Danish jeweller Pandora has shut down approximately 30 per cent of its retail stores as of January compared to 10 per cent in the fourth quarter of 2020 due to a recent spike in Covid-19 cases.

According to the company, organic growth in January was down 3 per cent while sell-out slid by 8 per cent from year-ago figures. “Organic growth was stronger than sell-out mainly due to phasing of sell-in related to Valentine’s Day to franchise partners,” explained Pandora. “In January 2020, the impact from Covid-19 was limited as the outbreak was mainly centred around China where the first store closures were reported January 22, 2020.”

Pandora earlier said business was up by 4 per cent in Q4 2020, which helped temper the company’s overall performance. Full-year organic growth was down by 11 per cent, slightly better than a 14 to 17 per cent drop predicted in November 2020.

The company remains upbeat however, eyeing an 8 per cent growth in 2021. Alexander Lacik, president and CEO of Pandora, commented, “We continue to invest strongly in building brand desirability, digital capabilities and operational excellence – which will be key foundations as we gradually move from transformation to growth mode.”