Pandora necklace

Danish jeweler Pandora aims to triple sales in China

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. “

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