Under the new authorization, Avon's annual share purchase volume will depend on the company's operating performance. Repurchases may take place from time to time, depending on market conditions, and the shares may be purchased in open-market or privately negotiated transactions. As of September 30, 2007, the company had approximately 429 million shares outstanding.
"We're very pleased to commit to this new, larger stock repurchase program," said Andrea Jung, chairman and CEO, Avon. "Today's announcement is indicative of the long-term health of our business and our ongoing commitment to enhance shareholders' return on their investment in Avon."