CONFORMED COPY

                            FORM 10-K

                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

        [x] Annual Report Pursuant to Section 13 or 15(d)
            of the Securities Exchange Act of 1934

          For the fiscal year ended December 31, 1998

                               OR

      [ ] Transition Report Pursuant to Section 13 or 15(d)
              of the Securities Exchange Act of 1934
            For the transition period from_____to_____ 

                 Commission file number 1-4881

                       AVON PRODUCTS, INC.
   ------------------------------------------------------
   (Exact name of registrant as specified in its charter)

         New York                        13-0544597         
- ---------------------------------------------------------
(State or other jurisdiction of       (I.R.S. Employer  
incorporation or organization)        Identification No.)


       1345 Avenue of the Americas, New York, N.Y.  10105-0196
            (New address of principal executive offices)
                        (212) 282-5000
                      (Telephone number)

Securities registered pursuant to Section 12(b) of the Act:


                                        Name of each exchange on
         Title of each class            which registered
- ----------------------------------------------------------------
    Common stock (par value $.25)       New York Stock Exchange
    Preferred Share Purchase Rights     New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:  None




Indicate by check mark whether the registrant (1) has filed all 
reports required to be filed by Section 13 or 15(d) of the Securities 
Exchange Act of 1934 during the preceding 12 months (or for such 
shorter period that the registrant was required to file such reports), 
and (2) has been subject to such filing requirements for the
past 90 days.                     Yes X         No      

Indicate by check mark if disclosure of delinquent filers pursuant to 
Item 405 of Regulation S-K is not contained herein, and will not be 
contained, to the best of registrant's knowledge, in definitive proxy 
or information statements incorporated by reference in Part III of 
this Form 10-K or any amendment to this Form 10-K. [ ].

     The aggregate market value of Common Stock (par value $.25) held 
by non-affiliates at January 31, 1999 was $9.7 billion.

     The number of shares of Common Stock (par value $.25) outstanding 
at January 31, 1999 was 261,901,384.


Documents Incorporated by Reference

Parts I and II     Portions of the 1998 Annual Report to Shareholders.
Part III           Portions of the Proxy Statement for the 1999 Annual
                   Meeting of Shareholders.

1


PART I

ITEM 1. BUSINESS

     Certain statements in this report which are not historical facts or 
information are forward-looking statements within the meaning of the 
Private Securities Litigation Reform Act of 1995, including, but not 
limited to, the information set forth herein.  Such forward-looking 
statements involve known and unknown risks, uncertainties and other 
factors which may cause the actual results, levels of activity, 
performance or achievement of Avon Products, Inc. ("Avon" or the 
"Company"), or industry results, to be materially different from any 
future results, levels of activity, performance or achievement expressed 
or implied by such forward-looking statements.  Such factors include, 
among others, the following:  general economic and business conditions; 
the ability of the Company to implement its business strategy; the 
Company's access to financing and its management of foreign currency 
risks; the Company's ability to successfully identify new business 
opportunities; the Company's ability to attract and retain key 
executives; the Company's ability to achieve anticipated cost savings and 
profitability targets; the impact of substantial currency exchange 
devaluations in the Company's principal foreign markets; changes in the 
industry; competition; the effect of regulatory and legal restrictions 
imposed by foreign governments; the effect of regulatory and legal 
proceedings and other factors as discussed in Item 1 of this Form 10-K.  
As a result of the foregoing and other factors, no assurance can be given 
as to the future results and achievements of the Company.  Neither the 
Company nor any other person assumes responsibility for the accuracy and 
completeness of these statements.

General

     The Company is one of the world's leading manufacturers and 
marketers of beauty and related products, which include cosmetics, 
fragrance and toiletries (CFT); gift and decorative; apparel; and fashion 
jewelry and accessories. Avon commenced operations in 1886 and was 
incorporated in the State of New York on January 27, 1916. Avon's 
business is comprised of one industry segment, direct selling, with 
worldwide operations. The Company's reportable segments are based on 
geographic operations.  Financial information relating to the reportable 
segments is incorporated by reference to the analysis of net sales and 
operating profit by geographic area, and to Note 11 of the Notes to the 
Consolidated Financial Statements, on pages 32 and 57, respectively, in 
Avon's 1998 Annual Report to Shareholders.

Business Process Redesign

     On October 23, 1997, the Company announced that it raised its long-
term growth targets for sales and earnings per share and that it expects
 to record special charges in connection with a major business redesign 
- -1-

2

program.  Commencing in 1998, the long-term target for sales growth has
been raised to 8-10% compounded annually, and its target for earnings 
per share growth has been raised to 16-18% annually.  Previously, the
Company targeted long-term sales growth of 6-8% and long-term earnings 
per share growth of 13-15%.  The higher targets come largely as a result 
of initiatives currently underway and others under review intended to 
reduce costs by up to $400.0 million a year by 2000, with approximately 
$200.0 million of the savings being reinvested concurrently in 
advertising and marketing programs to boost sales.  In the first quarter 
of 1998, the Company recorded $108.4 million pretax of such one-time charges 
($84.2 million after tax, or $.32 per share on a basic and diluted basis) in 
connection with the business process redesign program.  Slightly more 
than half of the total pretax charges in the first quarter were to be 
cash related with payments in 1998 and 1999.  In the third quarter of 
1998, the Company recorded additional special charges for business 
redesign efforts totaling $46.0 million pretax ($38.6 million after tax, or
 $.14 per share on a basic and diluted basis).  Approximately 70% of the third 
quarter pretax charges were to be cash related with payments in 1998 and 
At December 31, 1998, the remaining liability balance was $28.5 million
and relates primarily to severance costs that will be paid during 1999.  
The Company expects to record additional one-time charges in 1999 as 
plans are finalized.

