P.M. BRIEFING : Avon May Go Calling for Buyers for Its Giorgio and Parfums Stern

Cosmetics company Avon Products Inc. today said it may sell its Giorgio Beverly Hills and Parfums Stern fragrance businesses.

A final decision on whether to divest the perfume subsidiaries--responsible for some of the country’s top-selling scents--hasn’t been made, but Avon has hired the investment firm Morgan Stanley & Co. to explore the possibility, said James E. Preston, Avon chairman and chief executive officer.

Preston said proceeds from a sale would go toward reducing Avon’s debt, which at mid-year totaled about $1 billion.

Giorgio Beverly Hills and Parfums Stern, acquired by Avon in 1987 for a total of about $345 million, comprise the big beauty products company’s retail division. The division sells fragrances at department store counters instead of through Avon sales representatives.