FOR IMMEDIATE RELEASE


                REVLON ANNOUNCES COMMENCEMENT OF EXCHANGE OFFERS


NEW YORK, February 23, 2004 - Revlon, Inc. (NYSE: REV) today announced that on
February 20, 2004 it commenced the exchange offers it had previously announced,
as part of its debt reduction program to dramatically strengthen the Company's
balance sheet and increase the liquidity and float of the Company's common
stock. The Company's debt reduction program involves the aforementioned exchange
offers which, in addition to other debt reduction actions previously announced,
will reduce the Company's total indebtedness by approximately $930 million, or
roughly 50%, with approximately $780 million eliminated during the first quarter
2004.

Under the terms of the exchange offers, MacAndrews & Forbes, the Company's
principal stockholder, and Fidelity Management & Research Co. (the
"Institutional Investor"), have agreed to tender for exchange an aggregate of
approximately $440 million outstanding principal amount of 8 1/8% Senior Notes,
9% Senior Notes and 8 5/8% Senior Subordinated Notes for shares of Revlon Class
A common stock at a ratio of 400 shares for each $1,000 principal amount of 8
1/8% Senior Notes or 9% Senior Notes tendered for exchange or 300 shares for
each $1,000 principal amount of 8 5/8% Senior Subordinated Notes tendered for
exchange. The Institutional Investor may elect to receive cash or additional
shares of Revlon Class A common stock in respect of accrued interest payable on
the notes that it tenders. MacAndrews & Forbes has elected to receive shares of
Revlon Class A common stock for the accrued interest payable on the indebtedness
they exchange.

In the exchange offers for the outstanding notes referenced above, holders other
than MacAndrews & Forbes and the Institutional Investor are given the
opportunity to exchange their notes for (i) shares of Revlon Class A common
stock at the same ratios applicable to the Institutional Investor and MacAndrews
& Forbes, or (ii) cash up to a maximum of $150 million aggregate principal
amount of tendered notes, subject to proration. The $150 million maximum
principal amount of notes that may be tendered for cash is reduced by the
principal amount of all notes exchanged for Class A common stock by holders
other than MacAndrews & Forbes and the Institutional Investor. There is no limit
on the amount of notes that may be exchanged for Class A common stock. Notes
tendered for cash will receive $830 per $1,000 face amount for the 8 1/8% Senior
Notes, $800 per $1,000 face amount for the 9% Senior Notes and $620 per $1,000
face amount for the 8 5/8% Senior Subordinated Notes. Accrued interest on the
tendered notes will be paid in cash or shares of Revlon Class A common stock, at
the tendering holder's option.




Revlon will accept for exchange any and all 8 1/8% Senior Notes, 9% Senior Notes
and 8 5/8% Senior Subordinated Notes which are properly tendered in the exchange
offers prior to 5:00 p.m., New York City time, on March 19, 2004, unless
extended or earlier terminated.

Each of the 8 1/8% Senior Notes exchange offer, the 9% Senior Notes exchange
offer and the 8 5/8% Senior Subordinated Notes exchange offer is independent of
the other exchange offers. None of the exchange offers is conditioned upon the
exchange of a minimum aggregate principal amount of 8 1/8% Senior Notes, 9%
Senior Notes and 8 5/8% Senior Subordinated Notes being tendered for exchange,
but is otherwise subject to certain customary conditions, including shareholder
approval of the issuer of the additional shares.

The exchange offers are part of the Company's previously-announced debt
reduction program, which includes the exchange of the aforementioned
approximately $440 million principal amount of notes in the exchange offer, the
exchange of existing debt held by MacAndrews & Forbes totaling approximately
$190 million for Class A common stock, and a commitment by MacAndrews & Forbes
to back-stop up to an additional $150 million in debt reduction to the extent
that less than $150 million in principal amount of notes are exchanged by other
note holders. In addition, the debt reduction program also commits to reduce
debt by an additional $50 million through one or more equity offerings by the
end of 2004 and another $100 million through an additional equity offering by
March 2006. Finally, as part of the debt reduction program, MacAndrews & Forbes
has also agreed to convert its Series A and Series B preferred stock for Class A
common stock.

The securities mentioned in this press release have not been registered under
the Securities Act of 1933, as amended, and may not be offered or sold in the
United States except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and applicable
state securities laws. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy any securities, nor shall there be any
sale of securities mentioned in this press release in any state in which such
offer, solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.



INVESTOR RELATIONS CONTACT:                       MEDIA CONTACT:
Maria A. Sceppaguercio                            Catherine Fisher
(212) 527-5230                                    (212) 527-5727


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                           FORWARD LOOKING STATEMENTS
                           --------------------------

Statements 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 U.S. federal securities laws, the Company undertakes no obligation to
publicly update any forward-looking statement, whether as a result of new
information, future events or otherwise. Such forward-looking statements
include, without limitations, the Company's expectations and estimates about
future events; and the Company's estimates regarding the consummation of the
exchange offers and the debt reduction transactions and the targeted debt
reduction amounts and the timing thereof, as well as the impact of such
transactions on the Company's future financial performance. Actual results may
differ materially from such forward-looking statements for a number of reasons,
including those set forth in the Company's filings with the Securities and
Exchange Commission, including the Company's Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q and Current Reports on From 8-K filed with the
SEC (which may be viewed on the SEC's website at http://sec.gov or on the
Company's website at http://www.revloninc.com), as well as reasons including
difficulties, delays, unexpected costs, the inability of the Company to achieve
its planned debt reductions and the debt reduction transactions or to achieve
the anticipated financial performance as a result of such transactions. Factors
other than those listed above could also cause the Company's results to differ
materially from expected results.




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