Global Business Strategy

     Business Process Redesign programs will continue to free 
resources to fund strategic growth initiatives and drive earnings.  
Organizationally, the Company will also continue to leverage economies 
of scale in critical functional areas in order to fully resource these 
strategies.  Avon's global strategies are primarily focused on the 
following key growth initiatives:

     International Expansion

     Avon is one of the most widely recognized brand names in the 
world.  The Company is particularly well positioned to capitalize on 
growth in new international markets due to high demand for quality 
products, underdeveloped retail infrastructures and relatively 
attractive earnings opportunity for women.  The Company presently has 
operations in 45 countries outside the U.S. and its products are 
distributed in 89 more, for coverage in 135 markets and it continues 
to expand into new markets.  The Company has entered 19 new markets 
since 1990, including Russia and China and rapidly emerging nations 
throughout Central Europe, and is currently evaluating several other 
markets in Eastern Europe and Asia Pacific.

     Direct Selling Contemporization

     The Company continues to revitalize its direct selling channel, 
enabling the Company to reach women quickly and efficiently by 
offering Representatives training, support and earnings opportunities. 

- -2-

3

In addition to new leadership, sales training and communication 
programs, the Company is planning to increase its leveraging of new 
technology such as the Internet to improve customer service, offer 
electronic ordering and provide Representatives ways to give instant 
feedback.  As the first major beauty company to enable consumer 
purchases on line in 1997, the site now attracts 300,000 visitors per 
month.  Additionally, Avon annually produces more than 600 million 
brochures in a dozen languages, utilizing common imagery and layouts 
from a single global database to enhance global beauty image.

     Avon's beauty strategy provides for product excellence in CFT 
brands and the introduction of new products that complement this core 
beauty business.  In 1996 and 1997, the Company had outstanding 
success with Barbie dolls, designed exclusively for Avon, making it 
the Company's best selling gift product ever.  The relationship with 
Mattel, which supplies the Barbie dolls, was expanded in 1997 to 
include additional products.  This array of products, available 
through the direct selling channel, increases earnings opportunities 
and presents a consistent beauty image to consumers across a broad 
product line.

     Complementary Access and Image Enhancement

     To accelerate growth in established industrial nations such as 
the U.S., Western Europe and Japan, the Company has developed new 
channels to reach more customers and improve access to its products 
through Avon Beauty Centers and Express Centers in the U.S., toll-free 
telephone numbers, direct mail and "on line" shopping via the internet 
on Avon's web site, Avon.com.  Avon Beauty Centers, located in urban 
malls across the U.S., are designed to display an upscale beauty 
image, showcase the Company's beauty brands and encourage customer 
trial of product.  Avon Express Centers also provide easy access to 
products and allow Representatives to fill orders immediately, rather 
than waiting for campaign deliveries.  In 1999, Avon intends to 
implement a more integrated Internet strategy to focus on improving 
access and accelerating growth.  These complementary access programs 
will further increase Avon's brand awareness and drive global beauty 
image.

     Strategies to increase the number of "fixed locations" that sell 
Avon products also help reach new customers in the Pacific Region.  
For example, the Philippines, India and Indonesia use decentralized 
branches and satellite stores to serve Representatives and customers.  
Representatives come to a branch near their homes to place and pick up 
product orders for their customers.  The branches also create 



                                   -3-

4

visibility for Avon with consumers and help build the Company's beauty 
image.  Additionally, in Malaysia, Avon has 145 franchised beauty 
boutiques, which are staffed by franchise Representatives and located 
in areas with high concentrations of Representatives.  The boutiques 
provide more direct and personal service to Representatives and their 
customers.

     The Company continues to update the image of its core beauty 
products and its portfolio of global beauty brands.  In the past four 
years, CFT products have all undergone extensive upgrades in 
packaging, imaging and formulations, consistent with the global brands 
strategy.  These contemporary products project a consistent, high 
quality image in all markets and include brands such as Anew, Skin-So-
Soft, Avon Color, Far Away, Rare Gold, Natori, Millennia, Josie, 
Starring, Avon Skin Care and Women of Earth.  Global brands are 
growing rapidly as a percentage of the Company's worldwide CFT 
business and in 1998 and 1997, they accounted for 47% and 39%, 
respectively, of core beauty sales.  The development of global brands 
has also enabled the Company to deliver a consistent beauty image 
around the world, as well as improve margins through pricing and 
supply chain efficiencies.  Avon is also marketing a more vibrant 
beauty image through increased advertising and research and 
development spending and image-building programs focused on the 
consumer.  

     In 1998, the Company's most dramatic move in image enhancement 
came with the opening of the Avon Centre, a spa, salon and retail 
store located in Trump Tower, New York City.  The Avon Centre 
emphasizes health and beauty and offers a selection of Avon beauty 
products created exclusively for use at the Avon Centre.

     Through these strategic initiatives designed to focus on high-
quality, affordable products, as well as convenience for the customer, 
Avon is not only positioned for continued growth but also 
strengthening its image.

Distribution

     Avon's products are sold worldwide by approximately 2.8 million 
Representatives, approximately 445,000 of whom are in the United 
States. Almost all Representatives are women who sell on a part-time 
basis. Representatives are independent contractors or independent 
dealers, and are not agents or employees of Avon. Representatives 
purchase products directly from Avon and sell them directly to their 
customers.

     The Company's products are sold to customers through a 
combination of direct selling and marketing utilizing independent 



                                    -4-

5

Representatives, Avon Beauty Centers, Express Centers in urban areas, 
the mail, phone, fax or "on-line". Representatives go where the 
customers are, both in the home and in the workplace.

