Avon Products, Inc. launched a restructuring initiative that includes trimming management layers as well as outsourcing some work to low-cost countries as the world’s largest direct seller of cosmetics tries to improve sluggish sales and profit across the globe. Avon expects the restructuring to cost anywhere from $300 million to $500 million before taxes. The company said it could see initial pretax costs of $20 million to $40 million, or 4 cents to 7 cents per share, in the current fourth quar...