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Avon Outlines Plans to Save $350 Million in Next Three Years

Cosmetics maker Avon Products Inc expects to reduce about $350 million in costs over the next three years, chief executive Sheri McCoy said at the company's investor day on Thursday.

Reuters

21 January 2016

NEW YORK, United States — Struggling cosmetics maker Avon Products Inc expects to reduce about $350 million in costs over the next three years, Chief Executive Sheri McCoy said at the company's investor day on Thursday.

Avon is also looking at "all alternatives" for its China business, which represents about 1 percent of total sales, McCoy said.

Cerberus Capital, which said last month it would buy a majority stake in Avon's North America business, said on Thursday it had identified "significant operational efficiencies" in the region.

The hedge fund also said its operating plan for Avon included job cuts.

Cerberus has said it plans to buy a 16.6 percent stake in Avon.

By Yashaswini Swamynathan; editor: Savio D'Souza.

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