Avon and Giorgio signed a definitive buyout pact.

The price Avon will pay Fred and Gale Hayman for Giorgio was negotiated downward to $165 million from the $185 million in cash announced in early April. Fred Hayman will buy back the Giorgio boutique and will run it as Giorgio Beverly Hills, the companies said. Giorgio President Michael Gould will remain in that position after the deal closes sometime this week. Gale Hayman said she is continuing to negotiate with Avon to remain involved with the Giorgio fragrance business in a creative capacity. “Avon is a fine organization, and I have every confidence that they will continue Giorgio’s growth,” Fred Hayman said.