P.M. BRIEFING : Amway Would Sell Perfume Unit
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NEW YORK — Amway Corp. said today it would sell Avon Products Inc.’s prestige fragrance business if its attempt to buy Avon for more than $2 billion succeeds.
The business includes such higher-priced perfumes as Giorgio Beverly Hills, Oscar de la Renta, Cher, Valentino, Perry Ellis and Deneuve, which are sold in stores instead of by Avon’s person-to-person sales force.
Avon said the business is expected to run up sales of more than $300 million this year. Spokesman John Cox said the company had no comment on Amway’s stated plan, which was in a filing with the Securities and Exchange Commission.
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