Pandora CEO Resigns

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According to a 2018 Women’s Wear Daily report, Pandora, the international Danish jeweler, which generates the bulk of its sales from charms; has noticed consumers scaling back on the number of decorations they want for their bracelets, highlighting the perils for companies unprepared to adapt quickly to shifting consumption habits.

“For both new and older collections, the charm’s category is not increasing to the level we had expected…consumers prefer a simpler look with fewer charms on the bracelets,” noted chief executive officer Anders Colding Friis.

Revenue growth from charms declined 7 percent in the second quarter, throwing off the company’s annual projections and prompting staff cuts — including Colding Friis himself, according to a 2018 Women’s Wear Daily report.

“We still believe in our strategy toward 2022, but we have realized that we have been too optimistic on the speed of the impact from new products,” said Colding Friis. “We are taking the right strategic initiatives, but the transition will take longer than expected.”

While product collections from the new design team seemed to work for other product categories, “charms appears to remain challenged despite newness,” noted Piral Dadhania, an analyst at RBC Europe. “We are increasingly of the opinion that the charms business is in structural decline and its relative weight should be addressed accordingly.”

Over the quarter, charms accounted for 53 percent of group revenues while bracelet sales, which rose 11 percent, accounted for a 19 percent share. Pandora is working on growing the proportion of earrings, rings, and necklaces, which generated 27 percent of the quarterly revenue figure, an increase from a 23 percent share in the same period last year. But progress could prove challenging, particularly as the company undergoes top management changes and the search for a new CEO, according to a 2018 Women’s Wear Daily report.

 

 

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