Avon Products is to slash more than 400 jobs as part of a turnaround plan aimed at restoring the cosmetics maker to profitability.
The group, which counts TV presenter and Strictly Come Dancing judge Alesha Dixon among its ambassadors, is already showing signs of improvement under its new chief executive, Sheri McCoy, who was brought in a year ago. In February, it reported surprisingly strong fourth-quarter profits after reversing sales declines in top markets such as Brazil and Russia.
“We continue to work aggressively toward turning around the business,” McCoy said yesterday.
Job 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. It will leave the Ireland market.
The cuts, which will be completed by the end of the year, are expected to generate $45 million (£29.5m) to $50m in annual savings.
They are part of McCoy’s plan to cut overall costs by $400m.