The statement came two days after the firm said it planned to continue its four-year association with the model.
Pictures recently published in the Daily Mirror newspaper appeared to show the 31-year-old Moss snorting cocaine. Moss acknowledged last week that tabloid reports of her recent cocaine use were true.
British police also said they were investigating the allegations.
"Rimmel London is shocked and dismayed by the recent press allegations surrounding Kate Moss' behavior. We are currently reviewing her contract," company spokeswoman Caroline Pycroft.
Hennes & Mauritz, Europe's largest fashion retailer, earlier dropped Moss from an upcoming ad campaign.
Chanel said Wednesday it would not renew Moss' contract when it expires in October but said the decision was unrelated to the drug allegations. Moss has been the face of Chanel's Coco Mademoiselle perfume since 2002.
The fashion company Burberry also announced that it had agreed with Moss to cancel plans for an upcoming campaign. Burberry said it was "saddened by her current circumstances."