---
id: "entity-pandora"
type: "entity"
source_timestamps: ["§ Reaching True Agreement"]
tags: ["company", "retail", "case-study"]
related: ["entity-alexander-lacik"]
entityType: "organization"
canonicalName: "Pandora"
aliases: ["Pandora A/S"]
sources: ["governance"]
sourceVaultSlug: "hbr-seg-governance"
originDay: 7
articleStem: "hbr-cl-85-false-alignment-trap"
sourceUrl: "https://hbr.org/2026/07/the-false-alignment-trap"
sourceTitle: "The False Alignment Trap"
---
# Pandora

A Danish jewelry group that suffered massive market-value loss in the 2010s. Under CEO [[entity-alexander-lacik|Alexander Lacik]], it underwent a transformation called **'Programme Now'** — which included a **$400 million cost-reduction program**, a brand relaunch, and a strategic shift to focus on the customer need of **'commemoration'** (branded 'Moments First'). Pandora is the source's flagship illustration of what reaching [[concept-true-agreement|true agreement]] looks like in a real transformation.