Avon saw shares rise 1.7 percent after it announced its long-term financial targets and growth strategy through 2021, according to a report published by Nasdaq.

The company plans to return to growth via its Open Up Avon strategy, which will see it renovate the brand with new products and a strong digital presence, enhance e-commerce and revive its direct sales business by boosting representative numbers.

Some US$400 million will be shaved through efficiencies gained through the expansion of manufacturing and distribution, outsourcing and zero-based redesigning of office-based functions. At the same time, the company will invest some US$300 million into commercial and digital & IT infrastructure projects.

Avon is hoping to achieve low single digit growth and low double digit margin gains by 2021.