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Cosmetics Maker Avon to Cut About 600 Jobs

Avon Products Makeup


Cosmetics maker Avon Products Inc (AVP) said it would cut about 600 jobs, including in its North America unit, as the company tries to return to profit.

Avon said it would take a pretax charge of $45 million-$50 million, of which $40 million was expected to be recorded in the second quarter.

The job cuts and other restructuring efforts are expected to result in annual savings of about $50 million to $55 million, the company said in a statement.

(Reporting by Soham Chatterjee in Bangalore; Editing by Kirti Pandey)