SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549
                                -----------------

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                Date of Report (Date of earliest event reported):

                                  March 5, 1998


                               AVON PRODUCTS, INC.
             (Exact Name of Registrant as Specified in its Charter)

         NEW YORK                    1-4881                  13-0544597
     (State or Other        (Commission File Number)      (I.R.S. Employer
     Jurisdiction of                                     Identification No.)
      Incorporation)


1345 Avenue of the Americas
New York, New York                                            10105-0196
(Address of Principal Executive Offices)                      (Zip Code)


                                 (212) 282-5000
              (Registrant's Telephone Number, Including Area Code)

                                 NOT APPLICABLE
          (Former Name or Former Address, if Changed Since Last Report)







ITEM 5.  Other Events.

            On March 5, 1998, the Board of Directors of Avon Products, Inc., a
New York corporation (the "Company"), adopted a new shareholder rights plan,
effective as of the close of business on March 30, 1998 (the "Rights Plan"), to
replace the Company's existing shareholder rights plan (the "Existing Plan"),
which expires at the close of business on March 30, 1998.

            In connection with the Rights Plan, the Board of Directors of the
Company declared a dividend of one preferred share purchase right (a "Right")
for each outstanding share of common stock, par value $0.25 per share (the
"Common Shares"), of the Company. The dividend is payable on March 30, 1998 (the
"Record Date") to the shareholders of record on that date. Each Right entitles
the registered holder to purchase from the Company one one-hundredth of a share
of Series B Junior Participating Preferred Stock, par value $1.00 per share (the
"Preferred Shares"), of the Company at a price of $300 per one one-hundredth of
a Preferred Share (the "Purchase Price"), subject to adjustment. The description
and terms of the Rights are set forth in a Rights Agreement (the "Rights
Agreement") between the Company and First Chicago Trust Company of New York, as
Rights Agent (the "Rights Agent").

            Until the earlier to occur of (i) 10 days following a public
announcement that a person or group of affiliated or associated persons (an
"Acquiring Person") have acquired beneficial ownership of 20% or more of the
outstanding Common Shares or (ii) 10 business days (or such later date as may be
determined by action of the Board of Directors prior to such time as any person
or group of affiliated persons becomes an Acquiring Person) following the
commencement of, or announcement of an intention to make, a tender offer or
exchange offer the consummation of which would result in the beneficial
ownership by a person or group of 20% or more of the outstanding Common Shares
(the earlier of such dates being called the "Distribution Date"), the Rights
will be evidenced, with respect to any of the Common Share certificates
outstanding as of the Record Date, by such Common Share certificate with a copy
of this Summary of Rights attached thereto.

            The Rights Agreement provides that, until the Distribution Date (or
earlier redemption or expiration of the Rights), the Rights will be transferred
with and only with the Common Shares. Until the Distribution Date (or earlier
redemption or expiration of the Rights), new Common Share certificates issued
after the Record Date upon transfer or new issuance of Common Shares will
contain a notation incorporating the Rights Agreement by reference. Until the
Distribution Date (or earlier redemption or expiration of the Rights), the
surrender for transfer of any certificates for Common Shares outstanding as of
the Record Date, even without such notation or a copy of this Summary of Rights
being attached thereto, will also constitute the transfer of the Rights
associated with the Common Shares represented by such certificate. As soon as
practicable following the Distribution Date, separate certificates evidencing
the Rights ("Right Certificates") will be mailed to holders of record of the
Common Shares as of the close of business on the Distribution Date and such
separate Right Certificates alone will evidence the Rights.



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            The Rights are not exercisable until the Distribution Date. The
Rights will expire on March 30, 2008 (the "Final Expiration Date"), unless the
Rights are earlier redeemed or exchanged by the Company, in each case, as
described below.

            The Purchase Price payable, and the number of Preferred Shares or
other securities or property issuable, upon exercise of the Rights are subject
to adjustment from time to time to prevent dilution (i) in the event of a stock
dividend on, or a subdivision, combination or reclassification of, the Preferred
Shares, (ii) upon the grant to holders of the Preferred Shares of certain rights
or warrants to subscribe for or purchase Preferred Shares at a price, or
securities convertible into Preferred Shares with a conversion price, less than
the then-current market price of the Preferred Shares or (iii) upon the
distribution to holders of the Preferred Shares of evidences of indebtedness or
assets (excluding regular periodic cash dividends paid out of earnings or
retained earnings or dividends payable in Preferred Shares) or of subscription
rights or warrants (other than those referred to above).

            The number of outstanding Rights and the number of one
one-hundredths of a Preferred Share issuable upon exercise of each Right are
also subject to adjustment in the event of a stock split of the Common Shares or
a stock dividend on the Common Shares payable in Common Shares or subdivisions,
consolidations or combinations of the Common Shares occurring, in any such case,
prior to the Distribution Date.

            Preferred Shares purchasable upon exercise of the Rights will not be
redeemable. Each Preferred Share will be entitled to a minimum preferential
quarterly dividend payment of $1 per share but will be entitled to an aggregate
dividend of 100 times the dividend declared per Common Share. In the event of
liquidation, the holders of the Preferred Shares will be entitled to a minimum
preferential liquidation payment of $100 per share but will be entitled to an
aggregate payment of 100 times the payment made per Common Share. Each Preferred
Share will have 100 votes, voting together with the Common Shares. Finally, in
the event of any merger, consolidation or other transaction in which Common
Shares are exchanged, each Preferred Share will be entitled to receive 100 times
the amount received per Common Share. These rights are protected by customary
antidilution provisions.

