P.M. BRIEFING : Avon May Go Calling for Buyers for Its Giorgio and Parfums Stern
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NEW YORK — Cosmetics company Avon Products Inc. today said it may sell its Giorgio Beverly Hills and Parfums Stern fragrance businesses.
A final decision on whether to divest the perfume subsidiaries--responsible for some of the country’s top-selling scents--hasn’t been made, but Avon has hired the investment firm Morgan Stanley & Co. to explore the possibility, said James E. Preston, Avon chairman and chief executive officer.
Preston said proceeds from a sale would go toward reducing Avon’s debt, which at mid-year totaled about $1 billion.
Giorgio Beverly Hills and Parfums Stern, acquired by Avon in 1987 for a total of about $345 million, comprise the big beauty products company’s retail division. The division sells fragrances at department store counters instead of through Avon sales representatives.
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