8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

September 8, 2004 (September 8, 2004)

Date of Report (Date of earliest event reported)

Revlon, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware				1-11178				13-3662955
(State or Other Jurisdiction of Incorporation)				(Commission File No.)				(I.R.S. Employer Identification No.)

237 Park Avenue New York, New York				10017
(Address of Principal Executive Offices)				(Zip Code)

(212) 527-4000

(Registrant's telephone number, including area code)

None

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[    ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[    ]	Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

[    ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[    ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01    Regulation FD Disclosure

In connection with a presentation by senior management of Revlon, Inc. (the "Company") at an Investor Conference to be held on September 8, 2004, the Company is disclosing certain material, non-public information (the "Conference Information"). On August 31, 2004, the Company issued a press release publicly announcing that such conference would be held on September 8, 2004 at 3:00 P.M. E.D.T and that during such conference the Company's President and Chief Executive Officer, Jack L. Stahl, and Executive Vice President and Chief Marketing Officer, Stephanie Peponis, would provide an update on the Company's business progress and strategies. The Company's Executive Vice President and Chief Financial Officer, Thomas E. McGuire, also presented at the conference. The press release also announced that access to the Investor Conference would simultaneously be available to the public via a live webcast on the Company's website at www.revloninc.com.

The Conference Information includes certain forecasts, projections, estimates, objectives, vision, plans, strategies, beliefs, intent, opportunities, drivers, destination, expectations, records as well as certain historical information regarding the Company. Portions of the Conference Information were prepared by the Company based upon, among other things, the anticipated future results of operation of the Company after giving effect to the implementation of various aspects of its strategic plan.

The Conference Information is divided into the following major components: (i) Company Overview; (ii) Business Progress to Date; and (iii) Opportunities Ahead to Create Long-Term Value, including a breakdown of steps the Company is taking that are intended to enhance profit margins.

As certain financial information included within the Conference Information consists of non-GAAP amounts, such non-GAAP amounts are reconciled to the most directly comparable GAAP measures in the accompanying financial tables (the "Reconciliation Information"). Such non-GAAP measures include Adjusted EBITDA (see "Basis of Presentation"), gross sales and ongoing operations. As stated in the "Basis of Presentation", the Company believes that Adjusted EBITDA is useful in understanding the financial operating performance and underlying strength of its business, excluding the effects of certain factors, including gains/losses on foreign currency transactions, gains/losses on the sale of assets, gains/losses on the extinguishment of debt, miscellaneous expenses and interest, taxes, depreciation, and amortization, and thus the Company believes that Adjusted EBITDA is a financial metric that can assist the Company's management and investors in assessing its financial operating performance and liquidity. Similarly, the Company believes that information presented on an "ongoing operations" basis, which excludes the disposition of brands and businesses, restructuring, additional consolidation costs (primarily associated with the closing of the Company's Phoenix and Canada facilities), executive severance and expenses related to the acceleration of aspects of the implementation of the Company's stabilization and growth phase of its plan, is useful to the Company's management and investors in understanding its financial operating performance and underlying strength of its business without the impact of such items.

Statements made in the Conference Information which are not historical are forward-looking statements and are based on estimates, objectives, vision, projections, forecasts, plans, strategies, beliefs, intent, opportunities, drivers, destinations and expectations of the Company's management, and thus are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ materially from such forward-looking statements. The forward-looking statements in the Conference Information include, without limitation, the Company's expectations and estimates (whether qualitative or quantitative) as to:

(i)	the Company being positioned for growth, including that it has experienced significant growth and profitability improvements and has future growth and margin opportunities, as well as the Company's plans regarding the continued growth momentum and accelerated growth phases of its plan, including its objectives of accelerating top-line growth and significantly improving margins;

(ii)	the Company's belief that its International business represents an excellent growth opportunity moving forward and that it is optimizing its fixed cost structure in Europe and Latin America, including its supply chain;

1

(iii)	future U.S. mass color cosmetics category growth and market share trends, including the Company's expectation that the U.S. mass color cosmetics category will grow less than 1% in 2004;

(iv)

the Company's future financial performance, including its forecasted net sales of approximately $1.335 - $1.350 billion, operating income of approximately $90 million and Adjusted EBITDA of approximately $190 million for 2004, and its belief that its plan is proving effective, that it has strengthened its organizational capability and enhanced in-store execution and that the Company has strengthened its relationships with its key retailers in the U.S.;

(v)	the Company's plans to undertake a $110 million equity offering by March 2006 and to use the proceeds to reduce debt, the timing of the transaction and the impact of such transaction on the Company's financial performance;

(vi)

the Company's plans with respect to the implementation of its Margin Transformation Initiatives, such as COGS reduction and indirect sourcing, promotion redesign and product life cycle management, and the Company's forecasted savings from such initiatives, including the Company's objective that it will achieve a 10 point margin improvement over 3 to 5 years beginning in 2004, as well as the Company's belief that it has made systemic business improvements, with 2004 forecasted to build on the momentum established in 2003;

