Coty withdraws $10.7bn offer for Avon The company added: "Subsequently on May 13, Avon's Board said it would respond to Coty's letter within one week after considering it in conjunction with management and financial and legal advisors. On May 14, five days after sending its letter, Coty withdrew its proposal. Privately-held Coty makes fragrances for Beyonce and Lady Gaga. Founded in 1886, Avon became a fixture in households across the US as its legions of "Avon ladies" went door-to-door selling makeup to family members, friends and acquaintances.