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Avon Adopts Technology As Part Of Turnaround Efforts

February 23, 2013: 12:00 AM EST
Avon Products Inc. chief executive officer Sheri McCoy's turnaround strategy for the struggling cosmetics direct-selling company includes the adoption of technology, including mobile applications and online brochures. McCoy's plans also include expanding the company's lineup of profitable home and fashion products to improve earnings using the company's more than 6 million sales representatives. Shares of the company's stock have gained 39 percent in 2013 after Avon's fourth-quarter profit outperformed analysts' forecasts. Avon also plans to reduce its workforce by 1,500 jobs and exit the South Korea and Vietnam markets in order to save $400 million by end of 2015.
Lauren Coleman-Lochner, "Avon CEO McCoy Embraces Technology to Reverse Profit Slump", Bloomberg, February 23, 2013, © BLOOMBERG L.P.
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