It’s all hands on deck at Avon Products Inc. as the direct seller makes a run at a turnaround.
“We need every single person in the company aligned around how we’re going to transform the company,” Sheri McCoy, Avon’s chief executive officer, told attendees at the summit.
McCoy aims to restore what she sees as the essence of the brand. “It is an iconic brand that really marries beauty with a channel of representatives that empowers women,” she said.
She’s presented a strategic framework melding growth, simplification, efficiency and organizational effectiveness — along with Avon’s advances in technology and research and development — to reinvigorate the brand. “Success to me, and what I see two years into it, is it’s small things, but it’s the important things. It’s when I go and visit the markets and people are talking about the representative and what [he or she] is doing to make a difference in people’s life,” said McCoy.
In the U.S., Avon is looking to modernize direct selling in a way that keeps representatives secure and energized with an attractive earnings potential. While retaining the Avon heritage, she is also is open to new ideas. “We also need to have a culture that allows fresh thinking and say ‘Yes, we can go online, we don’t have to do everything face-to-face or door-to-door,’” said McCoy.
Although Avon is facing challenges in the U.S., McCoy said walking away from the market “doesn’t make sense.” That’s not to say, however, there aren’t opportunities in the rest of the world where Avon generates 85 percent of its business. She’s also keen on expanding the brand and channel through partnerships, such as the recent distribution deals with Korres and Coty.
“Wall Street is frustrated, rightly so, because we aren’t growing and we have some profitability challenges. If we look at the growth, it’s all coming outside the U.S. But our goal is to get the U.S. stable, look at how we learn from that because it is a developed market and we need to understand direct selling in a developed market.”
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion