By Jim Cramer, TheStreet

Will L'Oreal (LRLCY) bid for Avon (AVP)? Wrong question. Why doesn't it?

This is a fantastic franchise that has been run into the ground by its current management -- management that has been allowed to screw up endlessly, with both accounting woes and simple execution problems. The notion that Avon could get a bid from some other company -- Loreal or Estee Lauder (EL) for that matter -- makes so much sense that I can't believe it hasn't happened yet.

Plus, when you compare Avon with the incredible business that Herbalife (HLF) has right now -- one of the greatest stocks out there -- or with Tupperware (TUP) -- another company that has done well -- Avon is a joke.

Think of it: Year over year, Avon is up about 2%, and that's only after the takeover talk. Tupperware, despite a financial-reporting issue, is up 19%. Herbalife, the most analogous to Avon, is up more than 80%. Rick Goings at Tupperware and Michael Johnson at Herbalife, both of whom have excelled at the direct-selling model, could turn Avon back into the powerhouse it once was. Instead, Avon just stagnates, waiting for another company to put it out of its misery.

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Remember, with a worldwide slowdown and so many people looking for extra income, this should be Avon's time.

Looks like it will soon be someone else's.

I would buy this stock aggressively. I believe that where there is smoke there is fire and, even if there isn't a takeover, there is always a chance that the board will wake up and give someone else besides Andrea Jung a chance to run the company.

At the time of publication, Cramer had no positions in any stocks mentioned.

Jim Cramer is co-founder and chairman of TheStreet. He contributes daily market commentary for TheStreet's sites and serves as an adviser to the company's CEO.

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