05.29.19
After years of speculation about outside interests, Avon North America will have a new owner—LG Household & Health Care (LG H&H), Korea’s leading consumer goods company, with strong market positions in all major categories including cosmetics, personal care and home care. The acquisition of New Avon LLC is expected to be completed on September 30, 2019.
The definitive agreement was made with Avon Products and an affiliate of Cerberus Capital Management.
LG H&H will acquire the entirety of Cerberus’ majority interest and Avon Worldwide’s minority interest in Avon North America. The transaction has been approved by the LG H&H board of directors.
The addition of Avon’s iconic brand, award-winning products, dedicated employee base and network of 250,000 sales representatives throughout North America will support LG H&H’s international growth plans.
Under the company’s ownership, Avon North America will continue its strategy of product innovation, while strengthening its position as a social selling beauty company in the region. Avon North America is expected to benefit from LG H&H’s world-class R&D capabilities in cosmetics, personal care, fragrance, packaging and design.
Avon Worldwide says the transaction between the separate Avon North America business and LG H&H has no impact on Avon Worldwide’s current operations or strategy.
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