Sponsored by the Gemological Institute of America
Pandora Cuts Jobs, Sales Forecast for 2018
The bead and jewelry maker said it is laying off 397 workers, mostly at its manufacturing facilities in Thailand.

Copenhagen, Denmark—Pandora said Tuesday it will cut nearly 400 jobs as it looks to streamline manufacturing and shift more resources to digital and e-commerce operations.
A total of 397 of the company’s 27,000 employees, or less than 2 percent of the total workforce, will be laid off. The majority of the layoffs, 218, will be in Thailand, where its jewelry is manufactured.
Pandora said it is making the cuts to protect profitability and support the five-year strategy implemented last year. The cuts will save the company about DKK 150 million ($23.3 million).
The announcement came the day after the bead and jewelry maker reported flat second quarter sales and slashed its forecast for the year.
Pandora, which is grappling with slowing sales in key markets like the United States and China, said it now expects a revenue increase of 5-7 percent (in local currency) on the year, down from its previous prediction of 7-10 percent. It also warned that profit margin will be lower than previously forecast, 32 percent instead of 35 percent.
Also this week, the company announced the appointment of a new head for the Americas, Sid Keswani.
Keswani replaces Scott Burger, who resigned at the beginning of the year.
He joins Pandora from Fiesta Mart, a Texas-based grocery store chain. Prior to that, he spent 19 years as an executive at Target Corp. and was the senior vice president of operations for Susser Holdings, a convenience store chain.
As president of the Americas for Pandora, Keswani will oversee the bead and jewelry company’s operations in North America, the Caribbean and Latin America. The region has more than 2,300 points of sale, including more than 650 concept stores, nearly a third of which are now owned and operated by Pandora.
The region employs a total of 3,400.
Pandora said a key priority for Keswani will be to work with franchisees and Pandora-owned stores to ensure they are integrating their operations with the company’s online store, which opened in April 2015.
His appointment is effective Aug. 13.
The Latest

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

The company failed to file its quarterly reports in a timely manner.


The organization also announced its board of directors.

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
The two organizations will hold the educational event together this fall in Mississippi.

The entrepreneur and “Shark Tank” star will share his top tips for success.

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

During a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.

The free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.

The feedback will be used to prepare other jewelers for the challenges ahead, the organization said.