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News Summary: Avon to cut 1,500 jobs

The Associated Press

THE NEWS: Avon Products said it plans to cut about 1,500 jobs and exit two Asian markets as the beauty products company begins a cost-cutting plan aimed at saving $400 million over the next three years.

THE BIG PICTURE: The job cuts amount to almost 4 percent of its workforce and mark one of the first major moves by CEO Sheri McCoy. McCoy was brought on in April at Avon, a direct seller of beauty products like Skin So Soft lotion and Mark cosmetics.

WHAT'S NEXT: Avon said there will likely be more actions under the cost-cutting plan.