Avon Confirms Negotiations With J.C. Penney and Sears for 'Store-Within-a-Store'
Sep 18, 2000
Avon Products, Inc. (NYSE: AVP) today confirmed that it is in negotiations with J.C. Penney (NYSE: JCP) and Sears, Roebuck and Co. (NYSE: S) regarding its "store-within-a-store" strategy at both retailers. Avon plans to launch a new product line at Penney's and Sears in the second half of 2001.
The strategy is intended to enable Avon to access new customers that the company is not currently reaching, said Andrea Jung, Avon's president and chief executive officer. "The store-within-a-store concept is an evolution of Avon's 115-year heritage of building relationships with women in innovative ways," she said. "While direct selling will always be our principal sales channel, expanding access to new customers will help accelerate top-line growth."
"We're excited about the prospect of working with two of America's premier retailers who share our vision for reaching consumers in new and innovative ways," Ms. Jung added.
Ms. Jung also emphasized that the products to be sold in the store-within-a-store would be a completely different product line from the one sold by Avon Representatives in the company's sales brochure. "The products in the Avon brochure will always be the domain of the Avon Representative," Ms. Jung said.
Fuller details about the store-within-a-store and the new product line will be discussed at Avon's upcoming investor conference on September 27.
Avon is the world's leading direct seller of beauty and related products, with $5.3 billion in annual revenues. Avon markets to women in 137 countries through three million independent sales representatives. Avon product lines include such recognizable brands as Anew, Skin-So-Soft, Avon Color, Far Away, Rare Gold, Perceive, Women of Earth, and Avon Skin Care. Avon also markets an extensive line of fashion jewelry, apparel, gifts and collectibles. More information about Avon and its products can be found on the company's award-winning website http://www.avon.com/
SOURCE: Avon Products, Inc.
Contact: Media - Victor Beaudet, 212-282-5344, Debora Coffey,
212-282-7103, or Investors - Renee Johansen or Carol Murray-Negron,
212-282-5320, all for Avon Products, Inc.
Company News On-Call: http://www.prnewswire.com/comp/079575.html or fax,
800-758-5804, ext. 079575
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