Avon Prod­ucts plans to cut 1,500 jobs

Austin American-Statesman - - BUSINESS - Com­piled from wire re­ports

Avon Prod­ucts plans to cut about 1,500 jobs and exit two Asian mar­kets, as the strug­gling beauty prod­ucts seller be­gins a broad re­struc­tur­ing plan in an ef­fort to turn around re­sults.

The job cuts amount to al­most 4 per­cent of its work­force and mark one of the first ma­jor moves by CEO Sheri McCoy. McCoy was brought on in April to re­place long­time CEO An­drea Jung.

Avon said the job cuts span all re­gions and func­tions. The 1,500 cuts in­clude 100 em­ploy­ees in Viet­nam and South Korea, which Avon will exit en­tirely.

Avon said in Novem­ber that it would em­bark on a plan to save $400 mil­lion in three years.

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