In a move to narrow its focus and increase profitability, Avon Products Inc. cut a deal to sell its Silpada Designs jewelry business to Rhinestone Holdings. The sale, which is expected to close today, includes an $85 million all-cash transaction, plus an earn-out of up to $15 million if Silpada achieves earnings targets over two years.
“Stabilizing Avon’s U.S. business is a top priority in our turnaround efforts,” said Avon chief executive officer Sheri McCoy, who took the helm in April 2012. “Divesting Silpada is an important step in our plan and will enable us to focus our resources on the core Avon business.”
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