To reverse the downward trend, Pandora Group revealed that it had launched a plan called “Now” that focused on adjusting sales network expansion plans, cutting costs and re-driving comparable sales growth.
Pandora Group said that in view of the negative comparable sales performance of physical stores, the attraction of purchasing franchised stores is becoming smaller and smaller, while online sales are growing significantly, it will reduce the acquisition of franchised stores and the opening of new stores, focusing instead on the development of online and offline channels in developed countries.
In the future, most of the physical stores will be opened in China, India, Latin America and other blank markets. It is estimated that the number of new stores will be lower than the current plan of 1,000 in 2018-2022.
Pandora still plans to add 250 stores in 2018, half in Europe, the Middle East and Africa (EMEA), and half in Asia-Pacific and the Americas. Up to now, Pandora Group has 2614 stores in the world, and 286 stores have been added in the past 12 months.