     In the United States, the Representative contacts customers, 
selling primarily through the use of brochures which also highlight 
new products and specially priced items for each two-week sales 
campaign. Product samples, demonstration products and selling aids 
such as make-up color charts are also used. Generally, the 
Representative forwards an order every two weeks to a designated 
distribution center. This order is processed and the products are 
assembled at the distribution center and delivered to the 
Representative's home, usually by a local delivery service. The 
Representative then delivers the merchandise and collects payment from 
the customer for their own account. Payment by the Representative to 
Avon is customarily made when the next order is forwarded to the 
distribution center. The cost of merchandise to the Representative 
varies according to the product category and/or to the total order 
size for each two-week sales campaign and averages approximately 60 
percent of the recommended selling price.

     Avon employs certain electronic order systems to increase 
Representative support in the United States and allow them to run 
their business more efficiently as well as to improve order processing 
accuracy.  One of these systems permits Representatives to submit add-
on orders with a touch-tone telephone, enabling them to augment orders 
already submitted by placing a phone call. Another system, Avon's 
Personal Order Entry Terminal, permits the top-producing 
Representatives in the United States to transmit orders electronically 
by phone line, 24 hours a day, seven days a week.

     Outside the United States, each sales campaign is generally of a 
three or four week duration. Although terms of payment and cost of 
merchandise to the Representative vary from country to country, the
basic method of direct selling and marketing by Representatives is
essentially the same as that used in the United States, and 
substantially the same merchandising and promotional techniques are 
utilized.

The recruiting and training of Representatives are the primary 
responsibilities of district managers. In the United States, each 
district manager has responsibility for a market area covered by 225
to 300 Representatives. District managers are employees of Avon and 
are paid a salary and a sales incentive based primarily on the 
increase over the prior year's sales of Avon products by 
Representatives in their district.  Personal contacts, including 
recommendations from current Representatives and local advertising, 



                                    -5-

6

constitute the primary means of obtaining new Representatives. Because 
of the high rate of turnover among Representatives, a characteristic 
of the direct-selling method, recruiting and training of new 
Representatives are continually necessary.

     From time to time, the question of the legal status of 
Representatives has arisen, usually in regard to possible coverage 
under social benefit laws that would require Avon (and in most 
instances, the Representatives) to make regular contributions to 
social benefit funds. Although Avon has generally been able to address 
these questions in a satisfactory manner, the matter has not been 
fully resolved in all countries. If there should be a final 
determination adverse to Avon in a country, the cost for future, and 
possibly past, contributions could be so substantial in the context of 
the volume of business of Avon in that country that it would have to 
consider discontinuing operations in that country.

Promotion and Marketing

     Sales promotion and sales development activities are directed 
toward giving selling assistance to the Representatives through sales 
aids such as brochures, product samples and demonstration products. In 
order to support the efforts of Representatives to reach new 
customers, especially working women and other individuals who 
frequently are not at home, specially designed sales aids, promotional 
pieces, customer flyers and product and image enhancing media 
advertising are used. In addition, Avon seeks to motivate its 
Representatives through the use of special incentive programs that 
reward superior sales performance. Periodic sales meetings with 
Representatives are conducted by the district manager. The meetings 
are designed to keep Representatives abreast of product line changes, 
explain sales techniques and provide recognition for sales 
performance.

     A number of merchandising techniques, including the introduction 
of new products, the use of combination offers, the use of trial sizes 
and the promotion of products packaged as gift items, are used. In 
general for each sales campaign, a distinctive brochure is published, 
in which new products are introduced and selected items are offered at 
special prices or are given particular prominence in the brochure. CFT 
products are available each sales campaign at consistently low prices, 
while maintaining introductory specials and periodic sales on selected 
items for limited time periods.

From time to time, various regulations or laws have been proposed 
or adopted that would, in general, restrict the frequency, duration or 
volume of sales resulting from new product introductions, special 
prices or other special price offers. The Company's pricing 
flexibility and broad product lines are expected to be able to 
mitigate the effect of these regulations.
                                    -6-

7

Competitive Conditions

     The CFT; gift and decorative; apparel; and fashion jewelry and 
accessory industries are highly competitive. Avon is one of the 
leading manufacturers and distributors of cosmetics and fragrances in 
the United States. Its principal competitors are the large and well-
known cosmetics and fragrances companies that manufacture and sell 
broad product lines through various types of retail establishments. 
There are many other companies that compete in particular products or 
product lines sold through retail establishments.

     Avon has many competitors in the gift and decorative products and 
apparel industries in the United States, including retail 
establishments, principally department stores, gift shops and direct-
mail companies, specializing in these products.

     Avon is one of the leading distributors of fashion jewelry and 
accessories for women in the United States. Its principal competition 
in the fashion jewelry industry consists of a few large companies and 
many small companies that manufacture and sell fashion jewelry for 
women through retail establishments.

     The number of competitors and degree of competition that Avon 
faces in its foreign CFT and fashion jewelry markets varies widely 
from country to country. Avon is one of the leading manufacturers and 
distributors in the CFT industry in most of its foreign markets, as 
well as in the fashion jewelry industry in Europe.

     There are a number of direct-selling companies which sell product 
lines similar to Avon's, some of which also have worldwide operations 
and compete with Avon.

Avon believes that the personalized customer service offered by 
Representatives; the high quality, attractive designs and reasonable 
prices of its products; new product introductions; and its guarantee
of satisfaction are significant factors in establishing and 
maintaining its competitive position.












                                    -7-

8


Avon's consolidated net sales, by classes of principal products, 
are as follows:

                                              Years ended December 31
                                             1998      1997      1996
                                                  (In millions)      

Cosmetics, fragrance and toiletries...   $3,181.6  $3,093.9  $2,946.8
Gift and decorative...................... 1,050.6   1,049.7     934.1
Apparel.....................................572.0     565.6     556.3
Fashion jewelry and accessories.........    408.5     370.2     377.0
                                         $5,212.7  $5,079.4  $4,814.2

International Operations

     Avon's international operations are subject to certain customary 
risks inherent in carrying on business abroad, including the risk of 
adverse currency fluctuations, currency remittance restrictions and 
unfavorable economic and political conditions.