(vii)	the Company's "Destination Model", including the Company's belief that it has a significant revenue growth opportunity and the Company's objective that it will achieve a 10 margin point improvement over 3 to 5 years beginning in 2004, and the detailed components of the "Destination Model;"

(viii)

the effects of certain top-line and bottom-line drivers on the Company's business and financial performance and the detailed components of such top-line and bottom-line drivers, including its expectation that it will grow U.S. color cosmetics category and share; that it will develop other U.S. businesses; that it will leverage licensing opportunities; that it will drive International growth opportunities; that it will implement Margin Transformation Initiatives; that it will continue to implement cost disciplines across the organization; and that it will create fixed-cost leverage via top-line growth;

(ix)	the Company's plans to improve the effectiveness of its advertising, including that it is expected to drive Revlon brand equity and stimulate the category in mass color cosmetics;

(x)	the Company's belief that the new Revlon spokesmodels will improve the Company's reach and brand positioning;

(xi)	the Company's plans to introduce new products and further strengthen its new product development and implementation process, intended to drive innovation and profitability, and the Company's belief that its 2005 new product line-up is expected to be its strongest in years; and

(xii)	the Company's plans to leverage licensing opportunities, including by broadening its licensing business and to drive international growth opportunities, and the details regarding those opportunities.

A number of important factors could cause the actual results to differ materially from those contained in any forward-looking statement. In addition to factors that may be described in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for 2003, Quarterly Reports on Form 10-Q for 2004 and Current Reports on Form 8-K for 2004, the following factors, among others, could cause the Company's actual results to differ materially from those expressed in any forward-looking statement:

(i)	less than expected growth from the Company's continued growth momentum phase and accelerated growth phase of its plan, or the inability of the Company to achieve improvements in sales and/or profit margins;

(ii)	less than expected growth in the International business, or difficulties or delays impacting the ability of, or the inability of, the International business to optimize its fixed cost structure in Europe and Latin America;

2

(iii)	less than expected U.S. mass color cosmetics category growth and/or unanticipated market share trends;

(iv)

circumstances affecting the Company's future financial performance and the effectiveness of its plan, including decreased consumer spending in response to weak economic conditions or weakness in the category, changes in consumer shopping patterns or preferences, such as reduced consumer demand for the Company's color cosmetics and other current products, and actions by the Company's competitors, including business combinations, technological breakthroughs, new product offerings, promotional spending and marketing and promotional successes, including increases in market share;

(v)	difficulties, delays or the inability of the Company to undertake a $110 million equity offering by March 2006 and to use the proceeds to reduce debt;

(vi)	difficulties, delays or unanticipated costs associated with completing projects associated with the Company's plan to implement Margin Transformation Initiatives, or less than expected savings and/or profit margin improvements from such initiatives;

(vii)	difficulties, delays or unanticipated costs associated with implementing elements of the Company's "Destination Model;"

(viii)

unanticipated circumstances impacting, or other difficulties, delays or unanticipated costs associated with the implementation of, certain top-line and bottom-line drivers of the Company's business and financial performance, including less than expected growth in category and share; difficulties, delays or unanticipated costs associated with developing other U.S. businesses or leveraging licensing opportunities; difficulties or delays impacting the ability of, or the inability of, the Company to drive International growth opportunities; difficulties, delays or unanticipated costs associated with the implementation of Margin Transformation Initiatives; difficulties or delays in continuing to implement cost disciplines across the organization; and difficulties or delays impacting the ability of, or the inability of, the Company to create fixed-cost leverage via top-line growth;

(ix)	the Company's advertising being less effective than planned, or difficulties or delays in, or unanticipated costs associated with, developing and/or presenting the Company's advertising and optimizing its effectiveness;

(x)	unanticipated circumstances affecting the effectiveness of the Company's marketing and promotion strategies incorporating the new Revlon spokesmodels;

(xi)	difficulties or delays in, or unanticipated costs associated with, developing and/or introducing new products and/or in further strengthening the new product development and implementation process or less than expected consumer response to such new products; and

(xii)	difficulties or delays in, or unanticipated costs associated with, the Company's plans to leverage licensing opportunities.

A copy of the Conference Information and Reconciliation Information is furnished herewith as Exhibit 99.1. In accordance with general instruction B.2 of Form 8-K, the information in this report, including the exhibit, is furnished pursuant to Item 7.01 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

REVLON, INC.

