Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
Pandora Trims Workforce Again Amid Reorganization
The jeweler has a multi-step strategy to get back on track, including increased investments in tech and improvements to its retail presence.
Copenhagen, Denmark—Pandora announced this week that it is cutting 180 jobs as part of a multipronged strategic reorganization, the next step in its turnaround plan.
The Danish jeweler employs a total of 28,000 people worldwide, meaning the job cuts will affect less than 1 percent of its workforce.
Here’s a rundown of the changes and what they mean for the jewelry brand.
Pandora is closing some regional offices.
The company will close its three regional offices in EMEA (Europe, Middle East and Africa), the Americas and the Asia-Pacific region.
“The reorganization will reduce organizational complexity, enable Pandora to execute with more speed and agility, and add critical capabilities required to support growth”, CEO Alexander Lacik said in a press release announcing the changes.
Lacik said the change would allow feedback from customers to translate into new concept creations at a quicker pace.
As a result of the reorganization, David Allen, president of Pandora EMEA, will step down from his position but stay with the company.
Kenneth Madsen, current president of Pandora Asia Pacific, will leave the company.
Pandora operates in 100 markets, which will now be grouped into 10 clusters with each cluster led by a general manager who will be based in the largest market in each cluster.
Sid Keswani, president of Pandora Americas, will become president of the North America cluster, which will include the United States. (Latin America, which was part of Pandora Americas, will be part of a different cluster.)
Keswani is based in Baltimore, where Pandora has its North American headquarters.
Pandora wants to bolster its retail skills.
As part of the new system, the general managers will report to the chief commercial officer, a newly created position.
The external candidate will be announced shortly, said Pandora, and is set to join the company’s executive team in the second quarter of this year.
The CCO will report to Lacik and be tasked with improving Pandora’s global retail skills including global merchandising, store development, planning and execution.
A new department called “network and franchise management” will also be created to support its global franchise partners.
Pandora is separating old business from newer ventures.
Pandora is setting up two global business units. One will oversee core products, like its charms, and the other will oversee newer products.
The new setup is expected to “offer more impactful products and marketing concepts and a more consistent consumer experience across markets,” Pandora said in the release.
The
These units will report to Carla Liuni, the newly appointed chief marketing officer and former Bulgari executive who starts at Pandora on March 20.
The company also recently appointed Erik Schmidt as its chief human resources officer.
Pandora is going all-in on tech and data analytics.
Pandora is establishing a global business services center to make its transactional processes more scalable and efficient.
In January, the jeweler announced the creation of a new Copenhagen-based digital group, consisting of software engineers, designers and analysts, established to boost its digital presence and data use.
The group is set to be up and running next month.
Pandora said it expects to hire around 80 new employees in 2020, including product managers, digital engineers, operations managers, strategy managers and data analysts.
“How we derive the benefits from technology and data to create a great customer experience is key for us as a global brand,” Chief Digital and Omnichannel Officer David Walmsley said in release announcing the creation of the digital hub back in January.
Pandora doesn’t expect the job cuts to result in cost savings.
The company’s financial guidance for 2020 remains unchanged.
The reorganization will translate into one-time costs of 200 million Danish kroner ($300 million), mostly related to severance payments, consultancy support, recruitment costs and other costs associated with closing down the regional offices.
Its total restructuring costs will amount to 1.3 billion Danish kroner ($1.95 billion) in 2020.
Pandora said the cost savings of eliminating 180 employees will be limited and are expected to be offset by costs related to “further strengthening” the company.
The changes are set to go into effect April 2.
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.