Cosmetics and personal care giant Revlon has recently been the recipient of bullish call options trading.

After filing for bankruptcy, REV stock has swung higher as the meme-trade phenomenon kicked in.

Although it’s a very risky trade, it’s not without some supporting fundamentals.

While many publicly traded companies enjoyed the speculative fervor that surprisingly bolstered several industries, one sector that felt little love is cosmetics and beauty care. With people sheltering in place and benefitting from telecommuting privileges, there was little reason to put excessive effort into looking good. As a result, cosmetics giant Revlon (REV) faded badly.

Prior to the pandemic, REV stock traded firmly in double-digit territory, even during its occasional corrections. Since the COVID-19 crisis got underway, however, it’s been a struggle for Revlon shares to stay above $10 territory. Further, on a year-to-date basis, REV has hemorrhaged nearly 52%, a sign of both industry struggles and desperately fierce competition.

Unfortunately, the cosmetics manufacturer couldn’t arrest the severe decline. Along with the challenges that the pandemic imposed, Revlon failed to keep pace with shifting preferences, a challenge stemming back to the 1990s. As well, it lost ground to both blue-chip rivals like Procter & Gamble (PG) and new cosmetics lines from Kylie Jenner and other celebrities.