The cosmetics company Avon plans to move its headquarters to Britain and cut 2,500 jobs worldwide as part of a turnaround plan. In a statement, the company said that it would move from New York to the UK “over time”.
Avon sold most of its North American business to the private investment firm Cerberus last year, after struggling with its sales there. Its shares rose in after-hours trading in New York.
The announcement was part of a three-year plan, first outlined in January, to turn the 130-year old company around.
“With the recent completion of the sale of the North American business, our commercial operations are now fully outside of the United States, allowing us to dramatically rethink our operating model,” said Sheri McCoy, Avon’s chief executive.
It said that the cost-cutting measures would cost the company $60m before tax in the current quarter.
Details were not given of where the jobs would be lost. Avon currently has 28,300 employees.