02/05/2002 at 01:00 AM EST
Catherine Zeta-Jones has signed on to be the new face of Elizabeth Arden, reports Fashion Wire Daily. The Welsh-born beauty, 32, who is currently shooting the movie version of the Broadway musical "Chicago" in Toronto, succeeds model Amber Valetta as the global representative of the cosmetics brand and will star in its new "Open for Beauty" campaign, due to kick off this June, says the trade report. In a statement, Zeta-Jones said: "I have read masses about Elizabeth Arden. She was a visionary, and I am proud to be a part of the company she created." As for the company, it is "thrilled" to have the actress onboard, Ron Rolleston, executive vice president of marketing, said in a statement. "Catherine Zeta-Jones personifies the essence of the Elizabeth Arden brand, as she is the epitome of personal style, elegance and sophistication," he said. Meanwhile, last Thursday, shares of Elizabeth Arden Inc. tumbled more than 20 percent after the beauty products maker reported quarterly earnings that were lower than Wall Street's expectations, according to Reuters. In its earnings report, the company said it will have to cut 10 percent of its U.S. staff and close one of its three distribution centers. The company also said that, anticipating a difficult economic environment in the first half of its fiscal year, it plans to cut 100 jobs.