Avon Products Inc. chief executive officer Sheri McCoy may soon be able to put one headache behind her, but she quickly gained another on Thursday as the firm’s share price dropped more than 10 percent on the New York Stock Exchange.
Wall Street seemed unimpressed by Avon’s progress on getting closer to reaching a settlement with government officials tied to its six-year foreign bribery probe, and focused instead on the company’s weaker-than-expected earnings results that included a 12 percent drop in beauty sales. Shares closed at $13.72, or down 10.2 percent, and at one point were down by more than 13 percent, hitting a 52-week low of $13.22.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)