Decided to start a small position today (less than ~2.5% of portfolio), because it seems the Younique acquisition makes sense. Avon is struggling because they do not have the infrastructure that Loreal, Estee, and Coty has which is why Coty made an offer for Avon, I believe. It is a great way to create products with the infrastructure for Younique, and if brand segmentation needs to be done, it can be done.
Though I am not a big fan of MLM, maybe these folks have a better idea than I do (certainly a better track record). It is selling for ~20x Forward OE/EV (earnings discounted to PV at a rate of 10%). If it needs to averaged down when the time comes, I'm sure I would be happy to do it.