Exhibit 10.18

FIRST AMENDMENT TO THE

AVON PRODUCTS, INC. DEFERRED COMPENSATION PLAN

     THIS FIRST AMENDMENT is made to the Avon Products, Inc. Deferred
Compensation Plan by AVON PRODUCTS, INC., a corporation duly organized and
existing under the laws of the State of New York (the "Company").

INTRODUCTION

     The Company maintains the Avon Products, Inc. Deferred Compensation Plan
(the "Plan") which was last amended and restated as of January 1, 2003. The
Company now desires to amend the Plan to provide that no matching contributions
will be credited to a participant’s account with respect to participant
before-tax contributions for the period beginning February 25, 2005 and ending
December 31, 2005. Such amendment will be effective as of February 25, 2005.

AMENDMENT

     NOW, THEREFORE, the Company does hereby amend the Plan as follows:

Effective as of February 25, 2005, a new second sentence is added to the second
paragraph of Section 3.4 as follows

> Notwithstanding any other provision of the Plan to the contrary, no matching
> contributions will be credited to a Participant's account with respect to any
> Before-Tax Participant Contributions made for the period beginning February
> 25, 2005 and ending December 31, 2005.

     Except as specifically amended hereby, the Plan shall remain in full force
and effect as prior to this First Amendment.

     IN WITNESS WHEREOF, the Company has caused this First Amendment to be
executed on the date set forth below.

    AVON PRODUCTS, INC.           Date: January  26, 2005 By: /s/ Avon Products,
Inc.      

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