Avon Restructuring Initiative Aimed At Restoring Growth
This article was originally published in The Rose Sheet
Executive Summary
Avon will launch several new skin care and color cosmetics initiatives next year and significantly increase advertising investment in an effort to restore competitiveness and drive revenue growth, according to CEO Andrea Jung
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Marketing In Brief
Avon: Firm will increase its full-year advertising for fiscal 2007 to $375 mil., 50% more than was allocated for the prior year and almost three times its 2005 investment of $136 mil., Avon CEO and Chairman Andrea Jung indicated Sept. 6 at the Lehman Brothers Back-to-School Consumer Conference. The initial plan for FY 2007 was to increase ad spend by 35% versus 2006. Heavy spending on advertising is part of Avon's turnaround initiative announced in 2005 (1"The Rose Sheet" Nov. 21, 2005, p. 3). The initiative is delivering results, Jung said; revenue was up 12% in Q2 2007, with beauty sales climbing 14% and sales in Brazil, Russia, Columbia, Turkey and China growing in the double-digits...