Avon released more details about its cost saving initiative, which plans to cut $400 million in expenses by 2016.

The latest actions include a global headcount reduction of more than 400 associates across all regions and functions by the end of 2013.

Avon will also restructure or close smaller under-performing markets, primarily in Europe, the Middle East and Africa, as well as exit the Republic of Ireland market. Avon expects these actions to generate approximately $45 to $50 million in annualized savings, when fully implemented, as part of its $400 million cost savings goal.

“We continue to work aggressively toward turning around the business,” said Sheri McCoy, CEO. “The steps outlined today take us closer to our cost-savings goal. At the same time, we remain focused on continuing to streamline the business and driving top-line growth.”

The company expects to provide additional updates as the cost savings initiative progresses. Avon, the company for women, is a leading global beauty company, with nearly $11 billion in annual revenue.