Mass-market jewellery brand PANDORA’s Chief Executive Officer Anders Colding Friis will leave the company at the end of the month after the company lost $1 billion, or almost a quarter of its market value in the wake of a profit warning. PANDORA has hired Jeremy Schwartz from The Body Shop to take joint charge as Chief Operating Officer along with Chief Financial Officer Anders Boyer until a new CEO is found.
PANDORA, which has 2,500 stores in 100 countries, said it was grappling with a range of problems including rising costs and weaker than expected sales of its charm bracelets.
Colding Friis, who had reset the company’s targets in January this year to what he said were more realistic levels, said that even the new targets might be too optimistic. He said, however, that the company’s strategy was the right one and that he had no regrets about his time at PANDORA.
Group Chairman Peder Tuborgh affirmed that the strategy outlined by Colding Friis was the right one, saying that the new CEO will have to continue following it. He added that the new CEO would have to “restore the relationship” with the stock market.