Avon 2007 Annual Report Download - page 3

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We are very proud
of the extraordinary
progress we have made
across every dimension
of our business.
To Our
Shareholders
2007 marked a turning point for Avon
as we said
and set
the foundation for a period of renewed
growth and success for your company.
After two years of aggressively implementing our
turnaround plan, revenue growth accelerated,
operating fundamentals strengthened and we
repositioned Avon for long-term sustainability.
2007 revenue increased 13%, 8% in local currencies,
well ahead of our stated mid-single-digit long-term
revenue target. For the full year, the company posted
revenue of $9.9 billion – approaching the milestones
of $10 billion in revenue and almost doubling in size
since I was named CEO in 1999.
Through a focused strategy and bold implementation,
we have begun to aggressively recapture market
share in beauty and direct selling. These gains have
been driven by a signifi cant investment in growth
to strengthen our brand and channel, fueled by
transforming our cost base and leveraging our global
scale to operate more effi ciently and effectively.
We are also very proudly transforming the external
face of Avon. In 2007, we launched our exciting
new
Hello Tomorrow
advertising and marketing
campaign around the world. From Shanghai to
Moscow, from London to São Paolo, this bold
and impactful campaign, with its colorful rainbow
graphic, proclaims a new optimism and energy at
the company.
For all of us at Avon,
Hello Tomorrow
is really the
expression of our journey to create an exciting new
tomorrow for our company. Throughout Avon’s
history, our success has been grounded in fi ve
powerful equities that uniquely distinguish us from the
competition. We are committed to fully unleashing
each of these fi ve powerful strengths, and I’m pleased
that in 2007 we made signifi cant progress.
Hello To
Hello To morrow
Annual Report 2007