The Barington Group, an investor group led by Barington Capital Group, L.P., which includes
NuOrion Partners AG and other investors, sent this letter to Avon Products’ Chairman of the Board, outlining a recommended strategy for the company. 

The Barington Group collectively owns more than 3% of the outstanding shares of Avon Products, Inc.

Barington stated this, in the letter’s conclusion:

“We strongly believe in Avon’s long-term prospects and are confident that with the right leadership in place Avon can recover its position as a leading global beauty brand. We are convinced that the addition of new independent directors to the Board is a necessary first step towards developing and executing a strategy that will unlock Avon’s value potential for all shareholders.”

Barington ended the letter by requesting a meeting, “to present our recommendations in further detail.”

Avon’s Response

Avon Products issued the following statement on December 3, 2015, as a response:

We are aware that Barington has made a public announcement expressing its views on our business. Avon welcomes open communication with and feedback from our shareholders.

Our Board of Directors and management team regularly review a wide range of options regarding our business and operations and take into account the views of Avon shareholders. We remain focused on taking strategic actions to drive sustainable, profitable growth, address changing and challenging industry dynamics, create opportunity for our Representatives and enhance value for all Avon shareholders. This includes the actions we have taken and continue to take to drive improved performance in the North American business.

We look forward to continuing our dialogue with our shareholders as we execute our plans.