Pandora to lose 1,200 workers after another quarterly fall
The jewellery maker plans to bring in celebrities and digital media ‘influencers’ in a bid to boost sales
Copenhagen — Pandora will lay off another 1,200 workers in Thailand and speed up marketing spending as its new CEO looks to turn around the struggling jewellery maker after another fall in like-for-like quarterly sales. Pandora, best known for its customisable silver charm bracelets, is struggling to regain its edge as new jewellery lines have failed to entice shoppers. The 1,200 new job cuts follow 700 layoffs in February, when a plan was announced to cut costs by 1.2-billion krone by end-2020 and re-ignite the brand through enhanced marketing efforts. Pandora employs about 14,000 people in Thailand, almost half of its 32,000 global workforce. The firm will double marketing investments in Italy, the UK and China and bring in celebrities and digital media “influencers” in a bid to boost sales. “The brand as well as the company has reached a point of maturity and it is not without some serious challenges,” said CEO Alexander Lacik. Last month, he took the helm at Pandora, which sold ...
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