Pandora bracelet

A few more words from the CEO of Pandora – JCK

This week we posted our latest Jewelery Quarter podcast featuring JCK editor-in-chief Victoria Gomelsky and myself chatting with Pandora CEO Alexander Lacik. It was a very long and comprehensive conversation, and not all of his comments resulted in the final product.

But some of the points he made were so insightful and relevant even to those who don’t sell or do business with Pandora, that I wanted to share them.

So here are some bonus tracks, but of course I recommend you listen to the rest.

JCK: What have consumers told you about Pandora’s problems?

Alexandre Lacik: People felt that the brand had lost its clarity. They said, “I don’t really know what Pandora stands for anymore. 10 years ago, Pandora was all about charms and bracelets. Fast forward five, six years and all of a sudden we were trying to be a full assortment jeweler.

We have lost a lot of our focus on our charms and bracelets, which are the heart and soul of the brand. People would come in and we would offer all kinds of other rings and necklaces.

Charms and bracelets as a proposition has a very clear point of view. And it was up to us in the mind of the consumer. You go around the world asking questions about Pandora, the first thing that comes out of people’s mouths if they know Pandora is typically charms and bracelets. And a healthy brand has that. Pandora was starting to lose that.

So now do you value charms more than jewelry?

We’re a jewelry company, period. I would put it differently, and it may be academic, but it’s actually a very important distinction. If you look at what people buy, they buy into the idea of ​​“moments”. This is executed through charms and bracelets, largely speaking. You can carry out the idea of ​​moments in different ways. So, in the near future, we will discover how to innovate around the moments platform.

But what we’re also looking to do is innovate more platforms that match the house of Pandora and the core values ​​of Pandora. If I end up with a product offering that is too close to moments, then I just get cannibalization – I don’t get any incremental growth and people get a little confused. So we have to make sure we’re in a setting where people will say, “This is Pandora,” it’s recognizable and relevant for Pandora to play, but it’s pretty far off the platform of moments.

Alexandre lacik
Pandora CEO Alexander Lacik

Why do you think Pandora struck a chord?

What you see with successful brands that live on time strikes a human truth. There is a human truth that I want to express to myself, there is a human truth that I want to celebrate my family and maybe some great moments or aspirations in my life. Some people put it in a tattoo, some people put it on Instagram, some people put it in photo albums, and some people buy and give away bracelets with charms. When you operate in a territory where a human truth is at stake, as long as you do it in an authentic way, with a language and identity relevant to that time, the chances are good that you will have a good life as a Mark.

There is a lot more here.

(Photo courtesy of Pandora)

Follow JCK on Instagram: @jckmagazine

Follow JCK on Twitter: @jckmagazine

Follow JCK on Facebook: @jckmagazine