9-8-2018
Pandora’s shares have slipped by 20 percent, the lowest level since 2014. Followed by the profit warning, the CEO will step down on 31 August and 397 jobs will be axed worldwide.
The sales in about one over 4 of the stores have dipped in the last quarter. Pandora plans to shift resources to digital and e-commerce. Cooperation between sales, marketing, and merchandising will be strengthened and it supply chain structure will be centralised. Over half of the employee cuts will be made to its workforce in Thailand.
Former Body Shop head Jeremy Schwartz is hired as the chief operating officer. He will come on board on 1 September and manage the company with CFO Anders Boyer jointly until the new CEO is found. Pandora expects sales will rise by between four to seven percent this year, compared with the seven percent to 10 percent it previously projected.
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