Pandora plans to invest $ 157.8 million in a manufacturing expansion, including a new factory in Vietnam.
In total, the company will increase its production capacity by around 60%, or 80 million jewels per year. This includes 60 million parts to be built in Vietnam and an additional capacity of around 20 million parts to be added at existing sites in Thailand.
Pandora’s long-term goals as part of its “new chapter of growth” include doubling revenues in the United States and tripling revenues in China from 2019 levels, according to a press release.
âWe are very pleased to confirm that Pandora is back on the path to growth,â said Alexander Lacik, CEO of Pandora. âWe 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.
Headquartered in Copenhagen, Pandora employs 26,000 people worldwide and manufactures its jewelry in two LEED certified facilities in Thailand using primarily recycled silver and gold. The jewelry is sold in more than 100 countries through 6,700 points of sale, including more than 2,600 concept stores.