Just 18 months after restructuring its international operations, jewelry company Pandora announced it would eliminate one of its 10 regional divisions, consolidating its operations in Asia-Pacific.
The company announced the closure of three regional headquarters in March 2020 – alongside the loss of 180 jobs – when it restructured the company into 10 “clusters”, with the Asia-Pacific region divided into China, Pacific and remaining from Asia.
However, the Rest of Asia division, comprising Hong Kong, Japan and Singapore, will now be assimilated to existing clusters.
David Allen, current managing director of the Pacific Cluster – which includes Australia and New Zealand and is based in Sydney – will take control of the markets of Japan and Singapore, as well as 11 other markets controlled by distributors in Asia. Southeast and Korea.
Allen said Jeweler, “The leadership team in the Pacific is reviewing the resources required, including the current organizational structure, to ensure that we are able to realize the full potential of our expanded operations in the Pacific and Greater Asia.”
Meanwhile, the Hong Kong, Taiwan and Macau markets will be absorbed by the new Greater China Cluster, headquartered in Shanghai and headed by current China Managing Director Jacques Roizen.
The transition is expected to be completed by February 2022, when Rest of Asia Managing Director Alan Chan will leave the company.
According to a statement from Pandora, the decision to reduce the number of regional clusters was taken to “optimize our operational structure and create new business synergies – with the overall aim of seizing the growth opportunities that we are targeting in our new Phoenix strategy” .
Phoenix is the title of Pandora’s new strategic initiative, announced at the end of the first quarter of 2021.
Martino Pessina, Commercial Director of Pandora, said: “With this merger, we look forward to creating two strong clusters that will be both aligned with our Pandora values and focused on the strategic goals defined in Phoenix.
“We strive to create synergies within each new cluster allowing them to be more agile to respond to market conditions and to achieve strategic objectives. “
Pessina added: “I would like to thank Alan Chan for his many contributions to Pandora and I wish him success in his future endeavors.”
Pandora recently released strong financial results for the second quarter of 2021; about 5% of its number of stores worldwide are expected to remain closed throughout the second half of the year due to government-imposed closures.
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