By: /s/ Robert K. Kretzman
Robert K. Kretzman
Executive Vice President, General Counsel and Chief Legal Officer

Date: September 8, 2004

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EXHIBIT INDEX

Exhibit No.				Description
99.1				Conference Information and Reconciliation Information

5

EX-99.1

Prudential Back to School Conference

September 8, 2004

Agenda

1. Company Overview

2. Business Progress to Date

3. Opportunities Ahead to Create
Long-Term Value

4. Q & A

2

Forward-Looking Statements

This presentation relates to various aspects of Revlon, Inc.’s (“Revlon”) strategic, business and financial plans.  Statements made in
this presentation which are not historical are forward-looking and based on management's estimates, objectives, vision, projections,
forecasts, plans, strategies, beliefs, intent, opportunities, drivers, destination and expectations, and thus are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.  The data contained herein are both audited and unaudited and have
been prepared from Revlon's internal and external reporting information. "E" and “F” denote estimated and forecasted data.

Accordingly, Revlon's actual results may differ materially from such forward-looking statements for a number of reasons, including,
without limitation, those set forth in the Company's filings with the SEC, including its Annual Report on Form 10-K for 2003, Quarterly
Reports on Form 10-Q in 2004 and Current Reports on Form 8-K in 2004.  Access to these filings is available on the SEC's website at
www.sec.gov.

Revlon does not generally publish or make publicly available its strategic plans or make external projections of its anticipated financial
position or results of operations or the type of forward-looking information in this presentation.  Accordingly, except for the Company’s
ongoing obligations under the U.S. federal securities laws, Revlon undertakes no commitment to update or otherwise revise this
presentation to reflect actual results of operations, changes in financial condition, changes in estimates, changes in expectations,
changes in assumptions, changes in external sources of information, or other circumstances arising and/or existing since the
preparation of the information contained herein or to reflect the occurrence of any future events.  Further, Revlon undertakes no
commitment to update or revise any of this presentation to reflect changes in general economics or industry conditions or changes in
specific industry categories in which Revlon operates.

3

Basis of Presentation

Revlon, Inc. is a public holding company with no business operations of its own.  Revlon, Inc.'s only material asset is all of the outstanding capital stock of Revlon
Consumer Products Corporation (“Products Corporation”), through which it conducts its business operations.  As such, its net (loss) income has historically consisted
predominantly of the net (loss) income of Products Corporation and in 2001, 2002 and 2003 included approximately $1.5 million, $4.7 million and ($0.2) million,
respectively, in expenses/(credits) primarily related to being a public holding company.  Unless otherwise noted, all references to data presented herein relate to
Revlon, Inc.

The data contained herein are both audited and unaudited and have been prepared from Revlon's internal and external reporting information.  Certain of the data are
presented on an "ongoing" basis, unless otherwise noted, and exclude (i) the disposition of brands or businesses, (ii) restructuring, (iii) additional consolidation costs,
primarily associated with the closing of the Phoenix and Canada facilities and (iv) executive severance.  In addition, certain of the data presented, where indicated,
also exclude expenses related to the acceleration of aspects of the implementation of the stabilization and growth phase of Revlon's plan.  Ongoing operations is
unaudited and a non-GAAP measure that Revlon believes is useful for its management and investors in understanding the financial operating performance and
underlying strength of the business without the impact of such items.  Ongoing operations does not purport to represent the results of operations or our financial
position that actually would have occurred had the foregoing transactions been consummated at the beginning of the periods presented.  Reflected in the Company’s
Form 8-K filed with the SEC on September 8, 2004 is a reconciliation of all non-GAAP financial measures contained in this presentation, including Adjusted EBITDA
and “ongoing” operations, to their respective, most directly comparable GAAP measures.

Adjusted EBITDA is defined as net earnings before interest, taxes, depreciation, amortization, gains/losses on foreign currency transactions, gains/losses on the sale
of assets, gains/losses on the extinguishment of debt, miscellaneous expenses and the items described above.  Adjusted EBITDA is a non-GAAP financial measure.  
Revlon believes that Adjusted EBITDA is a financial metric that can assist Revlon and investors in assessing its financial operating performance and liquidity.  Revlon
believes that Adjusted EBITDA is useful in understanding the financial operating performance and underlying strength of its business, excluding the effects of certain
factors, including gains/losses on foreign currency transactions, gains/losses on the sale of assets, gains/losses on the extinguishment of debt, miscellaneous
expenses and the items described above.  Adjusted EBITDA should not be considered in isolation, or as a substitute for net income/(loss) or cash flow from/used for
operating activities prepared in accordance with GAAP.  Adjusted EBITDA does not take into account our debt service requirements and other commitments and,
accordingly, is not necessarily indicative of amounts that may be available for discretionary uses.  EBITDA is defined differently for our credit agreement currently in
effect.  Furthermore, other companies may define EBITDA differently and, as a result, our measure of Adjusted EBITDA may not be comparable to EBITDA of other
companies.

