Market share is strengthening for cosmetics company Revlon Inc. in two of its top three categories, an analyst said Wednesday, despite a tough economy that has consumers scaling back on all kinds of purchases.

Revlon, which is controlled by financier Ron Perelman, saw its market share in face and eye makeup rise for the 12-week period ending Nov. 30, according to BMO Capital Markets analyst Connie Maneaty. Market share in lip products declined, however.

Ms. Maneaty, who rates the stock “Market Perform,” said this does not bode well for French cosmetics rival L’Oréal, which recently warned of a slowdown in some markets in Western Europe and North America.

Ms. Maneaty said Revlon, whose brands include Revlon, ColorStay and Almay, has been helped by the launch of mineral foundations and continued growth in ColorStay.

Ms. Maneaty also said Chief Executive David Kennedy has been snapping up shares, a positive sign during an overall market slump.

“That the CEO purchases are picking up two years after his initial purchase and coincident with a major decline in the stock price, are a signal of his increasing confidence in the company’s fundamentals compared with market sentiment,” Ms. Maneaty wrote in a client note.

Last month, Revlon said it swung to a third-quarter profit on a one-time gain from the sale of a unit. The company will launch new products in the first half of 2009, but warned that recent strength in the dollar will hurt fourth-quarter results.