January 9, 2014 |
1.
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In the 8-K filed August 5, 2013 you state that your wholly-owned operating subsidiary had entered into a Share Sale and Purchase Agreement dated August 3, 2013 to acquire the Colomer Group Participations, S.L. (“TCG”). Clause 11.6.1 of the agreement, which was filed as Exhibit 2.1 of the 8-K, states that TCG agreed to “permanently cease all activity . . . including . . . any and all transactions or obligations to transact, directly or indirectly with Cuban . . . Persons” within 60 calendar days of the date of the agreement. It appears from this language that TCG may have had transactions with Cuban persons prior to your acquisition of TCG, and that these transactions may have continued for a period of time after the acquisition. Additionally, on pages 31, 33, 34 and 38 of the 10-K you disclose sales in Latin America, Africa and the Middle East, regions that include Cuba, Sudan and Syria.
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January 9, 2014 |
January 9, 2014 |
2.
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Please discuss the materiality of any contacts with Cuba, Sudan and Syria described in response to the foregoing comment, and whether those contacts constitute a material investment risk for your security holders. You should address materiality in quantitative terms including the approximate dollar amounts of any associated revenues, assets, any liabilities for the last three fiscal years and the subsequent interim period. Also, address materiality in terms of quantitative factors that a reasonable investor would deem important in making an investment decision, including the potential impact of corporate activities upon a company’s reputation and share value. Various state and municipal governments, universities, and other investors have proposed or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated state sponsors of terrorism. Your materiality analysis should address the potential impact of the investor sentiment evidenced by such actions directed toward companies that have operations associated with Cuba, Sudan and Syria.
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January 9, 2014 |
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Any activities by TCG in the Sanctioned Countries prior to the Closing were not significant to any TCG business plan or strategy pre-Closing and, as a condition to the Closing, Revlon ensured that all such activities ceased prior to the Closing;
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TCG’s immaterial and de minimis pre-Closing activities with respect to Cuba and Syria (which were not prohibited by relevant U.S. export laws given that TCG was a non-U.S., foreign-controlled company) permanently ceased prior to the Closing;
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Revlon has not had, does not have and will not have any business contacts with any Sanctioned Countries, whether through subsidiaries, affiliates, distributors or other direct or indirect arrangements (other than the trademark filings discussed in Revlon’s response to comment #1); and
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Revlon maintains a global legal compliance program and policies to ensure that it and its subsidiaries and distributors strictly adhere to U.S. trade laws, including the laws that restrict sales to the Sanctioned Countries.
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the Company is responsible for the adequacy and accuracy of the disclosure in the filing;
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Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and
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the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
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January 9, 2014 |
Sincerely,
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/s/ Lucinda K. Treat
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Lucinda K. Treat, Esq.
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Executive Vice President and General Counsel
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Revlon, Inc.
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cc:
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Pamela Long
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Assistant Director
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Division of Corporation Finance
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Stacy J. Kanter, Esq.
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Partner
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Skadden, Arps, Slate, Meagher & Flom LLP
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Phone: (212) 735-3497
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