	avon products avp to buy giorgio for mln avon products inc said it reached an agreement in principle to purchase giorgio inc a fragrance company for mln dlrs in cash giorgio s annual revnues are more than mln dlrs avon said the uisition has been approved by avon s board with the closing set for may the transaction would have no impact on avon s current dividend rate it said giorgio s boutique in beverly hills calif will be sold back to fred hayman one of the shareholders who will continue to operate it independently avon said avon said it identified giorgio more than a year ago as a preferred uisition candidate it said it is launching a prestige fragrance developed in conjunction with catherine deneuve this spring giorgio will be operated as a separate subsidiary avon said and would not compete with avon s direct selling beauty products business reuter 
