AVON Products is slashing more than 400 jobs and withdrawing from Ireland as part of a turnaround plan aimed at restoring the cosmetics maker to profitability.
US-listed Avon has been working to improve sales under its new chief executive, Sheri McCoy, who was brought in a year ago to defend the company against a $10bn takeover bid from Coty.
Jobs will be cut across all regions and functions and will include the restructuring or closing of smaller, underperforming markets, primarily in Europe, the Middle East and Africa, Avon said.
“We continue to work aggressively toward turning around the business," McCoy said yesterday. In February, Avon reported surprisingly strong fourth-quarter earnings after reversing sales declines in top markets like Brazil and Russia.
The cuts, which will be completed by the end of the year, are expected to generate $45m (£29m) to $50m in annual savings. They are part of McCoy’s plan to cut overall costs by $400m.
City A.M. Reporter