When Manhattan financier Ronald Perelman bought control of Revlon in a decidedly hostile 1985 takeover, he promised the treatment usually offered to the beauty behemoth's customers--a complete make-over. In the years following the death of founder Charles Revson, the legendary line's earnings and stock price had faded faster than a bad dye job. Perelman re-established Revlon as an industry leader by focusing on its best-known products: cosmetics.

Despite Revlon's about-face, Perelman is said to be looking for a new owner for all or part of his cosmetics kingdom, spurred by that ghost from the good times: debt. The company still bears an uncomfortably heavy $2.1 billion of liabilities from the original buyout and more recent, high-profile acquisitions like Max Factor and Almay. Rumored shoppers include Paris-based L'Oreal and Cincinnati's Procter & Gamble.