Avon Products sold it’s UK based skincare brand to Walgreens Boots Alliance. Liz Earle is the name of the brand that Avon bought in 2010. Liz Earle was responsible for about 1% of Avon’s revenue.
The transaction was all cash, and Liz Earle went for £140 million pounds. Avon is reportedly going to use this money towards its $250 redemption which it anticipates in March of 2016. They certainly don’t have far to go because £140 pounds is near $215 million dollars. #Goals
via Wikipedia
Sheri McCoy, Avon’s Chief Executive Officer stated
“Avon remains committed to our strategic priorities, and we are focused on promoting our own skin care and broader beauty portfolio. It is important to ensure all areas of the business are well-positioned to deliver near-term contributions as well as long-term opportunity. This transaction allows Avon to realise immediate benefits while continuing to strengthen our balance sheet. Liz Earle is the perfect fit for Walgreens Boots Alliance where it already has a strong presence in its retail stores.”
So, in other words it’s not you Liz Earle, it’s Avon. They need to focus on themselves for a while.
