Pandora necklace

Pandora jeweler does not intend to join platforms like Amazon or Farfetch

COPENHAGEN (Reuters) – Jeweler Pandora 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. .

Pandora, the world’s largest jewelry maker by production capacity, has found a niche between cheaper accessories sold by H&M and more expensive jewelry like those from 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 or Farfetch.

“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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This story corrects the share of physical store sales in the 7th paragraph.

(Reporting by Jacob Gronholt-Pedersen; editing by Kirsten Donovan)