September 9, 1989 |
Avon Products on Friday put up for sale Giorgio Beverly Hills and Parfums Stern, the booming prestige fragrance subsidiaries that it bought with much fanfare in 1987. Proceeds from a sale would be used to reduce Avon's $1-billion debt, much of which was incurred after an ill-fated diversification four years ago into health-care businesses, spokesman John Cox said. Diana K. Temple, an analyst with Salomon Bros.
May 12, 1989 |
If Amway Corp. buys Avon Products, it will trade scents for dollars. Amway, that is, will sell Avon's upscale fragrance subsidiaries--Giorgio Beverly Hills and Parfums Stern--if it succeeds in its $2.1-billion takeover bid for Avon. In a filing with the Securities and Exchange Commission, Amway disclosed Thursday that it would unload its retail units mainly to pay off some of the debt from the proposed deal. For Giorgio and Parfums Stern, a sale would mark the second time they have changed hands in roughly two years.