     Avon's international operations are conducted primarily through 
subsidiaries in 45 countries and Avon's products are distributed in 
some 89 other countries. 

Manufacturing

     Avon manufactures and packages almost all of its CFT products. 
Raw materials, consisting chiefly of essential oils, chemicals, 
containers and packaging components, are purchased from various 
suppliers. Packages, consisting of containers and packaging 
components, are designed by its staff of artists and designers.  

     The design and development of new products are affected by the 
cost and availability of materials such as glass, plastics and 
chemicals. Avon believes that it can continue to obtain sufficient raw 
materials and supplies to manufacture and produce its products.

     Avon has eighteen manufacturing laboratories around the world, 
two of which are principally devoted to the manufacture of fashion 
jewelry. In the United States, Avon's CFT products are produced in 
three manufacturing laboratories for the four distribution centers and 
all Beauty and Express centers.  Most products sold in foreign 
countries are manufactured in Avon's facilities abroad.

The fashion jewelry line is generally developed by Avon's staff 





                                    -8-

9

and produced in its two manufacturing laboratories, one in Puerto Rico 
and one in Ireland, or by several independent manufacturers.

Trademarks and Patents

     Avon's business is not materially dependent on third party patent 
or other intellectual property rights and Avon is not a party to any 
material license, franchise or concession.  The Company, however, does 
seek to protect its key proprietary technologies by aggressively 
pursuing comprehensive patent coverage in all major markets.

     Avon's major trademarks are protected by registration in the 
United States and the other countries where its products are marketed 
as well as in many other countries throughout the world.

Contingencies

     Although Avon has completed its divestiture of all discontinued 
operations, various lawsuits and claims (asserted and unasserted), are 
pending or threatened against Avon. The Company is also involved in a 
number of proceedings arising out of the federal Superfund law and 
similar state laws. In some instances Avon, along with other 
companies, has been designated as a potentially responsible party 
which may be liable for costs associated with these various hazardous 
waste sites. In the opinion of Avon's management, based on its review 
of the information available at this time, the difference, if any, 
between the total cost of resolving such contingencies and reserves 
recorded by Avon at December 31, 1998 should not have a material 
adverse impact on Avon's consolidated financial position, results of 
operations or cash flows.

SEASONAL NATURE OF BUSINESS

     Avon's sales and earnings have a marked seasonal pattern 
characteristic of many companies selling CFT; 
gift and decorative products; apparel; and fashion 
jewelry. Christmas sales cause a sales peak in the fourth quarter of 
the year. Fourth quarter net sales were 30 percent of total net sales 
in both 1998 and 1997, respectively, and before one-time charges, 
fourth quarter operating profit was 37 percent and 36 percent 
of total operating profit in 1998 and 1997, respectively.

RESEARCH ACTIVITIES

     Avon's research and development department is a leader in the 
industry, based on the number of new product launches, including 
formulating effective beauty treatments relevant to women's needs.  In 



                                    -9-

10

addition, Avon's research and development supports its environmental 
responsibilities.

     A team of researchers and technicians apply the disciplines of 
science to the practical aspects of bringing products to market around 
the world. Relationships with well known dermatologists and other 
specialists extends Avon's own research to deliver new formulas and 
ingredients. Each year, Avon researchers test and develop more than 
600 products in the CFT and jewelry categories as well as analyze, 
evaluate and develop gift and decorative products.

     Avon has pioneered many innovative products, including Skin-So-
Soft, its best-selling bath oil; BioAdvance, the first skin care 
product with stabilized retinol, the purest form of Vitamin A; and 
Collagen Booster, the premier product to capitalize on Vitamin C 
technology. Avon also introduced the benefits of aromatherapy to 
millions of American women, encapsulated color for the Color-Release 
line and introduced alpha-hydroxy acid for cosmetic use in the Anew 
Perfecting Complex products.  Today, Avon's Anew product line has been 
expanded to include technologically advanced products such as Retinol 
Recovery Complex PM Treatment and Night Force Vertical Lifting 
Complex.  Night Force employs a patent-pending material named AVC10, a 
molecule that was engineered by Avon researchers over a three-year 
period.

     The amounts incurred on research activities relating to the 
development of new products and the improvement of existing products 
were $31.4 million in 1998, $29.9 million in 1997, and $30.2 million 
in 1996. This research included the activities of product research and 
development and package design and development. Most of these 
activities are related to the development of CFT products.

ENVIRONMENTAL MATTERS

     Pursuant to Avon's global environmental policy, environmental 
audits are conducted to ensure Avon facilities around the world meet 
or exceed local regulatory standards.  A corporate environmental 
operations committee ensures that opportunities for environmental 
performance improvements are reflected in our products, packaging and 
manufacturing processes.

     In general, compliance with environmental regulations impacting 
Avon's global operations has not had, and is not anticipated to have, 
any material effect upon the capital expenditures, financial position 
or competitive position of Avon.






                                    -10-

11

EMPLOYEES

     At December 31, 1998, Avon employed 33,900 people. Of these, 
8,000 were employed in the United States and 25,900 in other 
countries. The number of employees tends to rise from a low point in 
January to a high point in November and decreases somewhat in December 
when Christmas shipments are completed.

ITEM 2. PROPERTIES

     Avon's principal properties consist of manufacturing laboratories 
for the production of CFT and fashion jewelry and distribution centers 
where offices are located and where finished merchandise is warehoused 
and shipped to Representatives in fulfillment of their orders. 
Substantially all of these properties are owned by Avon or its 
subsidiaries, are in good repair, adequately meet Avon's needs and 
operate at reasonable levels of productive capacity.

