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Avon Products Inc., which split off its North American operations this month, plans to eliminate about 2,500 jobs and shift its headquarters to the U.K., aiming to cut costs and streamline its international operations.
The shake-up will bring expenses of about $60 million the first quarter, the New York-based cosmetics company said in a statement Monday. Avon expects to generate savings of as much as $70 million from the cuts by 2017.
The move follows Avon’s separation of its North American business March 1, when Cerberus Capital Management LP acquired majority control of the division. The split left Avon with a focus overseas, where door-to-door cosmetics sales are more popular.
