The highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.
Pandora CEO Out After Company Cuts Forecast
Anders Colding Friis headed the company for less than four years.

Copenhagen, Denmark—Pandora CEO Anders Colding Friis is out after less than four years at the helm of the Danish bead and jewelry maker, which is grappling with lagging charm sales and rising production costs.
The announcement of his resignation came as the company reported weaker-than-expected results for the second quarter and just a few days after it cut its forecast for the year and announced plans to lay off a small percentage of its workforce, mainly in Thailand.
Friis joined the company in 2015 and was the one who outlined its four-year plan at Capital Markets Day in January, a plan that focuses on cutting production time to bring more new product to market quicker. He said the company’s assortments had become “too repetitive.”
On Thursday, the company said it remains “fully committed to this strategy” but will apparently do so with new leadership.
In addition to a new CEO, Pandora indicated that more changes could be on the way, as it looks to strengthen its management team and “reinforce” its board of directors with new appointees who have relevant retail experience.
Friis’ last day will be Aug. 31. On Sept. 1, the former CEO of The Body Shop, Jeremy Schwartz, will join Pandora as chief operating officer. He will run the company together with Chief Financial Officer Anders Boyers until a new CEO is found.
Pandora said Thursday that total second quarter sales were up 4 percent in local currency year-over-year to DKK 4.82 billion ($749.3 million) but like-for-like sales slipped 1 percent. In the United States, like-for-like sales were up 3 percent in the quarter.
EBITDA margin was 31.1 percent, compared with 33.4 percent in the second quarter 2017.
The Danish jewelry company saw sales growth from Pandora-owned stores (up 43 percent in local currency) and its online store (up 54 percent) but a reduction in orders from retailers that carry its merchandise hurt its overall performance.
Wholesale sales were down 23 percent year-over-year, impacted by both slower sales and stores reducing their Pandora inventory.
In addition, Pandora said while sales of other jewelry grew in the quarter, the new charms it introduced are “not fueling the re-ignition of charms revenue as anticipated.”
“Performance in other points of sale (wholesale) is challenged as the channel is mainly dependent on charms and does not distribute new concepts like Pandora Shine,” the company noted, referring to the all-gold
Pandora said it now plans to open about net 250 concept stores this year, up from 200. Two-thirds of those (167) will be Pandora-owned stores.
One-quarter (63) of the 250 net new concept stores will open in the America market.
The Latest

CEO Efraim Grinberg noted a resurgence in the fashion watch market.

The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Sponsored by Clientbook


It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.

President Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

The jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.

The singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.

Dubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.

Plans for dining out, booking vacations, and buying big-ticket items were down.

The “Play” collection centers on nostalgic toys that have kinetic elements to carry playfulness and wonder into adulthood.

Designer Christina Puchi, the creative force behind CCWW Designs, has created charms and pendants based on iconic candies and crackers.

The Jonas Brothers star showed off new timepieces against the backdrop of his favorite spots in his home state of New Jersey.

The family-owned jeweler in Fayetteville, North Carolina, is in the hands of the second generation.

In his latest column, Emmanuel Raheb shares tips for encouraging customers to treat themselves to new jewelry.

The new stand-alone Rolex boutique is housed in the former Odd Fellows Hall, a landmark built in 1897.

The Brilliant Earth ambassador co-designed a diamond medallion featuring meaningful symbols.

Wrap jewelry is more than just a trend; it’s the perfect motif for the coming season of layering, scarves, and pumpkin spice.

The three-day watch collector show, coming this October, will feature 44 exhibiting brands, as well as a new dinner experience.

Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.

The one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.

The retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.

Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.

The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.

The pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.