Except as otherwise noted, market share and market position data in this presentation are based upon retail dollar sales, derived from ACNielsen data, which is the
aggregate of the drug channel, Target, Kmart, and Food and Combo stores, referred to as Total US All Outlets.  ACNielsen measures retail sales volume of products
sold in the U.S. mass-market distribution channel.  Such data represent ACNielsen's estimates based upon data gathered by ACNielsen from market samples and
are therefore subject to some degree of variance.  Additionally, as of August 4, 2001, ACNielsen data do not reflect sales volume from Wal-Mart Inc.  In some
instances, as noted, Revlon has estimated the total U.S. mass market, including Wal-Mart and regional MVRs. You should read the notes presented in conjunction
with the data presented herein.  

4

5

The Revlon Story: Positioned For Growth

Significant Growth and
Profitability Improvements

Improved Customer Relationships

Strengthened Market Share Position

Strong Management Team

Powerful Brand Equities

Large and Attractive Category

Future Growth and
Margin Opportunity

6

The Revlon Story: Positioned For Growth

Significant Growth and
Profitability Improvements

Improved Customer Relationships

Strengthened Market Share Position

Strong Management Team

Powerful Brand Equities

Large and Attractive Category

Future Growth and
Margin Opportunity

7

Source:Euromonitor and Company estimates; includes all color
cosmetics (mass, prestige, and direct).

Source:ACNielsen Total U.S. All Outlets plus Wal-Mart and
Regional MVRs based on Company estimates after 2001,
NPD, Kline and Company, Find SVP and Euromonitor,
including Company estimates. Total U.S. Market includes
the mass channel, department, specialty and dollar stores,
direct and other miscellaneous channels.

Large and Attractive Category

Large global category with U.S. market consistently strong

Worldwide Total Category

Total U.S. Market Category

($bn)

($bn)

8

Source:ACNielsen Total U.S. All Outlets plus Wal-Mart and
Regional MVRs based on Company estimates after 2001.

Large and Attractive Category

U.S. Mass Market Category

($bn)

Source:ACNielsen Total U.S. All Outlets plus Wal-Mart and
Regional MVRs based on Company estimates after 2001,
NPD, Kline and Company, Find SVP and Euromonitor,
including Company estimates. Total U.S. Market includes
the mass channel, department, specialty and dollar stores,
direct and other miscellaneous channels.

Total U.S. Market Category

($bn)

9

10

Powerful Brand Equities

®

Revlon’s Global Business

(1)Includes Australia and South Africa.

Note:  See reconciliations of non-GAAP financial measures on our Form 8-K filed September 8, 2004.

2003 Gross Sales: $1.6bn

Sales by Geography

Sales by Category

Europe

Far East¹

Latin

America

North

America

9%

13%

7%

71%

Color

Cosmetics

Beauty Tools

71%

Hair

12%

Fragrances

Beauty Care

10%

4%

3%

(1)Includes Australia and South Africa.

Note:  See reconciliations of non-GAAP financial measures on our Form 8-K filed September 8, 2004.

(1)Includes Australia and South Africa.

Note:  See reconciliations of non-GAAP financial measures on our Form 8-K filed September 8, 2004.

11

Strong Position in Color Cosmetics

Revlon holds the #2 position in color cosmetics in the U.S.

Source:  Full year 2003 ACNielsen Total U.S. All Outlets (excluding Wal-Mart and Regional MVRs).

2003 U.S. Mass Market $ Share

All Other

22%

CoverGirl /

Max Factor

23%

34%

21%

L’Oreal / Maybelline

Revlon / Almay

12

$270mm category

#1 Brand with 23% $ share

$1.0bn category

7% $ Share

Revlon led $ category
growth in 2003

Other North American Businesses

Highly profitable businesses in key related categories

Source:  Full Year 2003 ACNielsen Total U.S. All Outlets (excluding Wal-Mart and Regional MVRs).

Hair Color

Beauty Tools

13

$460mm category in mass; total
category $3.0bn including
Prestige¹

Key Brands: Charlie, Ciara,
Jean Naté

$1.1bn category

6% $ Share

Other North American Businesses

Highly profitable businesses in key related categories

Source:  Full Year 2003 ACNielsen Total U.S. All Outlets (excluding Wal-Mart and Regional MVRs).

(1)Mass includes ACNielsen Perfumes, Colognes, EDT 52 weeks ending 9/03; Total category includes ACNielsen plus NPD Prestige
estimate of $2.7bn.

Women’s Fragrances

14

Anti-Perspirants & Deodorants

International Overview

(1)

Includes Australia and South Africa.

Note:  See reconciliations of non-GAAP financial measures on our Form 8-K filed September 8, 2004.

2003 Gross Sales: $462mm

Sales by Geography

Sales by Category

International represents an excellent growth opportunity moving
forward

Far East¹

32%

Europe

Latin America

Color

Cosmetics

Beauty Tools

1%

Hair

Fragrances

Beauty Care

46%

22%

61%

15%

15%

8%

15

What Held Revlon Back?

