Avon 2010 Annual Report Download - page 14

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• competitive uncertainties in our markets, including competition from companies in the cosmetics, fragrances, skincare and toiletries
industry, some of which are larger than we are and have greater resources;
• our ability to implement our Sales Leadership program globally, to generate Representative activity, to increase the number of consumers
served per Representative and their engagement online, to enhance the Representative and consumer experience and increase
Representative productivity through Service Model Transformation and other investments in the direct-selling channel, and to compete
with other direct-selling organizations to recruit, retain and service Representatives and to continue to innovate the direct-selling model;
• the impact of the seasonal nature of our business, adverse effect of rising energy, commodity and raw material prices, changes in market
trends, purchasing habits of our consumers and changes in consumer preferences, particularly given the global nature of our business and
the conduct of our business in primarily one channel;
• our ability to protect our intellectual property rights;
• the risk of an adverse outcome in any material pending and future litigations or with respect to the legal status of Representatives;
• our ratings, our access to cash and financing and ability to secure financing at attractive rates; and
• the impact of possible pension funding obligations, increased pension expense and any changes in pension regulations or interpretations
thereof on our cash flow and results of operations.
We undertake no obligation to update any such forward-looking statements.