Pandora opens new distribution centre in Canada
The new facility will handle Pandora's growing Canadian online business and reduces the company's exposure to US tariffs
PANDORA MAKES ORGANISATIONAL ADJUSTMENTS TO SUPPORT STRATEGY AND PROTECT PROFITABILITY
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 is the world's largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries through 6,400 points of sale, including more than 2,600 concept stores.
Headquartered in Copenhagen, Denmark, Pandora employs 27,000 people worldwide and crafts its jewellery at two LEED-certified facilities in Thailand. Pandora is committed to leadership in sustainability and will use only recycled silver and gold in its jewellery by 2025 and halve greenhouse gas emissions across its value chain by 2030. Pandora is listed on the Nasdaq Copenhagen stock exchange and generated sales of DKK 23.4 billion (EUR 3.1 billion) in 2021.