Charles of The Ritz - History - Ownership Changes

Ownership Changes

In 1972, Richard B. Salomon retired, and the company was acquired by pharmaceutical company E.R. Squibb, with a market value of $100 million.

In 1977, Yves Saint Laurent Beaute launched Opium. In 1978, Ritz introduced a new women's fragrance, Enjoli, designed (as noted in its popular television commercials) as "the eight hour perfume for the 24-hour woman"; the commercial's theme song was a remake of Peggy Lee's 1963 hit song "I'm A Woman". In 1984 Charles of the Ritz launched Forever Krystle and Carrington, successful fragrances based on American television drama Dynasty characters.

In 1986, Squibb sold the entire division back to Yves Saint Laurent for $500 million, who invested heavily in a new men's fragrance called Jazz. Jazz was not particularly successful and, coupled with the October 1987 market crash, Yves Saint Laurent sold Charles of the Ritz Incorporated (excluding Yves Saint Laurent Beaute) to Revlon in 1987. Still reeling from its unsuccessful takeover attempt of Gilette in 1983, Revlon declared they were interested in several acquisitions and also bought Max Factor, Almay, Halston, Borghese, and Germaine Monteil.

Under Revlon, the brand Charles of the Ritz began to slip in image and prestige. In 1991 they launched a line called Express, aimed at a more savvy customer. The brand became associated with lower-end stores like J. C. Penney and maintained a focus on the "mature" customer. After several years of unsuccessful revival attempts (including an endorsement deal with Kathie Lee Gifford for their Timeless line) and facing massive debt, Revlon put (among many others) the line for sale, but had no takers. Analysts suggested the very name — Charles of the Ritz — lacked consumer recognition.