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The world’s largest mass-market jewellery brand, Pandora, has raised its targets for the next three years, attributing the positive outlook to extensive investment in the brand and store network.
Despite a decline in the overall jewellery market, the company has increased sales in the US, which now accounts for 30 per cent of total revenue.
“Looking back at the past few years, we are proud of our achievements. We have fundamentally changed how we work, and the organisation is much stronger,” CEO Andrew Lacik said.
“It’s clear that Pandora is a very different company today. It’s time to take Phoenix to the next level, and our new financial targets reflect our confidence in the future.”
Pandora is now aiming for an increase of like-for-like sales of four to six per cent, an improvement from the previously forecast three to five per cent.
The company plans to expand its store network by around three per cent, improving from one to two per cent, and is anticipating revenue of DKK27 billion ($AU5.97 billion) for 2023.
Pandora is forecasting sales as high as DKK36 billion ($AU7.96 billion) in 2026, with plans for more than 400 store openings between now and then.
The company will also expand engraving services for more than 1,400 stores in 2024.
Lacik told Reuters that while discretionary spending and consumer confidence remain concerning, Pandora has been sheltered from the impact of adverse economic conditions.
“I’m not saying we are unaffected; however, we are softening the blow by gaining market share,” he said.
China accounts for just three per cent of Pandora’s revenue; however, Lacik said that expanding into the Asian market will remain a priority.
“Building a sizeable business there will be a longer journey than originally anticipated,” he said.
Pandora recently released a new collection dedicated to Game of Thrones, and launched a range of lab-created diamond jewellery.
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