Danish jewellery brand Pandora has today (August 9) announced that Anders Colding Friis is stepping down as president and chief executive of the company, following poor results in Q2.
Effective of August 31, Colding Friis will step down from the position following three-and-a-half years in the role.
On Tuesday (August 7), Pandora reduced its forecast for sales growth as a consequence of weaker-than-expected development in charms, as well revenue from wholesale decreasing by 27%.
Anders Colding Friis steps down as Pandora chief executive
According to the brand, new rings, earrings, necklaces and bracelets, such as Pandora Shine, delivered growth, but the new charms did not fuel the anticipated reignition of charms revenue.
Additionally, reduction of inventories in the wholesale channel has also challenged the revenue outlook for the year. This, combined with weaker-than-anticipated total like-for-like sales-out growth in July and increasing manufacturing costs, led Pandora to change its financial guidance for 2018.
As a result, the company says it will be further strengthening its management team at the same time as it searches for a new chief executive to replace Colding Friis.
Jeremy Schwartz, former chief executive of The Body Shop, will join Pandora as chief operating officer from the start of September. Schwartz has previously held senior positions at several other multinational companies.
Pandora’s chief financial officer, Anders Boyer, and chief operating officer, Jeremy Schwartz, will be jointly responsible for managing the company and leading the execution of Pandora’s strategy.
Peder Tuborgh, chairman of the board of directors at Pandora, said: “The board recognises the important role Anders Colding Friis has played in leading the company, and in particular in developing and articulating the right new strategy, assuring the future success of Pandora. Pending the appointment of a new chief executive, I am delighted that we have Anders Boyer and Jeremy Schwartz on board to take the lead.”
Pandora jewellery is sold through more than 7,700 points of sale, including more than 2,500 concept stores worldwide.