Inconsistent Execution

Lack of effective communication/execution
inside and outside of Revlon

Missed key dates with customers

Lost Share & Shelf Space

Lost 7.5 share points from 1998 to 2002

New product performance trailed
competitors

Little New Product Success

Inconsistent Brand Position

5 tag lines in 6 years for Revlon brand

Inconsistent imagery

Over-Leveraged

Limited operating flexibility

16

The Revlon Success Journey

Value Creation Continuum

S
u
s
t
a
i
n
a
b
l
e

B
u
s
i
n
e
s
s

M
o
d
e
l

Cost
Rationalization

Consolidated
Manufacturing/
Distribution

Reduced Overhead

2000-2001

Stabilize &
Begin To Grow

2002-2003

Continue
Growth
Momentum

Balance Top-Line
Growth with Margin
Improvement

Develop and Implement
Transformation
Initiatives

Significantly
Strengthen Balance
Sheet

2004E

Accelerated
Growth

2005-2006E

Accelerate Growth:

Accelerate Top-Line
Momentum

Significantly Improve   
Margins

Restored
Consumer/Customer
Confidence

Reversed Market Share
Declines

Generated Top-Line
Growth

17

Business Progress to Date

Progress to Date: Market Share

Dramatically improved market share trends, behind improved
execution, better customer relationships and enhanced marketing

Source:  ACNielsen Total U.S. All Outlets (excluding Wal-Mart and Regional MVRs). 1H 2004 data includes Make-Up Removers, Kits and
Remaining Cosmetics, not included in prior periods.

Revlon + Almay $ Consumption Growth vs. Category Growth

19

20

Dramatically improved customer relationships, resulting in formal
recognition and incremental retail space in 2004

Progress to Date: Retail Customers

Carded Eye Initiative

Progress to Date: In-Store Execution

Source:  ACNielsen U.S. and Wal-Mart POS.

Notes:  Excludes Lash Tint and New Products (Lash Fantasy & Eye Glide); 2H 2003 results based on performance since reset.

$ Consumption % vs. Prior Year (Top 5 Accounts)

Strengthened in-store execution via increased wall graphics and
carded eye initiative

21

Progress to Date: International

Significant progress achieved in 2003 and 2004 to-date to
strengthen internal capabilities to drive performance improvement

Installed stronger management in key positions and implemented more disciplined
management processes

2003

1H 2004

Controlled costs; improved working capital management; and benefited from FX

Increased marketing behind NY-driven Revlon brand plans in key markets

Optimizing fixed cost structure in Europe and Latin America, including supply chain

$ mm

>+100%

NA

Operating Income

   +15%

+12%

Net Sales

% Change vs PY

Note:All data presented on an ongoing basis and adjusted for Growth Plan charges; see reconciliations of non-GAAP financial
measures on our Form 8-K filed September 8, 2004.

Key Performance Drivers

22

Progress to Date: Financial Results

Strengthened financial performance through systemic business
improvements, with 2004 forecasted to build on momentum
established in 2003

Note:All data presented on an ongoing basis and adjusted for Growth Plan charges; see reconciliations of non-GAAP financial
measures on our Form 8-K filed September 8, 2004.

$90

+$31

7%

$18

    -$1

3%

$59

+$45

5%

$14

    -$86

1%

Operating Income

Change Vs PY

% of Net Sales

$190

+21%

14%

$68

--

11%

$157

+30%

12%

$121

10%

Adjusted EBITDA

Change Vs PY

% of Net Sales

$1,335 - $1,350

+3%

$625

-1%

$1,304

+9%

$1,195

Net Sales

Change Vs PY

2002

2003

1H 2004

2004F

23

Progress to Date: Capital Structure

MacAndrews & Forbes
converts $516m of debt and
preferred stock into common
equity

Fidelity converts $196m of
debt into common equity

Other bondholders convert
$147m of debt into common
equity

Revlon enters into new
$960m credit facility with
Citigroup, replacing existing
facility and repurchasing/
redeeming outstanding 12% Sr.
Secured Notes

Refinancing reduces interest
expense and extends debt
maturities

Revlon commits to launch
a $110m equity offering by
3/06 and use proceeds to
further reduce debt

Over $1 Billion of Equity Invested and Committed

Significant operating flexibility created through debt-for-equity
exchange offers and subsequent debt refinancing

Equity Offering by 3/06

7/9/04 Debt Refinancing

3/25/04 Exchange Offers

Note:  $1 billion of equity invested and committed includes $41 million purchase of shares by MacAndrews & Forbes in 6/03 rights offering.

24

The Destination Model

Significant Revenue

Growth Opportunity

(1)  Includes Other Revenues.

Note:2003 presented on an ongoing basis and adjusted for Growth Plan charges; see reconciliations of non-GAAP financial measures on
our Form 8-K filed September 8, 2004.

