Pandora Axes 400 Staff, Mostly In Thailand

(IDEX Online) – Jewelry maker Pandora is firing 397 of its 27,000 employees, with 218 workers in Thailand losing their jobs.

The firm said the move would "strengthen commercial functions, streamline manufacturing and shift resources to strategic priorities".

CEO Anders Colding Friis says: “We have made important progress on our 2022 strategy since we launched it last year, and are on the right long-term direction for Pandora. Pandora has nearly doubled in size the past three years, and our ways of working have also grown rapidly and resulted in different organizational set-ups in different parts of the company. The adjustments we announce today will reduce complexity and free up resources that we can add to our strategic priorities. The adjustments are also – together with our procurement program – necessary to protect our profitability.”

The changes are expected to reduce annual costs by around DKK 150 million ($23 million) from 2019.