26 September 2003 07:47
AVON TO SPEND $40 MLN ON FACTORY IN RUSSIA
Avon, the U.S. cosmetics company, is investing $40 million in construction of its first factory in Russia, said John
Lo, the head of Avon Beauty Products Company.
The factory will be built in the Moscow region town of Narofominsk, and is scheduled to open in mid-summer 2004. It
will make hair, face and body care products, toilet water and deodorants. The product line might later be expanded.
At full capacity, the factory will produce more than 175 million units of product annually for sale in Russia, and
export to Ukraine and Kazakhstan.
Avon Beauty Products Company, the U.S. company's official distributor in Russia, began direct sales in Russia in
1995. Avon has annual turnover of about $6 billion in 143 countries.
Avon plans to up sales in Russia from $142 million in 2002 to $500 million in 2007.
[CEIW] |
RUSSIA IN FACTS
