Pandora boxes clever with a change of tactic

One of the lucky charms sold by Pandora, the jeweller chaired by former Asda boss Allan Leighton, may be paying off for the company itself.

The Danish jeweller last year saw more than two thirds wiped off its market value following a profits warning. Yesterday, however, Pandora posted a lower-than-forecast fall in revenues — down 18 per cent to 1.4 billion kroner (£151.7m).

Last year, it blamed its slump on its attempt to shift from inexpensive charm bracelets to more exclusive bling. But its customers fled without new ones rushing in. Chief executive Björn Gulden said its strategy of offering jewellers the chance to swap unpopular jewellery for those that were most popular with local shoppers was paying off.