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Avon cuts four percent of its workforce as part of the company's new restructuring plans.
The beauty company disclosed in November 2012 that it hopes to save $400 million in the following three years. In order to achieve these aims, CEO Sherilyn McCoy has directed the company's focus to their high priority markets. This step means the company is set to drop markets that have been deemed as too small and unprofitable.
In particular, Avon will exit from Vietnam and South Korea. In addition, around 1,500 jobs are gradually being cut, spanning all regions and functions within the company.
Like many other consumer product makers, the beauty product company is struggling against slow economic growth in North America and Europe.
Founded in 1886, Avon became widely known due to their 'Avon ladies' door-to-door sales technique.