It’s the second year for the event, slated to take place in October in Toronto.
Pandora Closes US Stores as COVID-19 Escalates
The jeweler also has scrapped its previously stated financial guidance in the wake of the pandemic.
Copenhagen, Denmark—Pandora has closed its U.S stores for the next two weeks in light of coronavirus concerns, the company announced Wednesday.
Its stores in Italy, Spain, Germany and France are also closed temporarily while in China, Pandora stores have reopened and traffic is slowly improving, it said.
Pandora said it would encourage its franchisees and partners in affected markets to voluntarily close as well.
The company’s jewelry is sold in more than 100 countries through 7,400 points of sale, including 2,700 concept stores.
Its manufacturing facilities in Thailand and regional distribution centers continue to operate without “notable impact,” and Pandora’s online store is still up and running.
Many of the jeweler’s 28,000 employees are working from home and all business travel has been put on hold.
In a letter addressed to the Pandora community, CEO Alexander Lacik said the company will continue scheduled base pay for at least eight weeks for staff that has been sent home.
If the stores remain closed past that point, Lacik said Pandora may adjust its approach and, where available, make use of government relief programs to help pay employees.
The company is scheduled to release its first-quarter results on May 5, but has scrapped its most recent financial guidance as the escalation of the coronavirus weighs on its performance.
The Danish jeweler did not account for how widespread the impact of the coronavirus would be when it provided guidance in February.
The company expected like-for-like sales to improve from their 8 percent dip in 2019 to a negative “mid-single-digit” result in 2020 while organic growth was expected to be down 3 to 6 percent.
Pandora did not provide an updated financial forecast, but did share insight into how it has fared in recent months.
The company said its performance was strong in January and February, especially online sales, and the company reported positive like-for-like sales in some key markets.
Total like-for-like sales, excluding China, were better than expected but the spread of the coronavirus has led to weakness across all markets in recent weeks.
RELATED CONTENT: Pandora Trims Workforce Again Amid ReorganizationLike-for-like sales in China have dropped 70 to 80 percent since late January. Though revenue has improved slightly in China, the company said a return to normalcy will take time and is, ultimately, out of its control.
Pandora’s top three markets, the United States, United Kingdom and Italy, have all been grappling with the coronavirus outbreak.
Markets affected by lockdowns and other governmental
Nevertheless, Pandora expects to maintain strong profitability in the first quarter of 2020 and said it can absorb several months of a downturn in in-store traffic while still remaining profitable and generating cash for the full year.
The Latest
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.