Avon Budgets RM100m Micro Credit Loans
Friday, March 18, 2011
Avon Cosmetics (Malaysia) Sdn Bhd, the largest direct selling cosmetics company in Malaysia, allocates micro credit loans of RM100 million annually to provide business opportunities, especially for women.
“Through the Avon micro credit loans financing, we provide loans of between RM1,000 to RM70,000 to distributors without a deposit or interest,” said Avon president Malaysia, Thailand, Vietnam and Indonesia, Mansoor Wan Abdullah.
He was speaking to reporters after an exclusive visit to the Avon Malaysia headquarters here in conjunction with Avon’s recent 125th anniversary.
The loans facility, introduced ten years ago, has bad debts of less than one per cent.
“This is a commendable achievement and represents a good benchmark for the credibility of women in small businesses in the country and they appreciate the loans given,” he said.
Last year, Avon Malaysia recorded sales of RM400 million and it was RM370 million previously. To date, the company has 179 franchises and 480,000 active dealers throughout Malaysia.
Avon Malaysia has also achieved an average sales growth rate of 10 per cent over the past ten years.
“This year, we have target to add ten more franchises with an estimated investment of between RM120,000 and RM150,000 each.
“We also plan to increase the number of dealers to 500,000 this year,” said Mansoor.
Avon Malaysia will be launching its online booking system, e-Brochure this October.
Avon is now top ranked in the fragrance segment and among the top five cosmetic choices in Malaysia, attracting between five to eight million users, from 18 to 55.–Bernama