Recently, Danish jewelry brand Pandora announced the appointment of Geena Tok, the former head of direct sales department in Greater China of Nike, as CEO of China. The appointment will take effect next month. After taking office, she will intensify the crackdown on “grey market” such as purchasing on behalf of others and regain pricing power.
Earlier, Geena Tok had worked in Nike for nearly 17 years. He had been responsible for regional businesses in the United States, Thailand, India and China, leading Nike’s stores and businesses in those areas.
As Pandora’s sales of its main products continued to decline, the company’s top-level personnel changes occurred one after another. In addition to Geena Tok taking over the position of outgoing Pandora CEO Anders Colding Friis, Jeremy Schwartz, the former CEO of The Body Shop, will also become chief operating officer of the brand in September.
Since this year, Pandora’s performance has started to decline. According to fashion headlines, Pandora’s second-quarter revenue was flat with the same period last year, recording 4.82 billion Danish kronor, or about $747 million, which is below market expectations. Its pre-depreciation and amortization profit margin was 31.1%, less than 33.4% in the same period last year.