Pandora is targeting sales growth of 6 to 8% over the next few years and an increase in its production capacity of 80 million pieces per year, the Danish jeweler announced on Tuesday.
In an effort to stimulate interest, especially among younger consumers, the world’s largest jewelry maker in terms of production capacity has sought to refresh its image and increase sales in the US and Chinese markets.
“Our goal is to be the largest and most desirable brand in the affordable jewelry market,” CEO Alexander Lacik said in a statement.
The company is now targeting revenue growth of 6-8% over the 2021-2023 period and an operating profit margin of 25-27% in 2023.
In the long term, it aims to double revenue in the United States and triple revenue in the world’s largest jewelry market, China, from 2019 levels.
To meet demand, it will invest DKK 1 billion ($ 159 million) in expanding its manufacturing capacity by around 60%, or 80 million jewels per year, by building a new factory in Vietnam and by expanding its existing factory in Thailand.
By Stine Jacobsen; edited by Louise Heavens and Jason Neely.
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