     The domestic manufacturing laboratories are located in Morton 
Grove, IL; Springdale, OH; and Suffern, NY; the distribution centers 
are located in Atlanta, GA; Glenview, IL; Newark, DE; and Pasadena, 
CA.  Other properties include four manufacturing laboratories, 
including a fashion jewelry manufacturing laboratory in Ireland, and 
ten distribution centers in Europe; five manufacturing laboratories 
and nine distribution centers in Latin America; one manufacturing and 
three distribution centers in North America (other than in the U.S.); 
and four manufacturing laboratories and ten distribution centers in 
the Pacific region.  The research and development laboratories are 
located in Suffern, NY. Avon leases space for its executive and 
administrative offices in New York City and its fashion jewelry 
manufacturing facility in Puerto Rico. 

ITEM 3. LEGAL PROCEEDINGS

     Various lawsuits and claims (asserted and unasserted), arising in 
the ordinary course of business or related to businesses previously 
sold, are pending or threatened against Avon.

     In 1991, a class action lawsuit was initiated against Avon on 
behalf of certain classes of holders of Avon's Preferred Equity-
Redemption Cumulative Stock ("PERCS"). This lawsuit alleges various 
contract and securities law claims relating to the PERCS (which were 
fully redeemed that year). Avon has rejected the assertions in this 
case, believes it has meritorious defenses to the claims and is 
vigorously contesting this lawsuit.





                                   -11-

12

     In the opinion of Avon's management, based on its review of the 
information available at this time, the difference, if any, between 
the total cost of resolving such contingencies and reserves recorded 
by Avon at December 31, 1998 should not have a material adverse impact 
on Avon's consolidated financial position, results of operations or 
cash flows.

     Avon is involved in a number of proceedings arising out of the 
federal Superfund law and similar state laws. In some instances Avon, 
along with other companies, has been designated as a potentially 
responsible party which may be liable for costs associated with these 
various hazardous waste sites. Based upon Avon's current knowledge of 
the proceedings, management believes, without taking into 
consideration any insurance recoveries, if any, that in the aggregate 
they would not have a material adverse impact on Avon's consolidated 
financial position, results of operations or cash flows.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were submitted to a vote of security holders during 
the quarter ended December 31, 1998.
___________________
Executive Officers of the Registrant

     Officers are elected by the Board of Directors at its first 
meeting following the Annual Meeting of Shareholders. Officers serve 
until the first meeting of the Board of Directors following the Annual 
Meeting of Shareholders at which Directors are elected for the 
succeeding year, or until their successors are elected, except in the 
event of death, resignation or removal, or the earlier termination of 
the term of office.

     Information regarding employment contracts between Avon and named 
executive officers is incorporated by reference to the "Contracts with 
Executives" section of Avon's Proxy Statement for the 1999 Annual 
Meeting of Shareholders.

Listed below are the executive officers of Avon, each of whom (except 
as noted) has served in various executive and operating capacities 
with Avon during the past five years:
                                                                 Elected
Title                                       Name          Age    Officer

Chairman of the Board and Director .. James E. Preston     65     1971

Chief Executive Officer and Director  Charles R. Perrin    53     1998(1)

President, 
Chief Operating Officer and Director..Andrea Jung          40     1997(2)

                                    -12-

13

Executive Vice President and Director.Susan J. Kropf       50     1997
Executive Vice Presidents.............Jose Ferreira        42     1997
                                      Fernando Lezama      59     1997
Executive Vice President and  
  Chief Financial Officer. ...........Robert J. Corti      49     1988
Senior Vice President, General Counsel
  and Secretary.......................Ward M. Miller, Jr.  66     1993
Senior Vice President.................Jill Kanin-Lovers    47     1998(3)
Vice President and Controller.........Janice Marolda       38     1998(4)

(1)  Charles R. Perrin joined Avon as Vice Chairman and Chief    
Operating Officer in January 1998 and was later elected Chief 
Executive Officer, effective July 1, 1998.  Mr. Perrin has been a 
member of Avon's Board of Directors since May 1996.  Prior to 
joining Avon, he was Chairman and Chief Executive Officer of 
Duracell International Inc. from 1994 until 1996.  He joined 
Duracell in 1985 as President of its U.S. business and was named 
President and Chief Operating Officer in 1992.

(2) Andrea Jung was elected President in January 1998 and was later 
elected Chief Operating Officer, succeeding Mr. Perrin in that 
capacity, effective July 1, 1998.  Ms. Jung joined Avon in 
January 1994 as President, Product Marketing and was promoted to 
Executive Vice President, Global Marketing and New Business in 
March 1997.  

(3) Jill Kanin-Lovers joined Avon as Senior Vice President, Human 
Resources, effective October 1, 1998.  Prior to joining Avon, Ms. 
Kanin-Lovers was Vice President, Global Operations Human 
Resources at IBM and Senior Vice President, Worldwide 
Compensation and Benefits Services at American Express. 

(4) Janice Marolda was elected Vice President and Controller in June 
1998.  Ms. Marolda has been with Avon for thirteen years, in both 
the U.S. and Global organizations.

PART II

ITEM 5. MARKET FOR THE REGISTRANTS COMMON EQUITY AND RELATED
        STOCKHOLDER MATTERS

     This information is incorporated by reference to "Market Prices 
per share of Common Stock by Quarter" on page 43 of Avon's 1998 Annual 
Report to Shareholders.


