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Pandora to cut almost 400 jobs

Jewellery retailer Pandora is to cut almost 400 jobs as part of plans to support its strategy and protect profitability.

FASHION

Pandora to cut almost 400 jobs

In a statement, the company said the changes will strengthen its commercial functions, streamline manufacturing and shift resources to strategic priorities.

Under the plans, some 397 employees from Pandora’s 27,000 strong workforce will leave the company. Over half of the jobs lost will be in Thailand where 218 jobs are being cut.

Other changes will include strengthening cooperation between sales, marketing and merchandising, optimising support functions, including providing more standardised reporting and processes, and implementing a centralised operations and supply chain structure to streamline manufacturing.

The company will also shift more resources to digital functions and ecommerce.

Pandora chief executive Anders Colding Friis said: “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 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.”

The changes are expected to reduce Pandora’s annual costs by around 150 million Danish Kroner from 2019.

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