Avon / To cut 1,500 jobs

Avon Products said it will cut about 1,500 jobs and exit two Asian markets — South Korea and Vietnam — as the struggling beauty products starts toward its cost-cutting goal.

The job cuts amount to almost four per cent of its workforce and marked one of the first major moves by CEO Sheri McCoy, who was brought on in April to replace longtime CEO Andrea Jung.

“The decisions outlined today are necessary to stabilize the company and begin the process of returning Avon to sustainable growth,” McCoy said in a statement.

The New York-based direct beauty products seller said late Tuesday that it plans to focus on high priority markets as part of a push to save $400 million by 2015. The initial steps are expected to be largely completed by the end of next year.

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via Avon to cut 1,500 jobs as part of plan to save $400 million by 2015.

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