                                    -13-

14

ITEM 6. SELECTED FINANCIAL DATA

     The information for the five-year period 1994 through 1998 is 
incorporated by reference to the "Eleven-Year Review" on pages 61 and 
62 of Avon's 1998 Annual Report to Shareholders.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
        OPERATIONS AND FINANCIAL CONDITION

     This information is incorporated by reference to "Management's 
Discussion and Analysis" on pages 30 through 42 of Avon's 1998 Annual 
Report to Shareholders.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     See discussion under the heading "Risk Management Strategies and 
Market Rate Sensitive Instruments" on page 39 and Note 7 on page 52 of 
Avon's 1998 Annual Report to Shareholders for information concerning 
market risk sensitive instruments.  Such information is incorporated 
by reference in this Form 10-K.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     This information is incorporated by reference to the 
"Consolidated Financial Statements and Notes" on pages 44 through 59, 
together with the report thereon of PricewaterhouseCoopers LLP, on 
page 60, and "Results of Operations by Quarter" on page 43 of Avon's 
1998 Annual Report to Shareholders.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
        ACCOUNTING AND FINANCIAL DISCLOSURE

     Not applicable.


PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     Information regarding directors is incorporated by reference to 
the "Election of Directors" and "Information Concerning the Board of 
Directors" sections of Avon's Proxy Statement for the 1999 Annual 
Meeting of Shareholders. Information regarding executive officers is 
presented in Part I of this report. 

ITEM 11. EXECUTIVE COMPENSATION

     This information is incorporated by reference to the "Information 
Concerning the Board of Directors" and "Executive Compensation"

                                    -14-

15

sections of Avon's Proxy Statement for the 1999 Annual Meeting of 
Shareholders.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND 
MANAGEMENT

     This information is incorporated by reference to the "Ownership 
of Shares" section of Avon's Proxy Statement for the 1999 Annual 
Meeting of Shareholders.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     This information is incorporated by reference to  the "Contracts 
with Executives" section of Avon's Proxy Statement for the 1999 Annual 
Meeting of Shareholders.

PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS
         ON FORM 8-K
                                                  Annual
                                                  Report to
                                                  Shareholders     Form 10-K
                                                  Page Number     Page Number

(a) 1. Consolidated Financial Statements of
         Avon Products, Inc. and Subsidiaries

         Consolidated statements of income for
            each of the years in the three-year
            period ended December 31, 1998........     44
         Consolidated balance sheets at
           December 31, 1998 and 1997.............     45
         Consolidated statements of cash flows
           for each of the years in the three-year
           period ended December 31, 1998.........     46
         Consolidated statements of changes in
           shareholders' equity for each of
           the years in the three-year period
           ended December 31, 1998................     47
         Notes to consolidated financial
           statements.............................  48-59
         Report of Independent Accountants
           PricewaterhouseCoopers LLP.............     60





                                    -15-

16

(a) 2. Financial Statement Schedule

         Report of Independent Accountants on Financial Statement Schedule
           PricewaterhouseCoopers LLP                                S-1
         Consent of Independent Accountants
            PricewaterhouseCoopers LLP                               S-2
         Financial statement schedule for each
           of the years in the three-year period
           ended December 31, 1998...............
                    II.  Valuation and qualifying
                           accounts.............                     S-3




                                -16-


17

Financial statements of the registrant and all other financial 
statement schedules are omitted because they are not applicable or 
because the required information is shown in the consolidated 
financial statements and notes.

(a)3.  Exhibits

Exhibit
Number                              Description

3.1    Restated Certificate of Incorporation of Avon, filed with the 
Secretary of State of the State of New York on May 13, 1996 
(incorporated by reference to Exhibit 3.1 to Avon's Quarterly 
Report on Form 10-Q for the quarter ended June 30, 1996).

3.2    By-laws of Avon, as restated, effective June 6, 1996 
(incorporated by reference to Exhibit 3.2 to Avon's Quarterly 
Report on Form 10-Q for the quarter ended June 30, 1996).

3.3    Certificate of Amendment of the Certificate of Incorporation of 
Avon Products, Inc., filed May 13, 1998 (incorporated by 
reference to Exhibit 3.3 to Avon's Quarterly Report on Form 10-Q 
for the quarter ended March 30, 1998).

4.1    Amended and Restated Revolving Credit and Competitive Advance 
Facility Agreement, dated as of August 8, 1996, among Avon, Avon 
Capital Corporation and a group of banks and other lenders 
(incorporated by reference to Exhibit 4.1 to Avon's Quarterly 
Report on Form 10-Q for the quarter ended September 30, 1996).

4.2    Indenture dated as of August 1, 1997 between Avon as Issuer, 
and The Chase Manhattan Bank, as Trustee relating to the 6.55% 
Notes due 2007 (incorporated by reference to Exhibit 4.2 to 
Avon's Registration Statement on Form S-4, Registration 
Statement No. 333-41299 filed December 1, 1997).

4.3    Rights Agreement, dated as of March 30, 1998 (the "Rights 
Agreement"), between Avon and First Chicago Trust Company of New 
York (incorporated by reference to Exhibit 4 to Avon's 
Registration Statement on Form 8-A, filed March 18, 1998).

10.1*  Avon Products, Inc. 1993 Stock Incentive Plan, approved by 
stockholders on May 6, 1993 (incorporated by reference to 
Exhibit 10.2 to Avon's Quarterly Report on Form 10-Q for the 
quarter ended June 30, 1993).



                                    -17-

18

10.2*  Form of Stock Option Agreement to the Avon Products, Inc. 1993 
Stock Incentive Plan (incorporated by reference to Exhibit 10.2 
to Avon's Annual Report on Form 10-K for the year ended December 
31, 1993).

10.3*  First Amendment to the 1993 Avon Stock Incentive Plan effective 
January 1, 1997, approved by stockholders on May 1, 1997 
(incorporated by reference to exhibit 10.1 to Avon's Quarterly 
Report on Form 10-Q for the quarter ended September 30, 1997).

10.4*  Avon Products, Inc. 1997 Long-Term Incentive Plan, effective as 
of January 1, 1997 approved by stockholders on May 1, 1997 
(incorporated by reference to Exhibit 10.4 to Avon's Annual 
Report on Form 10-K for the year ended December 31, 1997).

10.5*  Supplemental Executive Retirement Plan and Supplemental Life 
Plan of Avon Products, Inc., as amended and restated as of July 
1, 1998.

