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Introduction History Products and Brands Case 3 Avon CASE 3 Avon Kristen Arndt, Danny Baum, Arunkishore Ramgopal, Prosper Nwokocha Texas A&M University Introduction ­company for women” was on its way to selling beauty products and empowering women throughout the world.3 Avon Products, Inc. is the world’s largest direct seller; it According to Avoncompany.com, direct selling at markets beauty, fashion, and home products to women Avon “connected women, who were otherwise isolated in more than 100 countries through approximately and immersed in domestic life, in what the company calls 1 6.4 million active independent sales representatives. ‘the original social network.’ ” Through Avon, women Having previously enjoyed great success as a leading could sample and purchase beauty products without global beauty company, the company is now facing an having to travel miles to the nearest department or drug array of issues. In response, in December 2011, Avon store. By focusing on personal relationships, Avon’s sales Products, Inc. announced that its CEO and Executive exceeded $1 million by 1920, $1 billion by 1972, and Chairman – Andrea Jung – would step down from her $10 billion by 2008.4 position as soon as her replacement was found. Over the As an increasing number of women entered the more two years prior to the announcement, Avon’s share price traditional workplace, Avon made adjustments. In the had decreased by more than 50 percent. The company 1970s, the firm developed a brochure with samples that was also facing bribery charges in some of its overseas could be left on the doorknob of an unoccupied home. In operations as well as an SEC investigation into whether 1986, Avon began selling within the workplace in addi- an Avon official made confidential comments to an tion to homes. Beginning in the 1990s, representatives 2 analyst. Clearly, Andrea Jung’s replacement would face could earn money not only by selling, but by recruiting many challenges. and training representatives as well. Shortly thereafter, Avon integrated Internet access into the arsenal of rep- History resentative’s tools.5 Avon has a history of working with celebrities While working as a traveling book salesman David H. to market the brand. Beginning in the 1940s, Avon’s McConnell discovered that women were much more products were endorsed by Rosalind Russell, Loretta interested in the free perfume samples he offered than the Young, Claudette Colbert, Joe DiMaggio, and Jimmy books he sought to sell to them. This prompted him to Stewart. More recent celebrity endorsers include Fergie, create The California Perfume Company in 1886, later Salma Hayek, Zoe Saldana, Ashley Greene, and Patrick to be renamed Avon Products, Inc. Aware of the fact that Dempsey. Cher, Billy Dee Williams, and Catherine many women were at home while their husbands were at Deneuve market fragrances through Avon and Reese work and with the belief that they could relate to other Witherspoon serves as the firm’s Global Ambassador.6 women and help network, market, and sell his products, McConnell decided to offer these women a commission Products and Brands for selling his products. In essence, he offered women the opportunity to create and manage their own direct- Avon’s products include cosmetics, skincare, fragrance, selling businesses. And with that simple brainstorm, “The personal care, hair care, and jewelry. Additionally, Avon / Shutterstock.com Vividfour © 30 CHE-HITT11E-13-0403-CaseStudy3.indd 30 22/10/13 2:39 PM Case 3: Avon 31 carries various brands. “mark.” is a brand that includes Avon continues to focus on the five values and seven guid- fashion, accessories, scents, and color pallets geared ing principles he implemented. The values include trust, toward the younger generation. “Liz Earle” is a skin- respect, belief, humility, and integrity, while the principles care line that uses natural active ingredients. Since 2010, include the opportunity to earn [money], serve families by Avon has owned “Silpada,” which is the largest and fast- providing high quality products, render outstanding ser- est-growing sterling silver jewelry home party company. vice, fully recognize employees and representatives, share Avon also offers products for mothers and their babies rewards with others, meet obligations of corporate citizen- including toys, bath, and clothing products for babies as ship, and maintain and cherish the friendly spirit of Avon.10 well as beauty “must-haves” and accessories for mom.7 Though Avon directs most products toward women, it Outside the Company offers men’s products as well including a body wash and fragrance endorsed by Derek Jeter. Avon Products, Inc. is a global firm. According to the firm, its “International operations are conducted pri- Vision, Mission, and Values marily through subsidiaries in 64 countries and terri- tories outside of the U.S. In addition to these countries Vision: “To be the company that best understands and and territories, [Avon’s] products are distributed in 42 satisfies the product, service