Pandora bracelet

Pandora jewelry chain to stay away from Amazon and Farfetch, CEO says

Pandora jewelry chain ( (PANDORA) ) chooses to expand its own digital and physical presence instead of joining markets like Amazon ( (AMZN) – Get the, Inc. report) or Farfetch ( (FTCH) – Get the Farfetch Limited Class A Report), the CEO of the company told Reuters.

Not to be confused with the online streaming platform also known as Pandora, the Copenhagen-based jewelry chain is best known for silver and gold charms that can be combined to create a bracelet.

Company CEO Alexander Lacik said the company has no plans to join various online marketplaces in the near future and instead wants to invest in opening more stores and its own platform in line.

“If you are a small, unfamiliar brand, marketplaces are a great opportunity because they give you an audience,” Lacik told Reuters Next on Wednesday. “I already have an audience.”

Pandora is worth $ 12.3 billion and has 2,600 physical stores worldwide. Despite being available on Chinese e-commerce site T-mall, the company has stayed away from big e-commerce retailers like Amazon.

A popular choice for loved ones looking to pick up a gift, Pandora still sees its physical stores making 75% of its global sales.

Lacik said getting rid of third-party vendors helps them build a more direct relationship with the company without having “to compromise for all the customers they serve.”

“Eight out of 10 women in the world know our brand, so I don’t need to let you know my name,” he said. “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.”

As of Wednesday’s close, Pandora stock was up 2.11% to DKK 831.20 ($ 126.47).