Avon Products to cut 1,500 jobs, leave 2 markets
NEW YORK (AP) -- Avon Products says it will cut about 1,500 jobs and exit two Asian markets as the struggling beauty products seller takes some initial steps toward its cost-cutting goal.
The New York company will leave South Korea and Vietnam to focus on high priority markets as part of a push to save $400 million by 2015. The initial steps are expected to be largely completed by the end of next year.
Avon will take a charge of between $50 million and $60 million in the fourth quarter tied to the cost cutting. It says initial steps will account for about 20 percent of its savings goal.
Avon Products Inc. makes Skin So Soft lotion and Mark makeup. It has struggled for years to turn around results at home and in emerging markets.