The Danish Jewelry maker Pandora is the world’s largest jewelry maker by production capacity and on 14 September the company announced new financial targets and a detailed roadmap for its new growth strategy, Phoenix.
According to the announcement, Pandora’s new long-term ambition is, amongst other things, to triple revenue in China, based on 2019 levels, by improving conversion for core product lines thanks in part to a bigger focus on personalization and digital, as well as by recruiting younger consumers.
Pandora targets organic growth of 5-7 percent compound annual growth rate (GAGR) between 2021 to 2023 while the total revenue growth CAGR is expected to be 6-8 percent, lifting revenue to DKK 24.8-26.2 billion in 2023, according to the announcement.
To meet expected demand and increase the company’s risk resilience, Pandora will expand its manufacturing capacity by around 60 percent or 80 million pieces of jewelry annually. The company plans to invest a total of DKK 1 billion into building a new facility in Vietnam with a capacity of around 60 million pieces while adding an additional capacity of around 20 million pieces at existing sites in Thailand.
Alexander Lacik, President and CEO of Pandora, says: “We are very pleased to confirm that Pandora is back on the growth track. We have vast untapped opportunities in our existing core business and they will drive long-term sustainable and profitable growth. Our objective is to be the largest and most desirable brand in the affordable jewelry market. And we have a strong foundation to deliver on that objective.”