Pandora confident of revamp plans as sales dip

Danish jewellery brand Pandora has said its turnaround plan is on track ahead of a brand relaunch and marketing revamp.

Organic sales dipped 7% in the second quarter, while like-for-like sales fell 10%.

Underlying earnings came in at 1.29 billion Danish kroner (£160 million), down 13.8% on the same period last year.

But newly appointed chief executive Alexander Lacik said progress was being made on a number of initiatives to turn around performance.

These included testing a more aggressive marketing approach in both the UK and Italy, doubling spending on the area.

The company said its UK sales were down 8% in the second quarter, though it had benefited from the increased marketing spend in May and June.

Total British sales, including new store openings, were up 2%.

Mr Lacik said: “Our preparations and marketing pilots spur confidence in our direction – by improving execution with focus on Pandora’s core proposition, we can improve our relevance for consumers around the world.”

The brand is readying itself for a relaunch at the end of this month, beginning with the unveiling of its autumn collection in Los Angeles on August 28.

This will be followed by the roll-out of a new store design, as well as new online platforms, partnerships and products.

The first rebranded store will open in the UK.