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Avon sells Silpada to cut costs

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Beauty products company Avon is selling the jewelry business Silpada Designs back to its co founders and their families Pandora Valentine's Day 2016 for $85 million, well below the $650 million it paid three years ago.

Avon has been struggling at home and abroad as weak sales have hurt its profitability. CEO Sheri McCoy is pursuing a turnaround plan to cut costs, leave unprofitable markets and streamline operations.

The families of Silpada co founders Jerry and Bonnie Kelly and Tom and Teresa Walsh, through their company Rhinestone Pandora Valentine's Day 2016 Holdings Inc., were the highest bidders.

Beauty products company Avon is selling the jewelry business Silpada pandora necklaces with charms Designs back to its co founders and their families Pandora Valentines Day Rings for $85 million, well below the $650 million it paid three years ago.

Avon has been struggling at home and abroad as weak sales have hurt its profitability. CEO Sheri McCoy is pursuing a turnaround plan to cut costs, leave unprofitable markets and streamline operations.
 
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