Global jewellery giant Pandora will cut 397 jobs, after slashing its annual profit guidance.
A majority of the cuts will be from its manufacturing base of Thailand, with 218 employees set to leave.
Pandora Australia reported a decline in sales earlier this year.
CEO Anders Colding Friis said the rationalisation program will safeguard the company's future.
“We have made important progress on our 2022 strategy since we launched it last year, and are on the right long-term direction for Pandora.
"Pandora has nearly doubled in size the past three years, and our ways of working have also grown rapidly and resulted in different organisational set-ups in different parts of the company.
"The adjustments we announce today will reduce complexity and free up resources that we can add to our strategic priorities.
"The adjustments are also – together with our procurement program – necessary to protect our profitability. Sadly, the changes mean that good employees will lose their jobs, and we are supporting them in the best possible way.”
Pandora has reviewed its guidance. It now expects fiscal 2018 revenue to rise four to seven percent, down from its previously announced seven to 10 percent.
The brand recently announced it had lowered prices in China to combat a growing grey market.
The reduction, across the majority of the company’s jewellery collections, has seen an overall adjustment range at around 15%.
The new prices are reflected on all platforms including the Pandora owned eCommerce site and the Tmall flagship store.
The price reduction aims to limit grey trading, as well as balance the retail price difference in the mainland Chinese market and other markets.