Significant Margin Expansion Opportunity

14%

4%

Operating Income

20%

10%

Adjusted EBITDA

40%

47%

SG&A

54%

50%

Gross Margin

29%

32%

Cost of Goods

17%

18%

Returns/Allowances/Discounts¹

100%

100%

Gross Sales

Destination
Model (Est.)

2003

25

Opportunities Ahead

Creating Business Momentum

Creating Business Momentum

Grow U.S. color cosmetics
category and share

Develop other U.S.
businesses

Leverage licensing
opportunities

Drive International growth
opportunities

Implement margin
transformation initiatives

Continue cost disciplines
across the organization

Create fixed-cost leverage
via top-line growth

Top-Line Drivers

Bottom-Line Drivers

27

U.S. Mass Color Cosmetics

Source:  ACNielsen Total U.S. All Outlets (including estimates for Wal-Mart and Regional MVRs); 2004F based on Company estimates.

Category % Change Vs. Prior Year

28

Mass Cosmetics Advertising

[GRAPHICS OMITTED]

29

Consistent lack of differentiation in advertising among the
major players

Advertising and Marketing

The Revlon “Bellissimo” Campaign

30

New advertising campaign to drive Revlon brand equity and
stimulate the category in mass…

…increased purchase intent and strengthened key brand

   attributes in brand tracking studies.

New Revlon Spokesmodels

Kate Bosworth

Rising Young Actress

Age 23

Appeared in Blue Crush, The Horse
Whisperer, Remember The Titans

3 films releasing over next two years

Susan Sarandon

Actress, Activist, Mother

Age 57

5-time Academy Award nominee

Best Actress Academy Award
Winner for Dead Man Walking

6 films releasing over next two years

31

[GRAPHICS OMITTED]

Brand positioning and reach further reinforced with two new
spokesmodels

In-Store Programming

National TV

In-Store
Demo

In-Store

Media

THE WALL

Graphics

National
Print

Merchandising

In-Store

360^o

32

New Product Development Process

Dramatically improved process and strategy to drive innovation
and profitability

Revlon was introducing twice as many new products with half the success rate

1999 - 2001

Average Weekly Sales – 6 Months Post Launch

Rate of Intros

vs. Average

Competitor ACompetitor BCompetitor CRevlonCompetitor DAlmay

0.8X0.6X1.5X1.8X0.5X1.1X

Average

Weekly

Sales

Note:  Average weekly sales – 6 months post launch based on ACNielsen Total US All-Outlets (excluding Wal-Mart and Regional
MVRs); excludes one-time-only products and shade extensions.  Based on Company estimates and BCG analysis.

33

2004 New Products

2004 new products contributing less to market share than did 2003
new products

Reflects cost of transition to new strategy

-0.7 pts

21.9

22.6

Total

+1.2 pts

20.9

19.7

Existing
Products

-1.9 pts

1.0

2.9

New Products

Change

2004

2003

Revlon + Almay 1H $ Market Share

Source:  ACNielsen Total U.S. All Outlets (excluding Wal-Mart and Regional MVRs).

Note:New products defined as items introduced in given calendar year.

34

Cross-functionally developed and consumer insight driven, the
2005 line-up is expected to be the Company's strongest in years.

2005 New Products: Revlon Color Cosmetics

New Fabulash Mascara

Restaged Age Defying

New Packaging/Eye Products

35

2005 New Products: Almay Color Cosmetics

Skin-Smoothing Foundation

Intense i-Color

Truly Lasting Lip Color

36

2005 New Products: Revlon Beauty Tools

Expert Effect

Accessories

37

2005 New Products: Mitchum

38

The Licensing Opportunity

Broadening Licensing business into large Specialty Bath category
in Q4 2004

Revlon Specialty Bath

Almay Specialty Bath

39

International Growth Opportunity

Build on organizational capabilities established in
2003 and 2004

Focus on countries where we have or can build         
a winning competitive position

Support key local brands to drive growth               
(e.g., Body Sprays, Ultima II, Bozzano and Gatineau)

Leverage progress and enhanced marketing
sophistication of U.S. business across International
markets

Highlights

40

Creating Business Momentum

Bottom-Line Drivers

Bottom-Line Drivers

Margin transformation initiatives critical to building long-term,
sustainable profit model

(1)  Reflects annualized savings as a percentage of gross sales; savings forecasted to be achieved over 3 to 5 years, beginning in 2004.

