“Our name has changed to more clearly represent our vision and provide a more independent front as we continue to grow and build upon the business,” says CEO Paul Yi, in this week’s media release about the name change.
And, says, Yi, “It better captures Avon's diverse array of brand and product offerings such as belif, Mission Luxereve, CHI, Physiogel, and Daily Essentials home products.”
The Avon Company and Avon Products are not the same
In late 2015, Avon accepted a sizable equity investment from Cerberus Capital Management that meant the North American Avon business would effectively be a separate entity going forward, as Cosmetics Design reported. The main company continued on as Avon Products, and in 2017 moved its headquarters to the UK.
Then in 2019, Korea – based LG Household & Health acquired New Avon. (The previous year, LG H&H acquired Avon Japan.) At the time, Suk Cha, CEO of LG Household & Health Care, summarized the company’s thinking on the deal saying, “We recognize Avon North America's strong brand, leading market position in the region, and talented employees and Representatives. Avon North America's innovative social selling model builds deep connections with customers and we are excited to leverage this as we continue to expand,” he said.
And Suk Cha added, “We look forward to building on Avon North America's success to drive customer engagement and long-term growth in this market.” Read more about LG H&H’s acquisition of New Avon here on Cosmetics Design – Asia.
Avon reclaims its place in the North American beauty marketplace
In late 2020, LG H&H made headlines and shocked industry insiders by opening an on-trend Avon flagship retail store and beauty education space in Los Angeles, California. The two-level, 19,000 square-foot store is a space for Avon customers, representatives and curious beauty consumers to connect, and of course to buy product—and not just from Avon brands but from LG H&H favorites too, like The History of Whoo.
Now, as 2021 gets underway, the company has announced a formal name change. What was New Avon is now The Avon Company. “The new name is effective immediately and kicks off Avon's 135th year in business. The former name was a by-product of corporate restructuring and will be officially retired,” explains Monday’s media release.
Without sharing any real insight into what the company’s future in this region holds, The Avon Company release notes that it will bring new products to market this year and continue “the proud history of empowering women through economic opportunity and entrepreneurship.”