Jeweller - November 2023
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
News<br />
Confidence in the future: Pandora details ambitious strategy for expansion<br />
The world’s largest mass-market jewellery<br />
brand, Pandora, has raised its targets for<br />
the next three years, attributing the positive<br />
outlook to extensive investment in the brand<br />
and store network.<br />
Despite a decline in the overall jewellery<br />
market, the company has increased sales<br />
in the US, which now accounts for 30 per<br />
cent of total revenue.<br />
“Looking back at the past few years, we are proud<br />
of our achievements. We have fundamentally<br />
changed how we work, and the organisation is<br />
much stronger,” CEO Andrew Lacik said.<br />
“It’s clear that Pandora is a very different<br />
company today. It’s time to take Phoenix to the<br />
next level, and our new financial targets reflect<br />
our confidence in the future.”<br />
Pandora is now aiming for an increase of like-forlike<br />
sales of four to six per cent, an improvement<br />
from the previously forecast three to five per cent.<br />
The company plans to expand its store network<br />
by around three per cent, improving from one<br />
to two per cent, and is anticipating revenue of<br />
DKK27 billion ($AU5.97 billion) for <strong>2023</strong>.<br />
Pandora is forecasting sales as high as DKK36<br />
billion ($AU7.96 billion) in 2026, with plans for<br />
more than 400 store openings between now<br />
and then.<br />
The company will also expand engraving services<br />
for more than 1,400 stores in 2024.<br />
Lacik told Reuters that while discretionary<br />
spending and consumer confidence remain<br />
concerning, Pandora has been sheltered from<br />
the impact of adverse economic conditions.<br />
"I'm not saying we are unaffected; however, we<br />
are softening the blow by gaining market share,"<br />
he said.<br />
China accounts for just three per cent of<br />
Pandora’s revenue; however, Lacik said<br />
that expanding into the Asian market will<br />
remain a priority.<br />
“Building a sizeable business there will be<br />
a longer journey than originally anticipated,”<br />
he said.<br />
Pandora recently released a new collection<br />
dedicated to Game of Thrones, and launched a<br />
range of lab-created diamond jewellery.<br />
DIAMOND LABORATORY<br />
Specialising in:<br />
• Argyle origin<br />
• Coloured diamonds<br />
• Synthetic diamonds<br />
• Rough diamonds<br />
Gemetrix<br />
www.deltadiamondlab.com<br />
JOHN CHAPMAN 0439 209 933<br />
26 | <strong>November</strong> <strong>2023</strong>
Change language