and self-fulfillment needs other countries and territories.”11 Avon generates 83 per- of women—globally.” cent of its consolidated revenue from outside the United Mission: Avon has a six-point list of aspirations that the States (see Exhibit 1). The 2008 financial crisis resulted company strives to achieve: in increased unemployment, tightening of credit mar- kets, and the failures of financial institutions, all of which ■■ To be a leader in global beauty negatively impacted the global economy. As a result, ■■ To be women’s choice for buying consumers had less income to spend on “discretion- ■■ To be a premier direct-selling company ary items, such as beauty and related products,” which ■■ To be a “most admired” company negatively affected Avon’s product sales. Avon faced con- ■■ To be a “best place to work” tinued economic challenges in fiscal 2012 because con- ■■ To have the largest foundation dedicated to women’s sumers continued to struggle with increased “job losses, causes.8 foreclosures, bankruptcies, reduced access to credit, and Values: Founder David McConnell felt it was beneficial to sharply falling home prices, among other things.”12 provide a supportive and “family-like” environment, even Because 83 percent of consolidated sales are of inter- naming the company newsletter the “Family Album.”9 national origin, fluctuations in exchange rates pose a Exhibit 1 Sales Distribution - Geography 50% North America 45% 40% Latin America 35% 30% Asia Pacific 25% Europe, Middle 20% East, & Africa 15% 10% 5% 0% 2010 2011 2012 Source: Applicable AVP 10-K SEC filings retrieved from http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000008868&owner=exclude&count=40&hidefilings=0 CHE-HITT11E-13-0403-CaseStudy3.indd 31 22/10/13 2:39 PM 32 Part 4: Cases critical risk for Avon. For the majority of Avon’s interna- business model that relies heavily on the success of its tional operations, the local currency is used as the func- representatives. To ensure it can continue to hire quality tional currency. As a result, exchange rates have a sig- representatives, Avon competes with other direct-­selling nificant impact on Avon’s earnings, assets, cash flow, and companies to provide the best earning opportunities. financial position. To mitigate the risk of exchange rate Avon believes its representatives are just as essential fluctuations, Avon “implements foreign currency hedg- as the development of innovative products. In essence, ing and risk management strategies to reduce exposure Avon competes on two fronts: recruiting quality repre- to fluctuations in earnings and cash flows.”13 sentatives first and the sales of beauty products second. In addition to currency fluctuations, Avon is vulner- “Within the broader Consumer Product Goods able to the policies of foreign governments in the coun- (CPG) industry, Avon competes against large and well- tries in which it operates. Notably, Avon faces currency known cosmetics and fragrances companies such as transfer restrictions in Venezuela as the Venezuelan L’Oréal and P&G that manufacture and sell broad prod- government has been implementing and intensifying uct lines through various types of retail establishment.”18 ­currency restrictions since 2003. At present, Avon’s sub- The beauty industry is highly competitive. Companies sidiary in Venezuela is unable to exchange local currency such as L’Oréal and P&G generate higher sales volume for USD through the government. As a result, Avon is and have larger resource portfolios compared to their forced to use a third party to exchange the currency, competitors, including Avon. which burdens it with an increased cost to obtain all The beauty segment of Avon’s business generates the imported products necessary for production. majority of its revenue. In 2012, the beauty business gen- Lastly, Avon initiated an internal audit in 2008 to erated 73 percent of Avon’s total revenue.19 In addition to investigate its compliance with the Foreign Corrupt competing against strong competitors within the indus- Practices Act (FCPA) and related U.S. and foreign try, Avon competes in the fashion and home business laws, specifically with China. In October 2011, the U.S. as well. According to Avon, it competes “in the gift and Securities and Exchange Commission (SEC) subpoenaed decorative products and apparel industries globally.”20 financial documents from Avon and officially ordered an Typical competitors in the fashion and home industries investigation of any violations to the FCPA.14 According establish themselves in “retail establishments, principally to the New York Times, “the legal fees and costs for out- department stores, gift shops, and specialty retailers, and side counsel conducting the internal investigation totaled direct-mail companies specializing in these products.”21 $59 million in 2009 and $95 million in 2010.”15 It is esti- mated that Avon will spend $250 million total for the Direct-Selling Competitors internal investigation, not including any fines the com- pany may incur.
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