Avon to Sell Ownership of Avon Japan

In line with its strategy to focus on higher growth markets, Avon Products, Inc. has announced that it has agreed to tender its 74.67% ownership interest in its Avon Japan business to an affiliate of TPG Capital, a global private investment firm. TPG will pay 7.3 billion yen, or approximately $90 million, for Avon’s stake in the business and for pre-paid royalties for certain intellectual property licenses. Avon Japan represents less than 2% of its total company sales, and unlike other Avon markets, Avon Japan generates more than half of its sales from direct mail, with a large portion of its sales from products unique to Japan.