Jeweller Pandora has appointed footwear retailer Deichmann managing director Björn Gulden as its new chief executive.
Gulden will be spearheading the retailer’s turnaround. The jeweller, chaired by Peacocks chairman and former Asda boss Allan Leighton, has experienced a sharp decline in revenue and profits this year.
In August, less than a year after floating on the stock market, Pandora sent out a warning flagging that revenue growth for the year, previously expected to be 30%, would be nil. Profit margin projections were also moved from 40% to the low 30s.
The profit warning wiped around two thirds off Pandora’s market value.
Former chief executive of the jeweller Mikkel Vendelin Olesen left following the warning.
Pandora, best known for its ubiquitous charm bracelets, sells through 472 stores in the UK, including its own stand alone shops.
The retailer said its growth had stalled as a result of putting up its prices as it attempted to move from mid-market to a more luxury offering. It also said it suffered as a result of operational inefficiencies.
Gulden is currently managing director of German retailer Deichmann, Europe’s largest shoe retailer, and president and chief executive of its wholly owned retail chains Rack Room Shoes and Off Broadway Shoes in the U.S.
Prior to his role at Deichmann, Gulden was senior vice president of apparel and accessories at Adidas and was part of the management group that took the sportswear company public in 1995.
Leighton said: “Björn is an outstanding executive who has impressed me with his knowledge and hands-on experience from many years in the retail and wholesale business around the world.”
Gulden will assume the post on March 1.