An ugly mess at a beauty firm

　　化妝品公司的丑陋亂局

　　YOU have got to go home tonight, Friday evening, and you have got to fire yourself, amanagement coach once told Andrea Jung, the boss of Avon, an American beauty firm.

　　美國化妝品公司雅芳的一位經理曾對老板鐘彬嫻女士說道： 你今晚必須回家，周五晚上，而且你必須辭職。

　　The idea was for her to come back to work the following Monday as if starting her job anew.

　　該想法是為了讓她能在下周一猶如重新開始工作一樣重返辦公室上班。

　　Alas, this brilliant tip was not enough.

　　唉，這個聰明絕頂的小建議并不能起到明顯作用。

　　As Avon s share price has wilted like mascara under a sunlamp, Ms Jung is being pushed outfor real.

　　當雅芳公司股價像日光燈下的睫毛膏一樣萎縮時，鐘彬嫻女士確實被推到風口浪尖。

　　On December 13th the firm announced that she will be replaced as chief executive.

　　12月13日，公司宣布鐘彬嫻將只擔任首席執行官一職。

　　The makeover will be gradual.

　　該變動將會是平緩的。

　　Ms Jung, who has run Avon since 1999, will stay on as chairman and help the board find anew boss.

　　鐘彬嫻自1999年來執掌雅芳，她將留著主席的位置上并幫助董事會找到新的主席。

　　It will be a tough job for anyone.

　　這對任何人來說都是棘手的。

　　Avon is the world s biggest direct-seller: an army of cheery salesfolk hawk its productsdoor-to-door.

　　雅芳是世界上最大的直銷公司：雅芳有一支熱情洋溢的銷售大軍，挨家挨戶的推銷產品。

　　The 125-year-old New York-based company has an annual revenue of over $10 billion andoperations in more than 100 countries.

　　總部坐落在紐約的雅芳已經有125年的歷史，年收入超過100億美元，

　　But it has stumbled badly of late.

　　經營范圍超過100個國家。

　　Its share price has fallen by 45% this year .

　　但是最近雅芳發展嚴重受阻，其股價今年已經下跌了45%。

　　Ms Jung had a glossy start at Avon, presiding oversix consecutive years of double-digit growth.

　　鐘彬嫻女士在雅芳上任伊始非常順利，代領雅芳連續六年創下增長率為兩位數的記錄。

　　Yet she failed to use these fat years to invest in the business.

　　但是她并沒有利用公司繁榮發展的這幾年對業務進行投資。

　　By 2005 the firm was looking blemished. Sales declined in major markets.

　　到2005年，公司發展出現問題，主要市場的銷量下滑，公司股價下跌。

　　The share price dropped. Ms Jung laid off 25% of senior staff and cut costs everywhereexcept for advertising and distribution.

　　鐘彬嫻解雇了25%的高級職員，并且全面消減除廣告和配送方面的成本。

　　Avon never really recovered.

　　雅芳從未真正恢復。

　　In March 2009 Ms Jung launched the biggest hiring drive in the company s history and nearlydoubled the marketing budget.

　　2009年3月，鐘彬嫻開始公司成立以來最大的招聘活動并且將營銷預算將近翻了一番。

　　She saw in the global economic crisis a chance to overtake Avon s rivals. It didn t work.

　　她在全球金融危機中看到打敗競爭對手的商機，但是卻失敗了。

　　Moreover, the company has spent more than $150m on an internal investigation of allegedcorruption among sales representatives in China and Latin America.Several have beendismissed.

　　而且，公司耗資1.5億美元對中國和拉美的銷售代表中所謂的貪污行為進行調查，一些銷售代表被解雇。

　　America s Securities and Exchange Commission is investigating, too.

　　美國證券交易委員會也進行調查。

　　If Avon is found guilty of anything, the penalties could be steep.

　　如果雅芳被判定有罪的話，那么處罰將會非常嚴重。

　　Some problems are beyond Avon s control. Brazil, a big market, is slowing down. Europe,which accounts for 28% of Avon s sales, is in crisis: it s hard to put lipstick on the PIGS.

　　有些問題是雅芳無法控制的。雅芳最大的市場巴西正不斷萎縮，為雅芳銷售額貢獻28%的歐洲市場正面臨債務危機：在溫飽問題未解決之前，很少有人考慮到美容等形象問題。

　　Avon is doing badly at home in America, too.

　　雅芳在美國本土的業績同樣非常糟糕。顧客們錙銖必較。

　　Shoppers are feeling Grinchy about pennies. And the non-beauty products that account for a hefty third of Avon s sales in America have lower margins thancosmetics.

　　而且占雅芳在美國銷售額高達三分之一的其他非美容產品比化妝品的利潤要低。

　　Other problems are self-inflicted. Avon made a mess of its new IT system in Brazil.

　　其他問題則是自身的原因。雅芳將其用于巴西新的信息技術系統搞得一團糟。

　　Its working capital is chewing up a third of its gross cashflow, mainly due to poor inventorymanagement.

