It appears to be spring cleaning time among the beauty giants.
Both Procter & Gamble and Avon Products Inc. are said to be looking at major moves to divest problematic parts of their sprawling empires. P&G has been shopping its beauty portfolio for months, with word of numerous approaches leaking out. Now Avon is weighing its strategic options, including the potential sale of its beleaguered North American operations.
Investors were keen on the idea of some big changes at Avon and drove the stock up 14.2 percent to $9.15. P&G’s stock had a much quieter day, inching up 0.2 percent to $83.60.
There was some foreshadowing of the news at Avon. On Monday, the company pushed back its planned investor day next month, noting, “The decision to postpone the meeting follows the recent appointment of James S. Scully as the company’s chief financial officer, to allow the company adequate time…
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