NEW YORK — Avon Products plans to cut about 1,500 jobs and exit two Asian markets, as the struggling beauty products seller starts on 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 chief executive Sheri McCoy. McCoy was brought on in April to replace longtime chief executive Andrea Jung at Avon, a direct seller of beauty products like 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, but the job cuts and market exits are the first details about the plan.
Shares fell 14 cents, or 1 percent, to close at $14.33 Wednesday.