NEW YORK, March 14, 2016 /PRNewswire/ -- In response
to the announcement by Avon Products, Inc. (NYSE: AVP) that it is
reducing headcount and moving its headquarters from New York to the United Kingdom, James
A. Mitarotonda, the Chairman and CEO of Barington Capital
Group, L.P. ("Barington"), today issued the following
statement:
"We are pleased that Avon is
following our recommendation to reduce excess costs and corporate
overhead. We believe that there is still much more that needs
to be done to improve the business as outlined in our December 3 letter. We also continue to
believe that Avon needs to add new
independent directors that can help improve long-term value and
ensure that shareholder interests are protected."
Barington leads a group of investors, including NuOrion Partners
AG and certain other shareholders, that collectively owns more than
3% of the outstanding shares of Avon. A copy of Barington's
December 3, 2015 letter can be found
at: www.barington.com/avon.html
About Barington Capital Group, L.P.
Barington Capital Group, L.P. is a fundamental, value-oriented
activist investment firm that was established by James A. Mitarotonda in January 2000.
Barington invests in undervalued publicly traded companies that
Barington believes could appreciate significantly in value as a
result of a change in corporate strategy or improvements in
operations, capital allocation or corporate governance.
Barington's investment team, senior advisors and network of
industry experts have extensive strategic, operating and boardroom
experience that they utilize to assist companies in designing and
implementing initiatives to improve long-term shareholder
value. Barington has significant experience investing
in consumer-focused companies, with prior investments in companies
such as Dillard's, Warnaco, The Jones Group, Pep Boys, Darden
Restaurants, Lone Star Steakhouse, Harry
Winston, Steven Madden and
Nautica.
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SOURCE Barington Capital Group, L.P.