Dow Jones has announced that it is removing Avon from the S&P 500 stock market index after several years of poor performance.

Avon has been listed in the index for since 1964 yet will now be moved to the Dow Jones MidCap 400 after the close of trade on March 20. 

The S&P 500, which investors use as their main benchmark to judge stock market performance, is home to mostly larger companies whereas the MidCap 400 measures the performance of leading medium-sized firms.

Avon is now valued at $3.2 billion. Underwear and T-shirt maker Hanesbrands, which has a market value of over $13 billion, will take its place in the S&P 500.

In its statement, S&P Dow Jones Indices said the change was made because Avon was no longer big enough.

The change leaves only two personal care companies in the S&P, Estee Lauder and Proctor & Gamble.