Jewellery brand Pandora wants to grow beyond charms
In 2017, Danish jewellery brand/retailer Pandora generated 57% of its DKK22.8 billion (€3 billion) revenue with pendant charms, which have become very popular for personalising bracelets. And while charms are still best-sellers in the Asia-Pacific and EMEA regions, Pandora's more mature markets, above all the USA and the UK, are looking for novelties.
"By 2022, we would like our range of rings, earrings, necklaces and chokers to account for 50% of our sales," said Anders Colding Friis, President and CEO of Pandora. In 2017, those products accounted for 26% of the group's sales, compared to 23% a year earlier, though still a long way behind charms and bracelets, which generated the remaining 74% of Pandora's revenue.
To move beyond charms, in 2017 Pandora added 160 new ring and necklace models to its collections. Last October, the Danish group also launched a collection in collaboration with the Walt Disney Company in the EMEA region. In pursuit of its objectives, Pandora opened a new research centre in Bangkok, Thailand, dedicated to the development of new technology and innovative designs.
The group wants to increase the number of new product launches, and also have the ability to mix materials, in order to offer more accessible items and boost purchasing frequency.
In 2017, Pandora's EBITDA reached DKK8.5 billion, up 7%, while its net income fell by 4%, to DKK5.7 billion. Last year, the group made 308 net store openings, and currently operates 2,446 stores in 100 countries.
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