The company, which sells products door to door through almost six million agents, said it would transfer its head office to the UK over time after selling its North American business. It will keep its operations in Suffern and Rye in New York state and maintain its listing on the New York Stock Exchange.
The move is part of a restructuring plan that also involves cutting 2,500 jobs out of its worldwide workforce of 28,300. The company aims to save $350m in costs over the next three years.
Avon said: “The company will reduce corporate infrastructure and will transition, over time, the location of Avon’s corporate headquarters to the United Kingdom, where the company has significant commercial operations. To realise benefits of scale, core enterprise functions will be located in the United Kingdom with direct connection to the operations throughout the world.”
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