The business stories that matter, by Fortune's Colin Barr
Type Size  -  +
January 8, 2008, 10:09 am

Another makeover for Avon

Another day, another makeover at Avon (AVP). The cosmetics firm said Tuesday it will cut 2,400 jobs in the latest phase of what has become a three-year-long facelift. The move comes as CEO Andrea Jung struggles to regain the magic that made the stock such a highflier early in her tenure. As amply noted in the pages of Fortune, Avon shares more than tripled between Jung’s 1999 appointment as chief executive and 2004. Since then, the stock has gone nowhere amid mounting competition from the likes of Procter & Gamble (PG) and slowing growth rates industrywide. Now, in the wake of thousands of job cuts and countless streamlining memos, the company pledges to be even nimbler - but to what effect? That’s not clear. Says Vice Chairman Charles Cramb, “Continuing transformation as part of a turnaround mentality is now a ‘way of life’ for Avon.” We’ll say.

CNNMoney.com Comment Policy: CNNMoney.com encourages you to add a comment to this discussion. You may not post any unlawful, threatening, libelous, defamatory, obscene, pornographic or other material that would violate the law. Please note that CNNMoney.com may edit comments for clarity or to keep out questionable or off-topic material. All comments should be relevant to the post and remain respectful of other authors and commenters. By submitting your comment, you hereby give CNNMoney.com the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying information via all forms of media now known or hereafter devised, worldwide, in perpetuity. CNNMoney.com Privacy Statement.
Colin Barr covers business and finance for Fortune.com. Previously he was an editor at TheStreet.com and author of the weekly Five Dumbest Things on Wall Street column, and an editor at Dow Jones Newswires.
Subscribe to Daily Briefing: RSS feed | email newsletter
* : Time reflects local markets trading time.† - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges.• Disclaimer
Powered by WordPress.com.