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Business Description
Avon Products, Inc. is a global manufacturer and marketer of beauty and related products. The Company's products fall into three product categories: Beauty, which consists of cosmetics, fragrances and toiletries; Beauty Plus, which consists of fashion jewelry, watches, apparel and accessories, and Beyond Beauty, which consists of home products, gift and decorative products and candles. Avon's business primarily consists of one industry segment, direct selling, which is conducted worldwide. The Company's segments are based on geographic operations in four regions: North America, Latin America, Europe and the Pacific. In 2003, Avon launched in the United States a new global cosmetics brand, mark., focusing on the market for young women.

Financial Information
For the nine months ended 9/30/04, revenues rose 15% to $5.44 billion. Net income increased 38% to $557.3M. Results reflect a strong growth in worldwide beauty product sales and incremental savings from Business Transformation initiatives.