A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Pandora CEO Out After Company Cuts Forecast
Anders Colding Friis headed the company for less than four years.
Copenhagen, Denmark—Pandora CEO Anders Colding Friis is out after less than four years at the helm of the Danish bead and jewelry maker, which is grappling with lagging charm sales and rising production costs.
The announcement of his resignation came as the company reported weaker-than-expected results for the second quarter and just a few days after it cut its forecast for the year and announced plans to lay off a small percentage of its workforce, mainly in Thailand.
Friis joined the company in 2015 and was the one who outlined its four-year plan at Capital Markets Day in January, a plan that focuses on cutting production time to bring more new product to market quicker. He said the company’s assortments had become “too repetitive.”
On Thursday, the company said it remains “fully committed to this strategy” but will apparently do so with new leadership.
In addition to a new CEO, Pandora indicated that more changes could be on the way, as it looks to strengthen its management team and “reinforce” its board of directors with new appointees who have relevant retail experience.
Friis’ last day will be Aug. 31. On Sept. 1, the former CEO of The Body Shop, Jeremy Schwartz, will join Pandora as chief operating officer. He will run the company together with Chief Financial Officer Anders Boyers until a new CEO is found.
Pandora said Thursday that total second quarter sales were up 4 percent in local currency year-over-year to DKK 4.82 billion ($749.3 million) but like-for-like sales slipped 1 percent. In the United States, like-for-like sales were up 3 percent in the quarter.
EBITDA margin was 31.1 percent, compared with 33.4 percent in the second quarter 2017.
The Danish jewelry company saw sales growth from Pandora-owned stores (up 43 percent in local currency) and its online store (up 54 percent) but a reduction in orders from retailers that carry its merchandise hurt its overall performance.
Wholesale sales were down 23 percent year-over-year, impacted by both slower sales and stores reducing their Pandora inventory.
In addition, Pandora said while sales of other jewelry grew in the quarter, the new charms it introduced are “not fueling the re-ignition of charms revenue as anticipated.”
“Performance in other points of sale (wholesale) is challenged as the channel is mainly dependent on charms and does not distribute new concepts like Pandora Shine,” the company noted, referring to the all-gold
Pandora said it now plans to open about net 250 concept stores this year, up from 200. Two-thirds of those (167) will be Pandora-owned stores.
One-quarter (63) of the 250 net new concept stores will open in the America market.
The Latest
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.