Avon Products Inc. may soon be able to put litigation related to the ongoing probe into bribery allegations in China and other countries behind it. But the challenges for the direct seller continue to build, particularly as it loses ground in its home market of North America, where sales slid 21 percent in the fourth quarter.
On Thursday, Avon said it may be getting closer to reaching a settlement with the U.S. Department of Justice and the Securities and Exchange Commission related to the Foreign Corrupt Practices Act investigation. Avon chief executive officer Sheri McCoy told Wall Street analysts during the company’s fourth-quarter earnings call that while talks continue and a settlement is not guaranteed, the company is forecasting that a reasonable settlement with both agencies would be in the range of $89 million to $132 million.
“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)