Danish jeweler, Pandora seems to have lost its luster. First came profit warnings and 400 job cuts. Then on Thursday, CEO Anders Colding Friis was fired. Reuters' Tina Jacobson says that went down well with investors as the news saw shares rise by 9%.>> The exit of Pandora's CEO was not actually a big surprise to many.
It comes after the company failed to meet its own target that it set out just seven months ago when it put out its new strategy for the company towards 2022.>> The backbone of Pandora's business is its silver charm bracelets, but the company says sales have dropped in recent months.
Investors have criticized Friis for botching a turnaround plan.>> Pandora is a company that has seen growth rates above 20% for a very long time. But growth has slowed somehow, one of the reason is due to simply fewer people visiting malls in key markets like the US and UK.
Another thing is the lack of new innovative products, and that was what Pandora tried to fix with their new strategy.>> In a bid to regain investor confidence, Friis will now be replaced by a team of two, Pandora's CFO, and former Body Shop head, Jeremy Schwartz.