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Pandora Raises Full-Year Growth Outlook as Q2 Profit in Line

Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)
Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)
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Pandora Raises Full-Year Growth Outlook as Q2 Profit in Line

Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)
Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)

Pandora, the world's biggest jewellery maker, reported second-quarter operating profit broadly in line with expectations on Monday and increased its growth outlook for the year.

Operating profit rose to 1.34 billion Danish crowns ($196.25 million) in the second quarter from 1.19 billion a year earlier compared with an average 1.3 billion forecast by 14 analysts in a poll compiled by the company.

Pandora increased its full-year organic growth guidance to between 9% and 12% compared to its previous guidance of 8-10%. It kept its operating margin guidance at around 25%.

"We are again raising revenue guidance for 2024 and look to the second half of the year with optimism," CEO Alexander Lacik said in a statement.

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Fashion

L’Oreal to Acquire 10% Stake in Swiss Skin Care Company Galderma 

A logo is seen over the entrance of Cosmetics company L'Oreal building in Paris, August 16, 2013. (Reuters)
A logo is seen over the entrance of Cosmetics company L'Oreal building in Paris, August 16, 2013. (Reuters)
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L’Oreal to Acquire 10% Stake in Swiss Skin Care Company Galderma 

A logo is seen over the entrance of Cosmetics company L'Oreal building in Paris, August 16, 2013. (Reuters)
A logo is seen over the entrance of Cosmetics company L'Oreal building in Paris, August 16, 2013. (Reuters)

French cosmetics company L'Oreal is to acquire a 10% stake in Swiss skin care firm Galderma from a group of major shareholders, the two companies said on Monday.

The Swiss firm, originally set up as a joint venture between Nestle and L'Oreal, began trading on the Swiss stock exchange in late March, with its shares rising.

Galderma said L'Oreal would acquire the 10% stake for an undisclosed premium from Sunshine SwissCo AG - a consortium led by Swedish private equity firm EQT - Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd.

Galderma said it had signed a memorandum of understanding with L'Oreal to work towards a new research and development collaboration in the form of a scientific partnership focused on complementary research projects.

"It marks an ambitious step for L'Oreal, and true to our mantra of 'seize what is starting,' it allows us to explore partnering in the fast-growing aesthetics market, a key adjacency to our own pure beauty play," said Nicolas Hieronimus, Chief Executive Officer of L'Oreal.

"We fully support Galderma's management and its strategy as a leading dermatology pure player, respect its independence and are very confident in its long-term growth potential."

L'Oreal said it will not seek to be represented at Galderma's board of directors and has agreed to customary provisions for an investment of this type as part of a shareholders' agreement with Sunshine SwissCo.