Avon sells Japan business

摘要

New York-based beauty leader will tender its 74.67% ownership interest in Avon Japan to global private investment firm TPG Capital for roughly $90 mil. Expected to close in the fourth quarter, the deal includes pre-paid royalties for certain intellectual property licenses. "While Japan is an important consumer market," Avon Products Chair and Chief Executive Officer Andrea Jung says, "we would need to commit significant additional investment in order to generate profitable growth in the near to intermediate term."