Even though the partnership seemed built to last, Pandora will be parting ways from Jared. The longstanding collaboration began in 2008 when Jared started testing the waters with Pandora's merchandise. Soon after, every store held the brand. Advertisements were specifically aimed at Pandora being available at Jared.
“[Pandora’s] consumer is typically a female self-purchaser who has never visited a Jared before,” said Terry Burman, Signet’s chief executive officer in a 2009 statement. “They often come in groups, and the nature of the product encourages them to return to Jared over and over again.”
"Since 2018, Signet has embarked on a strategy with focus on other brands than Pandora," said Pandora spokesperson Johan Melchior in a statement to JCK. "As a natural consequence of the strategy, Signet plans to exit the partnership with Pandora within the next 12 months. The impact for Pandora will be negligible as our sales to Jared have decreased substantially in recent years. Current annual run rate sales are less than ¼% of our total revenue. There is clear overlap in the location of Jared’s stores and our own stores, so the change is expected to lead to improved performance of our own stores."
A statement was also issued from Signet spokesperson David Bouffard: "As a part of our Path to Brilliance strategy, we are focused on Customer First, OmniChannel, and a Culture of Agility. Our new merchandising strategy is based on product newness. We found our customers reacted favorably to this strategy as our results showed, with new-product percentage of fourth quarter sales of 31.8%."
Signet named Pandora as Jared's "top-selling jewelry line" back in 2010. However, it has been argued by few at Signet that due to the lower cost of Pandora's items, men who would've purchased more expensive pieces instead opt for the cheaper price tag.
Jared led into 2015 with the addition of 250 shop-in-shops for Pandora. As a result, the brand became far more well known. In 2019, Pandora had begun to rebrand itself in an attempt to stimulate demand for its charms. Since the announcement of the split, Jared is now offering a "last chance" sale on its Pandora inventory on its site.
Information originally sourced from JCK.
