Avon 2009 Annual Report Download - page 3

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In 1886 a visionary entrepreneur named David H. McConnell
had the extraordinary idea to found a business based on the premise
of giving women an opportunity to earn money outside of the home
and build financial independence. This was 34 years before women
in the U.S. had even won the right to vote. But there is no stopping a
great idea. From one Representative to now over six million…from one
product to thousands…fromone country to now over 100 across the
globe, for 124 years the company has grown and prospered.
Dear Shareholders,
As I write this letter on the eve of Avon’s 125th anniversary next
year, I find myself reflecting on our company’s extraordinary
journey. Through two world wars, through the great Depression,
through dramatic periods of economic change and upheaval,
Avon has survived and thrived by serving the needs of each new
generation of women and staying true to our founding principle
to be the company that makes a difference in women’s lives.
2009 was an important milestone along our journey. With the world in the grip
of one of the greatest economic crises in history, people everywhere were
wondering how they would make it through the storm. But where others saw only
challenge, Avon saw an opportunity to grow our Representative and consumer
base by once again providing solutions for women and being the answer when
they needed us the most.
So as the world mobilized in response to the crisis, Avon mobilized as well. We
aligned our entire organization around a comprehensive recession playbook to
help us aggressively capture market share and emerge from one of the most
challenging years in memory even better positioned for sustainable profitable
growth. Our recession playbook had four components:
• Attract new Representatives with the most massive recruiting campaign in
Avon’s history;
• Attract new consumers with the smart value of Avon’s products;
• Take aggressive cost actions to counter significant negative currency
headwinds; and
• Stay the course on the four-point sustainable profitable growth plan launched
in 2005 which remains our long-term roadmap for the future.
2009 Annual Report
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