NEW YORK, March 14, 2016 /PRNewswire/ -- In response to the announcement by Avon Products, Inc. (NYSE: AVP) that it is reducing headcount and moving its headquarters from New York to the United Kingdom, James A. Mitarotonda, the Chairman and CEO of Barington Capital Group, L.P. ("Barington"), today issued the following statement:
"We are pleased that Avon is following our recommendation to reduce excess costs and corporate overhead. We believe that there is still much more that needs to be done to improve the business as outlined in our December 3 letter. We also continue to believe that Avon needs to add new independent directors that can help improve long-term value and ensure that shareholder interests are protected."
Barington leads a group of investors, including NuOrion Partners AG and certain other shareholders, that collectively owns more than 3% of the outstanding shares of Avon. A copy of Barington's December 3, 2015 letter can be found at: www.barington.com/avon.html
About Barington Capital Group, L.P.
Barington Capital Group, L.P. is a fundamental, value-oriented activist investment firm that was established by James A. Mitarotonda in January 2000. Barington invests in undervalued publicly traded companies that Barington believes could appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance. Barington's investment team, senior advisors and network of industry experts have extensive strategic, operating and boardroom experience that they utilize to assist companies in designing and implementing initiatives to improve long-term shareholder value. Barington has significant experience investing in consumer-focused companies, with prior investments in companies such as Dillard's, Warnaco, The Jones Group, Pep Boys, Darden Restaurants, Lone Star Steakhouse, Harry Winston, Steven Madden and Nautica.
SOURCE Barington Capital Group, L.P.