon plans to distribute rights to its shareholders to buy shares at the close of business on Dec. 11. Additionally, Revlon's operating subsidiary, Revlon Consumer Products Corp., plans to refinance its existing credit agreement. The refinancing relies on replacing its existing $800 million term loan with a new five-year, $840 million term loan facility. The plan also includes changing its existing $160 million revolving credit facility and extending its maturity through the same five-year period.

Revlon expects to close and fund these changes, which are subject to a number of customary conditions, in late December.

Arden Signs Johnson for Daytona Fragrance
Elizabeth Arden announced Wednesday that it had signed race car driver Jimmie Johnson as the face of its Daytona 500 fragrance.

Johnson, who won the Daytona 500 this year and has been named the winner of the 2006 Nextel Cup Series, will be featured in national advertising, promotional packaging, in-store displays and sales promotions for the men's fragrance, which Arden released in partnership with the International Speedway Corp. in February. The scent is carried at J.C. Penney, Sears, Wal-Mart, Target, Kohl's, CVS and Rite Aid doors.

The first ads — national TV spots featuring Johnson and his wife, Chandra — will break in December, as Arden hopes to rev up the holiday fragrance-buying season.

"The Daytona 500 fragrance leverages the prestige and popularity of the great American race," said E. Scott Beattie, chairman and chief executive officer of Elizabeth Arden, in a statement. "As the winner of the 2006 Nextel Cup Series championship and reigning champion of the Daytona 500, Jimmie Johnson is the very embodiment of the Daytona 500 fragrance. There is no better individual to communicate the brand message than Jimmie."

"When you hear ‘Start your engines' at Daytona each year, it's all about power, intensity and adrenaline for the next 500 miles," Johnson said in the statement. "The Daytona 500 fragrance has energy and confidence — both great to have, on or off the track."NPD: Young Females Lead Scent Usage
Given the proliferation of fragrances from the likes of Britney Spears, Hilary Duff and Jennifer Lopez, it's no surprise that young women are the heaviest fragrance users, according to a recent survey by the NPD Group. But while young women are more likely to wear fragrance, their purchases lag behind other groups.

Although females 18 to 24 years old used more fragrances than older women in the last year, less than 60 percent of them actually purchased a fragrance, according to NPD's annual Women's FragranceTrack study.

In comparison, 63 percent of women 25 to 34 years old, 62 percent of women 35 to 44 years old and 64 percent of women 45 to 54 years old purchased women's fragrance products in the past year.

"More [18- to 24-year-old women] are using fragrances, but compared to all other age groups, less of them are buying," Karen Grant, senior beauty analyst for NPD, said in a statement. "That is an opportunity retailers and manufacturers need to seriously watch and address today."

When young women are purchasing scents, they're doing so more often in specialty stores, mass merchants and drugstores, according to NPD, while their fragrance spending at department stores has "remained stable." Their favorite brands include Happy by Clinique, Very Sexy from Victoria's Secret, Body by Victoria, Tommy Girl and Curve for Women.

"This age group is also more likely to purchase celebrity brands and newer designer brands," NPD noted in the statement.

Added Grant, "They're more influenced by the media, have different preferences, and their selection of fragrance crosses a broader range of channels, more so than any other group," said Grant. "Understanding these young women — who they are, what they want and how to message this to them — will be the key to future growth. Whoever gets their attention wins."

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