Pandora necklace

Jeweler Pandora has no plans to join platforms like Amazon or Farfetch -PDG

Jewels are seen at a Pandora jewelry store in downtown Rome, Italy on August 7, 2018. REUTERS / Max Rossi

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COPENHAGEN, December 1 (Reuters) – (This December 1 article corrects the share of sales from physical stores in the 7th paragraph)

Jeweler Pandora (PNDORA.CO) would rather invest in physical stores or its own online sales platform rather than join large e-commerce marketplaces like Amazon or Farfetch, its chief executive said on Wednesday.

“If you are a small, unfamiliar brand, marketplaces are a great opportunity because they give you an audience. I already have an audience,” CEO Alexander Lacik said in an interview at Reuters Next on Wednesday. .

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Pandora, the world’s largest jewelry maker by production capacity, has found a niche between cheaper accessories sold by H&M (HMb.ST) and more expensive jewelry like Tiffany & Co.

“Eight out of ten women in the world know our brand, so I don’t need to let you know my name. What I have to do is show you what I have, and I can do it a lot better. if I have a direct relationship with my client, ”he said.

The $ 12.3 billion company, headquartered in Copenhagen, has increased its investments in e-commerce during the pandemic. It is present on the Chinese T-mall platform but not on major global platforms such as Amazon (AMZN.O) or Farfetch (FTCH.N).

“Markets always have to compromise for all the clients they serve. I don’t have to compromise,” he said.

Pandora’s more than 2,600 physical stores remain the core of its business and accounted for 62% of global sales between July and September.

“Almost two-thirds of my customers are men who buy jewelry for their girlfriend, wife, grandmother or children. And we know that men who buy jewelry need help,” a- he declared.

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Reporting by Jacob Gronholt-Pedersen; Editing by Kirsten Donovan

Our Standards: Thomson Reuters Trust Principles.


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