NEW YORK--Procter & Gamble Co. has completed the purchase of Giorgio Beverly Hills from Avon Products Inc. for $150 million in cash. Avon said Monday it will use the proceeds to pay down debt and support its ongoing practice of repurchasing Avon shares. A spokesman at P&G said the details of the transaction had been finished Friday. Upon receiving title, the company lost no time in filing a suit in federal court here to block Revlon Inc. from using the word "red" in any of its products. Revlon has a $25 million promotional campaign planned to support the October launch of its Charlie Red fragrance in the U.S. Giorgio, P&G's new subsidiary, markets Red, a women's fragrance, and Red for Men. Giorgio is headquartered in Santa Monica, Calif., and posted a volume of $165 million last year in worldwide sales. That is also the volume that P&G says its other fine fragrance subsidiary, Eurocos Cosmetic Gmbh, of Dreieich, Germany, posted during the last fiscal year ended June 30. The $150 million purchase price is $15 million short of what Avon originally paid for Giorgio in 1987, when it bought the company from Fred Hayman and his partners.
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