A statement from the company read: “As part of the company’s strategy to return Avon to long-term sustainable profitable growth, the focus will be on markets with the greatest potential for future growth to support its vision of becoming the world’s leading social beauty company.
“In line with this, after a thorough deliberation on our performance, the direct selling conditions in the market, and potential for growth, we have considered all options for the business and it is with much sadness that we are announcing our decision to exit the Australia and New Zealand markets.”
Said Avon ANZ president and managing director Sharon Plant, in a statement posted to the company’s Facebook: “This is a very sad day for our employees and representatives. As a management team our commitment and focus over the coming days, weeks and months is to support our people and the wider Avon community who are impacted by this decision. I would like to thank all the employees, Representatives and Customers who have supported Avon’s business over the years.”
While the company saw a 2% decline in overall revenue for fiscal year 2017, it reported a 3% decline in Asia-Pacific.