The world’s biggest jeweller Pandora is performing well and the company has no plans to close any of its outlets. The firm is also paying full wages to its staff and firm said that they can handle a big drop in sales due to current pandemic.
The Pandora CEO Lacik said that despite the pandemic we will continue to paying all staff in full even though our 28,000 employees were unable to work due to COVID-19 restrictions. He said that it is the best time to reward the employees for their loyalty and ethical thing to do in a tough time.
The CEO is expecting that due to the 2nd wave of Coronavirus 18% of stores will be closed in Europe which is going to hurt Christmas sales.
The company performed well due to online sales which have been almost doubled, growing 89% in the quarter ended Sept 30, 2020, and the company earned $648m. the company invested a huge amount in a big relaunch to allow customers a more hands-on experience in-store. The company is not going to close any stores because the stores are incredibly profitable.
It ships three pieces of jewellery a second on average, says Pandora. It may well be best known for its stylish bracelets, allowing customers to personalise their plays with various symbols.
Frans Hoyer, an analyst at Swedish bank Handelsbanken said that the pandora was always profitable due to underlying strength, combined with fewer promotions and raising money from investors. He further said that keeping staff paying is going to help them massively when the stores will re-open.
Pandora also brought celebrities to its platform which helped them to do the advertisement differently but according to CEO the new face of Pandora is Stranger Things and Enola Holmes star Millie Bobbie Brown, was a Pandora fan even before we started that collaboration. She has a huge fan following and she is the most influential amongst the young women who are Pandora’s core market.
These ties ups kept the company’s finance on estimates and the company reported only a 2% decline in sales in the first nine months of the current year.