Avon Products agreed to buy jewelry company Silpada Designs Inc. for at least $650 million in cash to broaden its product line, according to a news report.

According to the report, Avon will make a potential additional payment in early 2015 to current Silpada shareholders if earnings growth targets are achieved.  Silpada has annual sales of about $230 million, and most of its jewelry pieces sell for more than Avon’s current products.

JCK