        10.0

Total Margin Opportunity

2.5

Fixed-Cost Leverage

7.0 - 8.5

Subtotal Margin
     Transformation Initiatives

2.0

In-Store Merchandising

1.0

International Supply Chain

2.0

Product Life Cycle Management

1.0 - 1.5

Promotion Redesign

1.0 - 2.0

COGS Reduction/Indirect Sourcing

Estimated
Margin Pt Savings¹

42

Margin Transformation Initiatives

Annualized Forecasted Savings: 100 – 200 bps of Gross Sales Achieved Over 3 – 5 Years

COGS Reduction and Indirect Sourcing

Value analysis review complete for majority of worldwide portfolio; implementation phase
underway

Package rationalization in process

Strategic sourcing principles in place for direct purchasing and in development for indirect
purchasing

Objective:

Reduce Both Direct and Indirect Costs

Streamline Componentry

Enhance Branding

Reduce Cost of Existing
Products

Establish Expertise and
Process to Minimize Cost of
Direct and Indirect Purchasing

Value Analysis

Package Rationalization

Strategic Sourcing

Progress to Date

43

Objective:

Develop Promotional Process and Business Model to
Deliver Promotions on Strategy, on Time and on Budget

Margin Transformation Initiatives

Promotion Redesign

Optimize Costs

Define and Implement

Efficient Promotional

Development Process

Identify

Next Generation

Promotional Strategy

Progress to Date

Established dedicated promotional strategy and execution team

Reduced use of one-time-only products in promotions

Improved lead-times for internal planning, avoiding unnecessary costs

Annualized Forecasted Savings: 100 – 150 bps of Gross Sales Achieved Over 3 – 5 Years

44

Margin Transformation Initiatives

Product Life Cycle Management

Create New Business Model

Birth – Smarter Sell-In of New Products

Life – Active Retailer Inventory Monitoring
and Management

Retirement – Reduce  Discontinuance Cost

Create Principles

Devise By Segment (Lip, Nail, Face, Eye)

Determine Optimal Timing and Sequence of
New Products

Objective:

Extend Productive Life of Products to:  Reduce Returns,
Optimize Wall Productivity, and Maximize Effectiveness of Spend

Annualized Forecasted Savings: 200 bps of Gross Sales Achieved Over 3 – 5 Years

Progress to Date

Re-Energizing existing franchises

De-Averaging sell-in of 2005 introductions

Partnering with retailers to optimize inventory levels

45

Creating Business Momentum

Grow U.S. color cosmetics
category and share

Advertising & Marketing

In-Store Excitement

New Products

Re-Energized Existing Franchises

Packaging

Customer Relationships

Develop other existing
U.S. businesses

Leverage licensing opportunities

Drive International growth
opportunity

Implement margin
transformation initiatives

Continue cost disciplines
across the organization

Create fixed-cost leverage
via top-line growth

Top-Line Drivers

Bottom-Line Drivers

46

Summary

The Revlon Story: Positioned For Growth

Significant Growth and
Profitability Improvements

Improved Customer Relationships

Strengthened Market Share Position

Strong Management Team

Powerful Brand Equities

Large and Attractive Category

Future Growth and
Margin Opportunity

48

Q & A

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED ADJUSTED SALES RECONCILIATION⁽¹⁾
(DOLLARS IN MILLIONS)

REVLON'S GLOBAL BUSINESS

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				GROWTH PLAN				ADJUSTED
Net sales				$	1,299			$	—			$	5			$	1,304
Add: Returns, allowances, discounts and other					281				—				(1	)			280
Gross sales				$	1,580			$	—			$	4			$	1,584

(1)	Subject to minor rounding differences

1

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED ADJUSTED SALES RECONCILIATION⁽¹⁾
(DOLLARS IN MILLIONS)

INTERNATIONAL OVERVIEW

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				GROWTH PLAN				ADJUSTED
Net sales				$	409			$	—			$	1			$	410
Add: Returns, allowances, discounts and other					53				—				(1	)			52
Gross sales				$	462			$	—			$	0			$	462

(1)	Subject to minor rounding differences

2

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL DATA⁽¹⁾
(DOLLARS IN MILLIONS)

PROGRESS TO DATE: INTERNATIONAL

				YEAR ENDED DECEMBER 31,												FIRST HALF
				2002				2003				% CHANGE				2003				2004				% CHANGE
Net sales - As reported				$	359			$	409				14	%		$	184			$	212				15	%
Growth plan					6				1				(2	)			—				—				—
Net sales - Adjusted				$	365			$	410				12	%		$	184			$	212				15	%

(1)	Subject to minor rounding differences

3

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL DATA⁽¹⁾
(DOLLARS IN MILLIONS)

PROGRESS TO DATE: FINANCIAL RESULTS

				YEAR ENDED DECEMBER 31, 2001
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED
Net sales				$	1,278			$	(17	)		$	—			$	—			$	1,261
Operating income				$	16			$	2			$	82			$	—			$	100
Adjusted EBITDA:
Operating income				$	16			$	2			$	82			$	—			$	100
Depreciation and amortization					109				(1	)			(8	)			—				100
				$	125			$	1			$	74			$	—			$	200

