Pandora suffered from both uncertain consumers and corona restrictions in China last year. Still the Danish jewelry company’s profit went from 4 billion DKK the previous year, to 5 billion DKK in 2022. This showed in the company’s annual accounts, which came out on Wednesday, February 8.
Although, Pandora’s CEO Alexander Lacik, is satisfied with the outcome of 2022, he is still concerned of the prospects for 2023.
The company expects that the year could bring anything from a negative organic growth of three percent to a positive organic growth of three percent.
One of the biggest unknown factors is China.
In 2019, China was Pandora’s fourth largest market, with a turnover of around 2 billion DKK annually. The recent years corona restrictions and shutdowns in the country have reduced Pandora’s sales in China to just three percent of the total revenue.
In the report, Pandora emphasizes that the jewelry company still has ambitions in China, but is cautious about expecting large sales in the country.
“Pandora still has ambitions to triple the business in China compared to 2019. The latest reopening is a positive step in Pandora’s plan to restore the brand,” Lacik said in the report.
Pandora doesn’t expect to relaunch itself in China until the third quarter of 2023.
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