10.6*  Benefit Restoration Pension Plan of Avon Products, Inc., 
effective as of January 1, 1994 (incorporated by reference to 
Exhibit 10.7 to Avon's Annual Report on Form 10-K for the year 
ended December 31, 1994).

10.7*  Trust Agreement, amended and restated as of March 2, 1990, 
between Avon and Chase Manhattan Bank, N.A. (incorporated by 
reference to Exhibit 10.2 to Avon's Quarterly Report on Form 10-
Q for the quarter ended March 31, 1990 and refiled under Form SE 
for the year ended December 31, 1996).

10.8*  First Amendment, dated as of January 30, 1992, to the Trust 
Agreement, dated as of March 2, 1990, by and between Avon and 
Chase Manhattan Bank, N.A. (incorporated by reference to Exhibit 
10.2 to Avon's Quarterly Report on Form 10-Q for the quarter 
ended March 31, 1993).

10.9*  Second Amendment, dated as of June 12, 1992 to the Trust 
Agreement, dated as of March 2, 1990, by and between Avon and 
Chase Manhattan Bank, N.A. (incorporated by reference to Exhibit 
10.3 to Avon's Quarterly Report on Form 10-Q for the quarter 
ended March 31, 1993).

10.10* Third Amendment, dated as of November 5, 1992, to the Trust 
Agreement, dated as of March 2, 1990, by and between Avon and 
Chase Manhattan Bank, N.A. (incorporated by reference to Exhibit 
10.4 to Avon's Quarterly Report on Form 10-Q for the quarter 
ended March 31, 1993).



- -18-

19

10.11* The Avon Products, Inc. Deferred Compensation Plan, as amended 
and restated as of July 1, 1998 (incorporated by reference to 
Exhibit 4(b) to Avon's  Registration Statement on Form S-8, 
Registration No. 333-65989 filed October 22, 1998).

10.12* Trust Agreement, dated as of April 21, 1995, between Avon and 
Chemical Bank, amending and restating the Trust Agreement as of 
August 3, 1989 between Avon and Manufacturers Hanover Trust 
Company (incorporated by reference to Exhibit 10.14 to Avon's 
Annual Report on Form 10-K for the year ended December 31, 
19975).

10.13*Employment Agreement, dated as of November 1, 1995, between Avon 
and James E. Preston (incorporated by reference to Exhibit 10.16 
to Avon's Annual Report on Form 10-K for the year ended December 
31, 1995).

10.14* Stock Option Agreement between Avon and James E. Preston dated 
October 30, 1995 (incorporated by reference to Exhibit 10.17 to 
Avon's Annual Report on Form 10-K for the year ended December 
31, 1995).

10.15* Supplemental Employment Agreement, date as of December 10, 1997 
between Avon and James E. Preston (incorporated by reference to 
Exhibit 10.16 to Avon's Annual Report on Form 10-K for the year 
ended December 31, 1997).

10.16* Stock Option Agreement between Avon and James E. Preston dated 
December 10, 1997(incorporated by reference to Exhibit 10.17 to 
Avon's Annual Report on Form 10-K for the year ended December 
31, 1997).

10.17* Employment Agreement, dated as of December 11, 1997 between 
Avon and Charles R. Perrin (incorporated by reference to Exhibit 
10.18 to Avon's Annual Report on Form 10-K for the year ended 
December 31, 1997).

10.18* Stock Option Agreement between Avon and Charles R. Perrin dated 
December 10, 1997 (incorporated by reference to Exhibit 10.19 
to Avon's Annual Report on Form 10-K for the year ended December 
31, 1997).

10.19* Employment Agreement dated as of December 11, 1997 between Avon 
and Andrea Jung (incorporated by reference to Exhibit 10.20 to 
Avon's Annual Report on Form 10-K for the year ended December 
31, 1997).

10.20* Form of Employment Agreement, dated as of September 1, 1994, 
between Avon and certain senior officers (incorporated by 

- -19-

20

reference to Exhibit 10.2 to Avon's Quarterly Report on Form 10-
Q for the quarter ended September 30, 1994).

10.21* Avon Products, Inc. Compensation Plan for Non-Employee 
Directors, effective May 1, 1997 (incorporated by reference to 
Exhibit 10.22 to Avon's Annual Report on Form 10-K for the year 
ended December 31, 1997).

10.22* Avon Products, Inc. Board of Directors' Deferred Compensation 
Plan, amended and restated, effective January 1, 1997 
(incorporated by reference to Exhibit 10.23 to Avon's Annual 
Report on Form 10-K for the year ended December 31, 1997).

10.23* Trust Agreement, dated as of December 31, 1991, between Avon 
and Manufacturers Hanover Trust Company (incorporated by 
reference to Exhibit 10.23 to Avon's Annual Report on Form 10-K 
for the year ended December 31, 1991 and refiled under Form SE 
for the year ended December 31, 1996).

10.24* First Amendment, dated as of November 5, 1992, to the Trust 
Agreement dated as of December 31, 1991, by and between Avon and 
Manufacturers Hanover Trust Company (incorporated by reference 
to Exhibit 10.7 to Avon's Quarterly Report on Form 10-Q for the 
quarter ended March 31, 1993).

10.25* Stock Option Agreement between Avon and Charles R. Perrin dated 
June 4, 1998 (incorporated by reference to Exhibit 10.1 to 
Avon's Quarterly Report on Form 10-Q for the quarter ended June 
30, 1998).

10.26* Stock Option Agreement between Avon and Andrea Jung dated June 
4, 1998 (incorporated by reference to Exhibit 10.2 to Avon's 
Quarterly Report on Form 10-Q for the quarter ended June 30, 
1998).

13     Portions of the Annual Report to Shareholders for the year 
ended December 31, 1998 incorporated by reference in response to 
Items 1,5 through 8 in this filing.

