Avon Products, Inc(NYSE: AVP) today announced that its board of directors has authorised the repurchase of up to $1bn of the company's common stock over the next five years The new repurchase program follows completion of the previous buyback plan, under which Avon repurchased approximately 34 million shares since 1997 for a total of about $1.1bn, or an average of $31.53 per share.Avon said the repurchases will be funded from internally generated cash flow. No new debt will be incurred as a result of the new buyback program and the company anticipates no changes in its current credit ratings of A (S&P) and A2 (Moody's). "Avon has had - and should continue to have - strong operating cash flow which we intend to use to maximise shareholder value by reinvesting in the business, paying healthy dividends and repurchasing shares," said Andrea Jung, Avon's chief executive officer.Avon is the world's leading direct seller of beauty and related products,with $5.3bn in annual revenues. Avon markets to women in 137 countries through three million independent sales representatives. Avon also markets an extensive line of apparel, fashion jewelry, gifts and collectibles. More information about Avon and its products can be found on the company' award-winning website