Danish jewelry maker Pandora is the world’s largest jewelry maker in terms of production capacity and on September 14 the company announcement new financial goals and a detailed roadmap for its new growth strategy, Phoenix.
According to the announcement, Pandora’s new long-term ambition is, among other things, to triple sales in China, based on 2019 levels, by improving the conversion of base product lines thanks in part to a greater focus on personalization and digital, as well as on recruiting younger consumers.
Pandora is targeting 5-7% organic growth in compound annual growth rate (GAGR) between 2021 and 2023, while total revenue growth CAGR is expected to be 6-8%, bringing revenue to 24.8-26, DKK 2 billion in 2023, according to the announcement. .
To meet expected demand and increase business risk resistance, Pandora will increase its manufacturing capacity by approximately 60% or 80 million pieces of jewelry per year. The company plans to invest a total of DKK 1 billion in building a new factory in Vietnam with a capacity of around 60 million pieces while adding additional capacity of around 20 million pieces at the sites existing in Thailand.
Alexander Lacik, President and CEO of Pandora, said: “We are very pleased to confirm that Pandora is back on the path to growth. We have vast untapped opportunities in our current core business and they will drive long-term sustainable and profitable growth. Our goal is to be the largest and most desirable brand in the affordable jewelry market. And we have a solid foundation to achieve this goal. “
