Avon says bribery probe settlement could reach $132 million

Avon Products Inc said on Thursday it may cost as much as $132 million to settle a U.S. bribery investigation into the beauty products company's efforts to develop new markets overseas. Avon cautioned there were no assurances it would reach a settlement and if it does, the company could not estimate its timing. The world's largest direct seller of beauty products also reported lower-than-expected fourth-quarter revenue, as business fell in emerging markets that had been a source of growth for the beauty company as its North American business waned. During the quarter ended December 31, Avon, a direct seller of beauty products, sold 10 percent fewer items, and the size of its sales force shrank 5 percent after showing signs of stabilizing earlier in 2013.