Pandora CEO quits after revenue slides
August 3, 2011 – Pandora CEO Mikkel Vendelin Olesen has resigned after a drop in revenues in July by 30 percent year-on-year.
The jewellery firm, renowned for its charm bracelets, has lowered its guidance from expecting a revenue growth of no less than 30 percent for 2011 to revenue in 2011 in line with 2010.
“Our growth has been impacted by the cumulative effect of substantial price increases in the light of soaring commodity price increases. In addition our sales, marketing and operational execution has been poor in many cases and is as big a contributory factor,” the company said.
Allan Leighton, Chairman of the Board said, “Although our price increases combined with some destocking are significant contributors to our slowdown in sales and profitability, our own inadequate operational sales, and marketing execution is as big a factor.”