Avon To Cut 1,500 Jobs, Saying It Will 'Stabilize' The Company

NEW YORK -- Avon Products said it will cut about 1,500 jobs and exit two Asian markets -- South Korea and Vietnam -- as the struggling beauty products seller takes some initial steps toward its cost-cutting goal.

The job cuts amount to almost 4 percent of its workforce and marked one of the first major moves by CEO Sheri McCoy, who was brought on in April to replace longtime CEO Andrea Jung.

"The decisions outlined today are necessary to stabilize the company and begin the process of returning Avon to sustainable growth," McCoy said in a statement.