　　由于糟糕的庫存管理，雅芳營運資本占現金流總量的三分之一。

　　If Avon reduced its working capital, it would have less trouble paying dividends, says ConnieManeaty of BMO Capital in New York.

　　位于紐約BMO Capital公司的Connie Maneaty說：如果雅芳減少運營資本，那么其支付股息的困難就會小很多。

　　It would also have more cash for acquisitions in fast-growing markets such as Vietnam orIndia.

　　同樣會有更多的現金用于諸如越南和印度等快速發展市場的兼并業務。

　　Many will be sorry to see Ms Jung tossed overboard.

　　很多人對鐘彬嫻被掃地出門深表遺憾。

　　As the Princeton-educated daughter of Chinese immigrants, she embodied the Americandream.

　　她畢業于普林斯頓大學，其父母是來自中國的移民，美國夢在她身上得以展現。

　　She was also a role model for women, in particular Avon s 6.5m sales representatives, mostof whom are female.

　　她也是女性學習的角色模范，特別是雅芳公司650萬銷售代表，大部分都是女性。

　　One reason why Avon wants her to stay as chairman is that she is popular with thesalesforce.

　　雅芳希望任命她為主席的原因之一就是她在銷售隊伍中頗受歡迎。

　　But Avon is ailing and needs an overhaul.

　　但是雅芳發展存在 詬病 ，現在需要徹底檢查。

　　A new boss will be a good start, says Ali Dibadj of Sanford C. Bernstein, a research firm.

　　研究公司Sanford C. Bernstein的Ali Dibadj認為，新的主席對雅芳來說將會是一個不錯的開局。

　　The list of possible candidates includes Ed Shirley, vice chairman of the beauty and groomingunit at Procter Gamble, an American consumer-goods giant, and Elizabeth Smith, whowas in line to succeed Ms Jung at Avon before leaving the company to take over as boss ofOSI Restaurant, a restaurant chain.

　　新主席的候選人中包括：美國日用消費品巨頭寶潔公司美容與裝飾部門的副總裁艾德雪莉，以及伊麗莎白?史密斯，她在離開雅芳之前是鐘彬嫻的繼任者、目前是OSI連鎖餐廳總裁。

　　Whoever gets the job, the changes required will be more than cosmetic.

　　不論是誰成為新的總裁，雅芳想要改變，化妝品是遠遠不夠的。

　　An ugly mess at a beauty firm

　　化妝品公司的丑陋亂局

　　YOU have got to go home tonight, Friday evening, and you have got to fire yourself, amanagement coach once told Andrea Jung, the boss of Avon, an American beauty firm.

　　美國化妝品公司雅芳的一位經理曾對老板鐘彬嫻女士說道： 你今晚必須回家，周五晚上，而且你必須辭職。

　　The idea was for her to come back to work the following Monday as if starting her job anew.

　　該想法是為了讓她能在下周一猶如重新開始工作一樣重返辦公室上班。

　　Alas, this brilliant tip was not enough.

　　唉，這個聰明絕頂的小建議并不能起到明顯作用。

　　As Avon s share price has wilted like mascara under a sunlamp, Ms Jung is being pushed outfor real.

　　當雅芳公司股價像日光燈下的睫毛膏一樣萎縮時，鐘彬嫻女士確實被推到風口浪尖。

　　On December 13th the firm announced that she will be replaced as chief executive.

　　12月13日，公司宣布鐘彬嫻將只擔任首席執行官一職。

　　The makeover will be gradual.

　　該變動將會是平緩的。

　　Ms Jung, who has run Avon since 1999, will stay on as chairman and help the board find anew boss.

　　鐘彬嫻自1999年來執掌雅芳，她將留著主席的位置上并幫助董事會找到新的主席。

　　It will be a tough job for anyone.

　　這對任何人來說都是棘手的。

　　Avon is the world s biggest direct-seller: an army of cheery salesfolk hawk its productsdoor-to-door.

　　雅芳是世界上最大的直銷公司：雅芳有一支熱情洋溢的銷售大軍，挨家挨戶的推銷產品。

　　The 125-year-old New York-based company has an annual revenue of over $10 billion andoperations in more than 100 countries.

　　總部坐落在紐約的雅芳已經有125年的歷史，年收入超過100億美元，

　　But it has stumbled badly of late.

　　經營范圍超過100個國家。

　　Its share price has fallen by 45% this year .

　　但是最近雅芳發展嚴重受阻，其股價今年已經下跌了45%。

　　Ms Jung had a glossy start at Avon, presiding oversix consecutive years of double-digit growth.

　　鐘彬嫻女士在雅芳上任伊始非常順利，代領雅芳連續六年創下增長率為兩位數的記錄。

　　Yet she failed to use these fat years to invest in the business.

