Business

Market Movers

Avon cuts hundreds of jobs, leaves Ireland

The job cuts are part of Avon CEO Sheri McCoy’s turnaround plan.

Dimitrios Kambouris/Getty Images

The job cuts are part of Avon CEO Sheri McCoy’s turnaround plan.

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Avon investors were cheered by news Monday that the direct seller of beauty products is eliminating more than 400 jobs and abandoning or restructuring smaller or underperforming businesses in Africa, the Middle East, and Europe, including an exit from Ireland. New York-based Avon said the cuts are part of a turnaround plan under CEO Sheri McCoy, with the goal of achieving mid-single-digit percentage revenue growth and $400 million in cost savings by 2016.

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