				YEAR ENDED DECEMBER 31, 2002
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED
Net sales				$	1,119			$	—			$	—			$	76			$	1,195
Operating (loss) income				$	(115	)		$	—			$	25			$	104			$	14
Adjusted EBITDA:
Operating (loss) income				$	(115	)		$	—			$	25			$	104			$	14
Depreciation and amortization					109				—				(1	)			(1	)			107
				$	(6	)		$	—			$	24			$	103			$	121

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED
Net sales				$	1,299			$	—			$	—			$	5			$	1,304
Operating income				$	21			$	—			$	7			$	31			$	59
Adjusted EBITDA:
Operating income				$	21			$	—			$	7			$	31			$	59
Depreciation and amortization					101				—				(1	)			(2	)			98
				$	122			$	—			$	6			$	29			$	157

(1)	Subject to minor rounding differences

4

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL DATA⁽¹⁾
(DOLLARS IN MILLIONS)

PROGRESS TO DATE: FINANCIAL RESULTS

				FIRST HALF 2004
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED
Net sales				$	625			$	—			$	—			$	—			$	625
Operating income				$	18			$	—			$	—			$	—			$	18
Adjusted EBITDA:
Operating income				$	18			$	—			$	—			$	—			$	18
Depreciation and amortization					50				—				—				—				50
				$	68			$	—			$	—			$	—			$	68

				FIRST HALF 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED
Net sales				$	614			$	—			$	—			$	16			$	630
Operating income					($7	)		$	—			$	—			$	26			$	19
Adjusted EBITDA:
Operating income					($7	)		$	—			$	—			$	26			$	19
Depreciation and amortization					51				—				—				(2	)			49
				$	44			$	—			$	—			$	24			$	68

				YEAR ENDED DECEMBER 31, 2004F
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED
Net sales				$1,335 - $1,350				$	—			$	—			$	—			$1,335 - - $1,350
Operating income				$	90			$	—				($2	)		$	—			$	88
Adjusted EBITDA:
Operating income				$	90			$	—				($2	)		$	—			$	88
Depreciation and amortization					102				—				—				—				102
				$	192			$	—				($2	)		$	—			$	190

(1)	Subject to minor rounding differences

5

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED ADJUSTED EBITDA RECONCILIATION⁽¹⁾
(DOLLARS IN MILLIONS)

PROGRESS TO DATE: FINANCIAL RESULTS

				YEAR ENDED DECEMBER 31,								FIRST HALF				YEAR ENDED DECEMBER 31,
				2002				2003				2004				2004F
RECONCILIATION TO CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used for operating activities					($112	)			($166	)			($100	)			($92	)
Changes in assets and liabilities, net of acquisitions and dispositions					(54	)			126				79				137
Loss on early extinguishment of debt					—				—				13				14
Interest expense, net					153				167				70				122
Foreign currency losses (gains), net					1				(5	)			2				1
Miscellaneous, net					1				1				2				5
Provision for income taxes					5				1				2				5
As Reported Adjusted EBITDA					($6	)		$	122			$	68			$	192
RECONCILIATION TO NET LOSS:
Net loss from continuing operations					($287	)			($154	)			($97	)			($146	)
Interest expense, net					156				170				71				124
Amortization of debt issuance costs					8				9				5				8
Foreign currency losses (gains), net					1				(5	)			2				1
Loss on early extinguishment of debt					—				—				33				93
Loss (gain) on sale of product line, brands and facilities, net					1				—				—				—
Miscellaneous, net					1				1				2				5
Provision for income taxes					5				1				2				5
Depreciation and amortization					109				101				50				102
As Reported Adjusted EBITDA					(6	)			122				68				192
Product line and brands sold					—				—				—				—
Restructuring					10				6				—				(2	)
Consolidation costs and other, net					14				—				—				—
Growth plan					103				29				—				—
Adjusted EBITDA				$	121			$	157			$	68			$	190

(1)	Subject to minor rounding differences

6

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED OPERATING INCOME MARGIN RECONCILIATION⁽¹⁾
(DOLLARS IN MILLIONS)

THE DESTINATION MODEL

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED				% GROSS SALES
Gross sales				$	1,580			$	—			$	—			$	4			$	1,584				100	%
Returns, allowances, discounts and other					281				—				—				(1	)			280				18	%
Net sales					1,299				—				—				5				1,304				82	%
Cost of goods sold					501				—				(1	)			—				500				32	%
Gross profit					798				—				1				5				804				51	%
Selling, general and administrative expenses					771				—				—				(26	)			745				47	%
Restructuring costs and other, net					6				—				(6	)			—				—				0	%
Operating income				$	21			$	—			$	7			$	31			$	59				4	%
Adjusted EBITDA:
Operating income				$	21			$	—			$	7			$	31			$	59				4	%
Depreciation and amortization					101								(1	)			(2	)			98				6	%
				$	122			$	—			$	6			$	29			$	157				10	%

(1)	Subject to minor rounding differences

7