The announcement was made by Alexander Lacik who took over as chief executive last month and replaced Anders Colding Friis who left last year after a profits warning.

"We have some very strong fundamentals in terms of a world-class supply chain, a strong product proposition as well as a deep reaching distribution network that gives consumers all around the globe quality access to Pandora," Mr Lacik said.

"The brand as well as the company has reached a point of maturity and it is not without some serious challenges," he added.

The company said first quarter like-for-like sales - which strip out the impact of new store opens - fell 10%.

It employs 32,000 around the world, half of which are in Thailand.