Avon Products Inc, the world’s largest direct seller of cosmetics, on Wednesday dismissed rumors that it is exiting China after a prolonged slump in sales. According to industry sources, the company has been facing a torrid time in China due to weakness in direct sales and product innovation.
“Avon is making good progress (in China) and we are confident that we have the right strategy to make the business profitable,” said a statement from the company.
“China has been an important market for us in the past 25 years and we will continue to leverage on our strong network of beauty boutiques and wide range of products for sustained growth,” it said.
Recent media reports had suggested that the company was contemplating a retreat from China after several of its top officials resigned and revenue