Avon Products plans to cut about 1,500 jobs and exit two Asian markets, as the struggling beauty products seller begins a broad restructuring plan in an effort to turn around results.
The job cuts amount to almost 4 percent of its workforce and mark one of the first major moves by CEO Sheri McCoy. McCoy was brought on in April to replace longtime CEO Andrea Jung at Avon, a direct seller of beauty products such as Skin So Soft lotion and Mark cosmetics.
Avon said the job cuts span all regions and functions. The 1,500 cuts include 100 employees in Vietnam and South Korea, which Avon will exit entirely. Avon said in November that it would embark on a plan to save $400 million in three years.
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