9-5-2019
Pandora will slash 1,200 workers in Thailand, follows 700 layoffs in February in an attempt to save US$1.2 billion by the end of 2020. The company will enhance its marketing investment, particularly in the UK, Italy and China and bring in celebrities and social media influencers to attract young shoppers.
The company dropped 6 percent global sales yoy to US$720.5 million in the first three months this year but still noted a 15 percent jump in China to US$82.2 million.
Pandora pointed out the shrinkage was the results of the decline in key markets shoppers such as Italy, Britain and Australia and promotions reduction, which is part of the company’s strategy to revive the brand as the level of the discounts had been too high.
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