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Copenhagen, Denmark-- A line carried by a large number of high-end jewelers in the US market and elsewhere is in the midst of a shake-up due to slumping sales. 

A press-release issued by Pandora earlier this week reported that chief executive officer Mikkel Vendelin Olesen has been asked to resign due to sinking sales and "poor marketing and operational execution." Among other things, the release reported a 30% drop in revenue in July 2011 versus July 2010. The company also reduced its expectations for full year 2011 from a projected 30% increase to flat sales equal to those of 2010.

“Although our prices increases combined with some destocking are significant contributors to our slowdown in sales and profitability, our own inadequate operational sales and marketing execution is as big a factor,” Pandora chairman Allan Leighton said.

The company predicted it will take approximately 18 months to set itself back on its earlier successful growth path.