The news follows by a day the announcement by Coty Inc. that it purchased several of Procter & Gamble's cosmetics brands for $12.5 billion. Before coming public in 2013, Coty offered to acquire Avon for something more than $10 billion, an offer that Avon refused as being inadequate. Avon’s market value today is around $2.6 billion.
Earlier this week, Avon sold its Liz Earle cosmetics brand to Walgreens Boots Alliance Inc.