As China helps lead the global recovery, the Avon Lady is there making sure the country is ready for its close-up.

Avon Company (AVP), says Jill Evans, co-portfolio manager of the Alpine Dynamic Dividend Fund, has a huge stake in emerging markets. “It is very well positioned in this rebounding global consumer economy,” says Evans. “60% of its sales are in emerging markets, Brazil being the largest with 23% of its sales.’

Evans, whose $1.5 billion fund has a 2% Avon holding, believes the company’s international scope gives it a lot of room to grow. “Only 3% of its sales are in China,” said Evans, “but [there is] a 70% growth rate. So, it’s a small piece of Avon, but it’s growing rapidly, with 1 million ‘Avon ladies’ there now.”

The pricing also makes this a smart stock pick, says Evans. “I think 90% of the products are $5 or less, so they offer a very attractive value proposition to their market consumer.” Women are still going buy lipstick, mascara, and blush, Evans points out, “maybe just at a lower price.”

Evans also believes the company took advantage of the downturn. “It had an aggressive recruiting campaign,” she explains. “And with more people unemployed, more people signed up as representatives.” And in the second quarter, with an 11% increase in active reps, “this is a leading indicator of how well the company is doing. The more people are selling products, the more sales are improved over the next several quarters,” says Evans.

Management has streamlined the company. “They also did about $600 million in cost cutting,” Evans says, pointing to a restructuring effort and refocus on cosmetics.

And while Avon’s stock has been hit just the way most have in the past year, the company has continued to raise its dividends: Its last quarterly dividend was 21 cents a share. This shows a responsibility to shareholders, says Evans, and CEO Andrea Jung “is very well regarded.”

Currently the stock is at $31.56. Evans is confident the price will continue to rise. “It will go to the high $30s or back to $40 in the next 12 to 18 months,” she predicts. Circling back to China, Evans again points to Avon’s focus on emerging markets and how they will play a role in the company’s future.

“Other countries have a lower median income that the U.S.,” she says, pointing to the fact that only 25% of Avon’s sales are in North America, “But, I don’t think many people in China are going to the MAC cosmetics counters at Bloomingdale’s, you know?”