Cosmetics giant Avon has announced plans to move its headquarters to the UK and cut 2,500 jobs around the world.

In a statement, Avon said it would move its headquarters from New York to the UK "over time" as part of its turnaround plans.

Last year, Avon sold its Northern American business to private investment firm to Celebrus with sales falling.

Sheri McCoy, Avon's chief executive, said: "With the recent completion of the sale of the North American business, our commercial operations are now fully outside of the United States, allowing us to dramatically rethink our operating model.

Avon currently has a workforce of more than 28,000 people, but did not say where the job cuts would come.