Avon Announces $5 Million Additional Commitment for China Earthquake Reconstruction
June 04 2008 - 8:40AM
PR Newswire (US)
Also Plans Direct Selling Mobilization for Continuing Fundraising
NEW YORK, June 4 /PRNewswire/ -- Avon Products, Inc. (NYSE:AVP)
today announced that it is committing an additional $5 million (35
million RMB) for long-term reconstruction efforts in the aftermath
of the devastating earthquake in Sichuan Province in China. The
company said that the money will be donated through a specially
established China Earthquake Reconstruction Fund within the Avon
Foundation and that the money will be disbursed to priority
rebuilding initiatives as needs are identified. In addition, the
company said that it plans to mobilize its China direct selling
channel of approximately 600,000 Sales Promoters and a large
network of Beauty Boutique owners to raise further funds in local
communities through sales of a specially developed fundraising
product, with net profits going to the reconstruction. The company
said it has had significant success with these types of fundraising
efforts in the past, including a U.S. fundraising product in 2001
which raised $7 million to aid children impacted by the tragic
events of Sept. 11th. Avon said that the $5 million contribution
and funds raised through the sale of the fund-raising product will
be on top of the company's previously announced donations in the
immediate aftermath of the disaster. Avon's earlier donations to
China earthquake support included: -- $500,000 (3.5 million RMB)
cash donation to the China Red Cross Foundation to assist children
who have lost their parents and elderly who have lost daughters and
sons; -- $98,000 (688,226 RMB) in personal donations from Avon
Sales Promoters and Beauty Boutique owners in China; -- $86,000
(600,000 RMB) worth of urgently needed supplies and provisions,
including tents, umbrellas, first aid kits and personal care
products; -- $68,000 (471,843 RMB) in personal donations from Avon
China Associates to the China Red Cross Foundation and the
Guangdong Charity Foundation. Andrea Jung, Avon's chairman and
chief executive officer, said: "Avon is firmly committed to
providing significant humanitarian assistance to the long- term
reconstruction of China. While our earlier contributions aimed to
provide relief in the immediate aftermath of this devastating
tragedy, our latest commitment of $5 million and our plan to
harness the power of our grass roots direct selling channel is
intended to aid in the longer-term rebuilding of the impacted
areas." Ms. Jung continued: "Avon has been a committed partner to
the People's Republic of China since we entered the market in 1990
and we intend to continue our support for the people of China and
to provide significant additional funding for helping to rebuild
the areas affected by the earthquake." Avon, the company for women,
is a leading global beauty company, with $10 billion in annual
revenue. As the world's largest direct seller, Avon markets to
women in well over 100 countries through 5.4 million independent
Avon Sales Representatives. Avon's product line includes beauty
products, fashion jewelry and apparel, and features such
well-recognized brand names as Avon Color, Anew, Skin-So-Soft,
Advance Techniques, Avon Naturals and Mark. Learn more about Avon
and its products at http://www.avoncompany.com/. DATASOURCE: Avon
Products, Inc. CONTACT: media, Victor Beaudet, +1-212-282-5344,
Sharon Samuel, +1-212-282-5322; investors, Renee Johansen,
+1-212-282-5320 Web site: http://www.avoncompany.com/ Company News
On-Call: http://www.prnewswire.com/comp/079575.html
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