            Because of the nature of the Preferred Shares' dividend, liquidation
and voting rights, the value of the one one-hundredth interest in a Preferred
Share purchasable upon exercise of each Right should approximate the value of
one Common Share.

            In the event that the Company is acquired in a merger or other
business combination transaction or 50% or more of its consolidated assets or
earning power are sold after a person or group has become an Acquiring Person,
proper provision will be made so that each holder of a Right will thereafter
have the right to receive, upon the exercise thereof at the then-current
exercise price of the Right, that number of shares of common stock of the
acquiring company which at the time of such transaction will have a market value
of two times the exercise price of the Right. In the event that any person or
group of affiliated or associated persons becomes an Acquiring Person, proper
provision shall be made so that each holder of a Right, other than Rights
beneficially owned by the Acquiring Person (which will thereafter be void), will
thereafter have 


                                      -3-


the right to receive upon exercise that number of Common Shares having a market
value of two times the exercise price of the Right.

            At any time after any person or group becomes an Acquiring Person
and prior to the acquisition by such person or group of 50% or more of the
outstanding Common Shares, the Board of Directors of the Company may exchange
the Rights (other than Rights owned by such person or group which will have
become void), in whole or in part, at an exchange ratio of one Common Share, or
one one-hundredth of a Preferred Share (or of a share of a class or series of
the Company's preferred stock having equivalent rights, preferences and
privileges), per Right (subject to adjustment).

            With certain exceptions, no adjustment in the Purchase Price will be
required until cumulative adjustments require an adjustment of at least 1% in
such Purchase Price. No fractional Preferred Shares will be issued (other than
fractions which are integral multiples of one one-hundredth of a Preferred
Share, which may, at the election of the Company, be evidenced by depositary
receipts) and in lieu thereof, an adjustment in cash will be made based on the
market price of the Preferred Shares on the last trading day prior to the date
of exercise.

            At any time prior to the acquisition by a person or group of
affiliated or associated persons of beneficial ownership of 20% or more of the
outstanding Common Shares, the Board of Directors of the Company may redeem the
Rights in whole, but not in part, at a price of $.01 per Right (the "Redemption
Price"). The redemption of the Rights may be made effective at such time on such
basis with such conditions as the Board of Directors in its sole discretion may
establish. Immediately upon any redemption of the Rights, the right to exercise
the Rights will terminate and the only right of the holders of Rights will be to
receive the Redemption Price.

            The terms of the Rights may be amended by the Board of Directors of
the Company without the consent of the holders of the Rights, except that from
and after such time as any person or group of affiliated or associated persons
becomes an Acquiring Person no such amendment may adversely affect the interests
of the holders of the Rights.

            Until a Right is exercised, the holder thereof, as such, will have
no rights as a shareholder of the Company, including, without limitation, the
right to vote or to receive dividends.

            The Rights have certain anti-takeover effects. The Rights will cause
substantial dilution to a person or group that attempts to acquire the Company
on terms not approved by the Company's Board of Directors, except pursuant to an
offer conditioned on a substantial number of Rights being acquired. The Rights
should not interfere with any merger or other business combination approved by
the Board of Directors since the Rights may be redeemed by the Company at the
Redemption Price prior to the time that a person or group has acquired
beneficial ownership of 20% or more of the Common Shares.

            The Rights Agreement, dated as of March 30, 1998, between the
Company and First Chicago Trust Company of New York, as Rights Agent, specifying
the terms of the Rights and the press release announcing the declaration
of the Rights are incorporated herein by 


                                      -4-


reference as Exhibits 4 and 99 hereto, respectively. The foregoing
description of the Rights is qualified in its entirety by reference to such
exhibits.

ITEM 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

      (c)   Exhibits.

             4.   Rights Agreement, dated as of March 30, 1998, between Avon
                  Products, Inc. and First Chicago Trust Company of New York
                  which includes the form of Certificate of Amendment of the
                  Certificate of Incorporation of Avon Products, Inc. setting
                  forth the terms of the Series B Junior Participating Preferred
                  Stock, par value $1.00 per share, as Exhibit A, the form of
                  Right Certificate as Exhibit B and the Summary of Rights to
                  Purchase Preferred Shares as Exhibit C. (Incorporated by
                  reference to Form 8-A filed March 18, 1998)

            99.   Press Release issued by the Company on March 5, 1998.
                  (Incorporated by reference to Form 8-A filed March 18, 1998)


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                                    SIGNATURE

            Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.

                                    AVON PRODUCTS, INC.


                                    By: /s/ Ward M. Miller, Jr.
                                    Name:   Ward M. Miller, Jr.
                                    Title:  Senior Vice President,
                                            General Counsel and Secretary


Dated:  March 18, 1998


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                                  EXHIBIT INDEX

Exhibit No.

  4.              Rights Agreement, dated as of March 30, 1998, between Avon
                  Products, Inc. and First Chicago Trust Company of New York
                  which includes the form of Certificate of Amendment of the
                  Certificate of Incorporation of Avon Products, Inc. setting
                  forth the terms of the Series B Junior Participating Preferred
                  Stock, par value $1.00 per share, as Exhibit A, the form of
                  Right Certificate as Exhibit B and the Summary of Rights to
                  Purchase Preferred Shares as Exhibit C. (Incorporated by
                  reference to Form 8-A filed March 18, 1998)

 99.              Press Release issued by the Company on March 5, 1998.
                  (Incorporated by reference to Form 8-A filed March 18, 1998)