　　但是她并沒有利用公司繁榮發展的這幾年對業務進行投資。

　　By 2005 the firm was looking blemished. Sales declined in major markets.

　　到2005年，公司發展出現問題，主要市場的銷量下滑，公司股價下跌。

　　The share price dropped. Ms Jung laid off 25% of senior staff and cut costs everywhereexcept for advertising and distribution.

　　鐘彬嫻解雇了25%的高級職員，并且全面消減除廣告和配送方面的成本。

　　Avon never really recovered.

　　雅芳從未真正恢復。

　　In March 2009 Ms Jung launched the biggest hiring drive in the company s history and nearlydoubled the marketing budget.

　　2009年3月，鐘彬嫻開始公司成立以來最大的招聘活動并且將營銷預算將近翻了一番。

　　She saw in the global economic crisis a chance to overtake Avon s rivals. It didn t work.

　　她在全球金融危機中看到打敗競爭對手的商機，但是卻失敗了。

　　Moreover, the company has spent more than $150m on an internal investigation of allegedcorruption among sales representatives in China and Latin America.Several have beendismissed.

　　而且，公司耗資1.5億美元對中國和拉美的銷售代表中所謂的貪污行為進行調查，一些銷售代表被解雇。

　　America s Securities and Exchange Commission is investigating, too.

　　美國證券交易委員會也進行調查。

　　If Avon is found guilty of anything, the penalties could be steep.

　　如果雅芳被判定有罪的話，那么處罰將會非常嚴重。

　　Some problems are beyond Avon s control. Brazil, a big market, is slowing down. Europe,which accounts for 28% of Avon s sales, is in crisis: it s hard to put lipstick on the PIGS.

　　有些問題是雅芳無法控制的。雅芳最大的市場巴西正不斷萎縮，為雅芳銷售額貢獻28%的歐洲市場正面臨債務危機：在溫飽問題未解決之前，很少有人考慮到美容等形象問題。

　　Avon is doing badly at home in America, too.

　　雅芳在美國本土的業績同樣非常糟糕。顧客們錙銖必較。

　　Shoppers are feeling Grinchy about pennies. And the non-beauty products that account for a hefty third of Avon s sales in America have lower margins thancosmetics.

　　而且占雅芳在美國銷售額高達三分之一的其他非美容產品比化妝品的利潤要低。

　　Other problems are self-inflicted. Avon made a mess of its new IT system in Brazil.

　　其他問題則是自身的原因。雅芳將其用于巴西新的信息技術系統搞得一團糟。

　　Its working capital is chewing up a third of its gross cashflow, mainly due to poor inventorymanagement.

　　由于糟糕的庫存管理，雅芳營運資本占現金流總量的三分之一。

　　If Avon reduced its working capital, it would have less trouble paying dividends, says ConnieManeaty of BMO Capital in New York.

　　位于紐約BMO Capital公司的Connie Maneaty說：如果雅芳減少運營資本，那么其支付股息的困難就會小很多。

　　It would also have more cash for acquisitions in fast-growing markets such as Vietnam orIndia.

　　同樣會有更多的現金用于諸如越南和印度等快速發展市場的兼并業務。

　　Many will be sorry to see Ms Jung tossed overboard.

　　很多人對鐘彬嫻被掃地出門深表遺憾。

　　As the Princeton-educated daughter of Chinese immigrants, she embodied the Americandream.

　　她畢業于普林斯頓大學，其父母是來自中國的移民，美國夢在她身上得以展現。

　　She was also a role model for women, in particular Avon s 6.5m sales representatives, mostof whom are female.

　　她也是女性學習的角色模范，特別是雅芳公司650萬銷售代表，大部分都是女性。

　　One reason why Avon wants her to stay as chairman is that she is popular with thesalesforce.

　　雅芳希望任命她為主席的原因之一就是她在銷售隊伍中頗受歡迎。

　　But Avon is ailing and needs an overhaul.

　　但是雅芳發展存在 詬病 ，現在需要徹底檢查。

　　A new boss will be a good start, says Ali Dibadj of Sanford C. Bernstein, a research firm.

　　研究公司Sanford C. Bernstein的Ali Dibadj認為，新的主席對雅芳來說將會是一個不錯的開局。

　　The list of possible candidates includes Ed Shirley, vice chairman of the beauty and groomingunit at Procter Gamble, an American consumer-goods giant, and Elizabeth Smith, whowas in line to succeed Ms Jung at Avon before leaving the company to take over as boss ofOSI Restaurant, a restaurant chain.

　　新主席的候選人中包括：美國日用消費品巨頭寶潔公司美容與裝飾部門的副總裁艾德雪莉，以及伊麗莎白?史密斯，她在離開雅芳之前是鐘彬嫻的繼任者、目前是OSI連鎖餐廳總裁。

　　Whoever gets the job, the changes required will be more than cosmetic.

　　不論是誰成為新的總裁，雅芳想要改變，化妝品是遠遠不夠的。