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.