21     Subsidiaries of the registrant.

23     Consent of PricewaterhouseCoopers LLP (set forth on page S-2 of 
this Annual Report on Form 10-K).

24     Power of Attorney

27     Financial Data Schedule

99     Financial statements for the Avon Products, Inc. Employees' 
Savings and Stock Ownership Plan and the Avon 
Mirabella/Lomalinda Employees' Savings Plan for
- -20-

21

the year ended December 31, 1998 will be filed by amendment.

*      The Exhibits identified above and in the Exhibit Index with an 
asterisk (*) are management contracts or compensatory plans or 
arrangements.

(b)    Reports on Form 8-K
       There was no Form 8-K filed during the fourth quarter of 1998.

(c)    Avon's Annual Report on Form 10-K for the year ended December 
31, 1998, at the time of filing with the Securities and Exchange 
Commission, shall modify and supersede all prior documents filed 
pursuant to Section 13, 14 or 15(d) of the Securities Exchange 
Act of 1934 for purposes of any offers or sales of any 
securities after the date of such filing pursuant to any 
Registration Statement or Prospectus filed pursuant to the 
Securities Act of 1933, which incorporates by reference such 
Annual Report on Form 10-K.



                                         -21-

22

SIGNATURES


     Pursuant to the requirements of Section 13 or 15(d) of the 
Securities Exchange Act of 1934, the registrant has duly caused 
this report to be signed on its behalf by the undersigned, 
thereunto duly authorized, on the 24th day of February 1999.

                                        Avon Products, Inc.

                                        By /s/WARD M. MILLER, JR.
                                        Ward M. Miller, Jr.
                                        Senior Vice President, General
                                        Counsel and Secretary











      -22-

23

     Pursuant to the requirements of the Securities Exchange Act of 
1934, this report has been signed below by the following persons on 
behalf of the registrant and in the capacities and on the dates 
indicated.


Signature                  Title                           Date

       *
________________
James E. Preston           Chairman of the 
                           Board and Director              February 4, 1999
   


       *
_________________
Charles R. Perrin          Chief Executive Officer
                           and Director - Principal
                           Executive Officer               February 4, 1999



       *
_______________
Robert J. Corti            Executive Vice President,
                           Chief Financial Officer -
                           Principal Financial Officer     February 4, 1999



       *
______________
Janice Marolda             Vice President and 
                           Controller - Principal
                           Accounting Officer              February 4, 1999



       *
___________
Andrea Jung                President and Chief             February 4, 1999
                           Operating Officer and
                           Director




       *
______________
Susan J. Kropf             Executive Vice President,       February 4, 1999
                           President, Avon North
                           America and Director




       *
________________
Brenda C. Barnes           Director                        February 4, 1999



        *
_________________
Richard S. Barton          Director                        February 4, 1999



        *
____________________
Remedios Diaz Oliver       Director                        February 4, 1999



        *
_________________
Edward T. Fogarty          Director                        February 4, 1999



        *
________________
Stanley C. Gault           Director                        February 4, 1999

- -23-

24


       *
_______________
George V. Grune            Director                        February 4, 1999



        *
____________
Ann S. Moore               Director                        February 4, 1999



       *
___________
Paula Stern                Director                        February 4, 1999



/s/WARD M. MILLER, JR.
____________________________
Ward M. Miller, Jr. Attorney-in-fact                       February 4, 1999






- -24

S-1

REPORT OF INDEPENDENT ACCOUNTANTS ON FINANCIAL STATEMENT SCHEDULE


To the Shareholders of Avon Products, Inc.:

     Our audits of the consolidated financial statements referred to 
in our report dated February 4, 1999 appearing in the 1998 Annual 
Report to Shareholders of Avon Products, Inc. and subsidiaries, which 
report and consolidated financial statements are incorporated by 
reference in this Annual Report on Form 10-K, also included an audit 
of the financial statement schedule list in Item 14 (a) (2) of this 
Form 10-K.  In our opinion, this financial statement schedule presents 
fairly, in all material respects, the information set forth therein 
when read in conjunction with the related consolidated financial 
statements.



PricewaterhouseCoopers L.L.P.
New York, New York
February 4, 1999




















S-1

S-2

CONSENT OF INDEPENDENT ACCOUNTANTS


    We consent to the incorporation by reference in the following 
Registration Statements of Avon Products, Inc. on Form S-8 (Reg. Nos. 
33-47209, 33-60218, 33-60918 and 33-65998) of our reports dated 
February 4, 1999 on our audits of (i) the consolidated financial 
statements of Avon Products, Inc. as of December 31, 1998 and 1997 and 
for each of the years in the three-year period ended December 31, 
1998, which report is included in the 1998 Annual Report to 
Shareholders and incorporated by reference in this Annual Report on 
Form 10-K, and (ii) the 1998, 1997 and 1996 financial statement 
schedule of Avon Products, Inc., which report is included in this 
Annual Report on Form 10-K.





PricewaterhouseCoopers L.L.P.
New York, New York
February 24, 1999























S-2

S-3

AVON PRODUCTS, INC. AND SUBSIDIARIES
SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS
(In millions)
Years ended December 31


                                        Additions       
                                  _____________________
                      Balance at   Charged to  Charged               Balance
                       beginning   costs and   to other              at end
                       of period   expenses    accounts  Deductions  of period

1998
Allowance for doubtful
  accounts receivable      $35.5       $91.3    $    --    $77.8(a)    $49.0


1997
Allowance for doubtful
   accounts receivable     $36.4       $80.8    $    --    $81.7(a)    $35.5

1996
Allowance for doubtful
  accounts receivable      $32.6       $79.0    $    --    $75.2(a)    $36.4



(a)  Accounts written off, net of recoveries and foreign currency 
translation adjustment.

















S-3