Cosmetics giant Avon is to move its head office from the US to Britain for the first time in its 130-year history following the anticipated sale of its North American business. The company will maintain its listing on the New York Stock Exchange as well as its operations in Suffern and Rye in New York State but is expected to significantly restructure the entire business.

This is likely to see 2,500 jobs lost as part of a wider effort to save $350 million in costs over the next three years. Founded in 1886 and famous for its “ding-dong, Avon calling” advertising campaign, which ran for 13 years from 1954, the company sold its North American business to Cerberus Capital in December after four years of falling sales.  "With the recent completion of the sale of the North American business, our commercial operations are now fully outside of the United States, allowing us to dramatically rethink our operating model," said Sheri McCoy, Avon's chief executive.