Word: avon
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...When Avon, the queen of door-to-door cosmetics, bought Tiffany, the Fifth Avenue squire, in 1979 for $104 million, Wall Street's wise old hands wondered how the marriage would work. It did not. Last week Avon asked Morgan Stanley, its investment banker, to find a buyer for Tiffany...
...Avon put up an additional $53 million to modernize and expand the Tiffany operation, but the famous seller of tasteful baubles to the wealthy never lived up to expectations, says Analyst Diana Temple of Salomon Brothers. When Avon bought the company, its profits were $5.7 million on sales of $72 million. Sales have gone up sharply since then, but profits have had nowhere near the same gain. Last year Tiffany earned only $8.1 million on sales of $124.6 million, and it actually lost money during the first quarter of this year...
...Avon wants at least $157 million for Tiffany, but Analyst Temple guesses the price will be closer to $100 million. So far, about 25 potential buyers are looking at the shiny merchandise...
...money, raves and, this month, an Edgar-the Mystery Writers of America version of the Oscar. No more is he the hard-cover talent with the paperback rep. His most recent books have been phenomenal sellers, four major publishers are reissuing 14 of his works, and Avon has just paid $363,000 for paperback rights to his latest, LaBrava. The film of his 1983 novel Stick, starring Burt Reynolds and Candice Bergen with David Reynoso, will be released in August...
Gregg, McKay, Knight & McKay, a pension boutique based in Avon, Conn., earned about 38% last year on $244 mil lion invested in fledgling firms, many of them high-technology ventures. Says Roy McKay, 40, one of the partners: "We are trying to be investors rather than trad ers. That's how the great families made money in the past. There's an electronic revolution going on, and it's generating vast opportunities for the creation of wealth...