Changes will strengthen commercial functions, streamline manufacturing and shift resources to strategic priorities. 397 employees of PANDORA’s 27,000 employees will leave the company, of which 218 in Thailand.
PANDORA, the world’s largest jewellery brand, today announced organisational adjustments to align functions across the Company, support strategic priorities and protect profitability.
PANDORA will make changes in the following areas:
- Strengthen cooperation between sales, marketing and merchandising
- Optimise support functions, including providing more standardised reporting and processes
- Ensure scale benefits from selected regional shared service centres
- Implement a centralised operations and supply chain structure to streamline manufacturing
- Shift more resources to strategic priorities such as digital and e-commerce
As a result of the organisational adjustments, 397 of PANDORA’s 27,000 employees will leave the Company, of which 218 employees are located in Thailand.
CEO Anders Colding Friis says:
“We have made important progress on our 2022 strategy since we launched it last year, and are on the right long-term direction for PANDORA. PANDORA has nearly doubled in size the past 3 years, and our ways of working have also grown rapidly and resulted in different organisational set-ups in different parts of the company. The adjustments we announce today will reduce complexity and free up resources that we can add to our strategic priorities. The adjustments are also – together with our procurement program – necessary to protect our profitability. Sadly, the changes mean that good employees will lose their jobs, and we are supporting them in the best possible way.”
The organisational changes are expected to reduce annual costs with around DKK 150 million from 2019.
ABOUT PANDORA
PANDORA designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. PANDORA jewellery is sold in more than 100 countries on six continents through more than 7,700 points of sale, including more than 2,400 concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 25,300 people worldwide of whom around 13,000 are located in Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2017, PANDORA’s total revenue was DKK 22.8 billion (approximately EUR 3.1 billion).
CONTACT
For more information, please contact:
| CORPORATE COMMUNICATIONS Johan Melchior Director External Relations, Corporate Communications & Sustainability +45 4060 1415 jome@pandora.net | INVESTOR RELATIONS Magnus Thorstholm Jensen Vice President, Head of Investor Relations +45 7219 5739 mtje@pandora.net |
| Christian Møller Investor Relations Officer +45 7219 5361 chmo@pandora.net | |
| Brian Granberg Investor Relations Officer +45 7219 5344 brgr@pandora.net |
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