CollectionsOct 03, 2023
Pandora’s New Game of Thrones Collection Is Here MajorsOct 12, 2023
Pandora Eyes Expansion Into ‘New and Underserved’ Markets
The company also plans to open up to 275 new stores in existing markets by 2026.
During Pandora’s recent Capital Markets Day, the company shared its future expansion plans.
Copenhagen, Denmark—Pandora is ready to take on the world, or, at least, a few new markets.
During its recent Capital Markets Day, the company shared updates on its “Phoenix” turnaround strategy and plans for the future, including store openings and expansions into new geographies.
The Phoenix strategy, launched in 2021, focused on sustainable growth and attracting new, younger consumers.
“Looking back at the past few years, we are proud of our achievements. We have fundamentally changed how we work, and the organization is much stronger. It’s clear that Pandora is a very different company today,” said CEO Alexander Lacik.
The company said its investments in the brand, store network, organization, and people are paying off.
The jeweler said the next chapter of its strategy will focus on scaling up investments to accelerate revenue growth.
Looking to gain more ground in the affordable luxury space, the company will boost investments in brand desirability and its store network.
“With a strengthened operating model, Pandora now has the capacity to target growth opportunities across a wider range of geographies,” said the company.
The company said it will be taking the first steps to enter into "new and underserved" markets, including South Korea, Japan, and India.
It has a “small presence” in South Korea and Japan already, said a spokesperson. It does not currently operate in India, though it did years ago in a limited capacity through a partner.
Related stories will be right here …
During its recent Capital Markets Day, the company shared updates on its “Phoenix” turnaround strategy and plans for the future, including store openings and expansions into new geographies.
The Phoenix strategy, launched in 2021, focused on sustainable growth and attracting new, younger consumers.
“Looking back at the past few years, we are proud of our achievements. We have fundamentally changed how we work, and the organization is much stronger. It’s clear that Pandora is a very different company today,” said CEO Alexander Lacik.
The company said its investments in the brand, store network, organization, and people are paying off.
The jeweler said the next chapter of its strategy will focus on scaling up investments to accelerate revenue growth.
Looking to gain more ground in the affordable luxury space, the company will boost investments in brand desirability and its store network.
“With a strengthened operating model, Pandora now has the capacity to target growth opportunities across a wider range of geographies,” said the company.
The company said it will be taking the first steps to enter into "new and underserved" markets, including South Korea, Japan, and India.
It has a “small presence” in South Korea and Japan already, said a spokesperson. It does not currently operate in India, though it did years ago in a limited capacity through a partner.
As for its existing markets, there are 7,000 “viable locations” for new stores in the regions where it already operates, according to Pandora’s analysis, first shared during its 2021 Capital Markets Day.
From 2024 through 2026, Pandora expects 225 to 275 store openings and 175 to 225 shop-in-shop openings.
Last year, Pandora announced it had partnered with Macy’s to open 28 shop-in-shops after a soft launch in 5 stores the previous year.
In 2021, Pandora set a long-term goal of doubling its U.S. revenue from its 2019 level of 4.7 billion kroner ($435 million).
It’s close to reaching that goal, clocking in at 7.9 billion kroner ($731.2 million) in 2022.
Pandora said it expects to surpass its target by 2025 with estimated revenue of 9.4 billion kroner ($870 million).
“Pandora’s market share in the US remains at low single-digit levels and Pandora sees ample growth opportunities in the U.S. beyond 2025,” said the company.
Pandora set a similar long-term goal for China, planning to triple its 2019 revenue numbers, but COVID-19 put a wrench in its plan.
Though it recently relaunched the brand in Shanghai, it expects a tough road ahead.
“Pandora continues to see significant long-term growth potential in China, but building a sizable business in China will be a longer journey than originally anticipated,” the company said.
In countries where Pandora already has a strong market share, like the U.K., Italy, and Australia, it expects like-for-like sales to grow steadily as it continues to build market share.
In markets where it has less of a strong foothold, like the U.S., Germany, and France, it expects to grow its market share and could see higher like-for-like growth.
All new stores will be under the new format, Evoke 2.0, starting in 2024.
The company began testing the new store concept in late 2021 in Milan and London. It incorporates a simplified layout and centers around personalization, offering engraving services, with an emphasis on being able to try on the jewelry.
As two-thirds of its revenue comes from gifting, said Pandora, the stores will also have a “gifting zone.”
Editors' Picks
Sponsored by
More on Majors
The Latest
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
Policies & IssuesJan 14, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief Several jewelry designers are lending a helping hand to charities in Los Angeles amid the raging wildfires.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
Weekly QuizJan 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsGemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
IndependentsJan 13, 2025
The Seven Pops Up in Palm BeachThe New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
SourcingJan 10, 2025
De Beers, GJEPC Partner to Promote Natural DiamondsThe pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.
CrimeJan 09, 2025
US Customs Seizes Counterfeit Tiffany & Co. JewelsOfficers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.
CollectionsJan 09, 2025
Karma El Khalil’s New Collection is an Ode to the MoonThe “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.
Events & AwardsJan 09, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
SourcingJan 09, 2025
Reena Ahluwalia Unveils New Works in ‘Diamond Trails’ AnthologyThe artist collaborated with industry creatives on the project, which features five fictional stories and five corresponding paintings.
IndependentsJan 09, 2025
Virginia Jewelers Raise Nearly $26K for Children’s Hospital at Charity BallNine jewelers donated jewels for a raffle to support the Children’s Hospital Foundation at Virginia Commonwealth University.
WatchesJan 08, 2025
Oris Debuts Hot Pink Miss Piggy WatchMiss Piggy shared her thoughts on being fabulous, the importance of accessories, and how to be your own cheerleader.
Lab-GrownJan 08, 2025
Effy Introduces Brand Dedicated to Lab-Grown Diamonds“Promise by Effy” includes fashion jewelry and engagement rings.
IndependentsJan 08, 2025
Haltom’s Jewelers to Close After 130 YearsThe Texas-based jeweler is closing all three locations.
TrendsJan 08, 2025
Zendaya’s Engagement Ring Combines Vintage and Modern ElementsZendaya’s ring, featuring an east-west set elongated cushion-cut diamond, is said to be from British designer Jessica McCormack.
ColumnistsJan 07, 2025
The Smart Lab: The Hottest Digital Marketing Trends For 2025Micro-influencers, customer reviews, and shoppable videos are going to be key to getting customers’ attention, Emmanuel Raheb writes.
TrendsJan 07, 2025
Amanda’s Style File: January Is for GarnetGarnet is comprised of a group of minerals, giving those with a birthday in January options when it comes to their birthstone.
IndependentsJan 07, 2025
Edge Retail Academy Names 2024 ‘Wag’ Award Winner The annual award, created in memory of business coach William “Wag” Wagner, went to a retailer in Fairfax, Virginia.
SourcingJan 07, 2025
Columbia Gem House To Debut Lightning Ridge Opal CollectionThe wholesaler is partnering with Australian brand Cheal Opal on a new offering of calibrated stones.
