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Gloucestershire Business News

Almost 400 jobs to go at high street jeweller

Has the sparkle gone for Pandora? Falling sales and customers numbers at its retail stores have contributed to a warning that full-year sales will be lower than expected.

The company announced that it expects sales to increase by between 4-7 percent this year, much lower than with the 7-10 percent it previously projected.

After the profits warning, shares dropped by almost 20%, the lowest level since 2014. The company intends to cut 397 jobs worldwide, with over half of the cuts will be made to its Thai workforce.

Just months ago, queues would be seen outside their high street stores with customers wanting to get their hands-on Pandora's trendy charm bracelets.

Anders Colding Friis, Pandora chief executive officer said: "Pandora has nearly doubled in size the past three 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."

Pandora owns nearly 2,600 stores worldwide, including those in both Gloucester and Cheltenham, but say sales have dipped in its 600-plus stores in the UK and the US throughout the last quarter.

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