Pandora aims to achieve sales growth of 6-8% over the coming years and its increase production capacity by 80 million pieces per year, the Danish jewellery maker said on Tuesday.
In a bid to boost interest especially in younger consumers, the world’s largest jewellery maker by production capacity has looked to refresh its image and increase sales in the U.S. and Chinese markets.
“Our objective is to be the largest and most desirable brand in the affordable jewellery market,” CEO Alexander Lacik said in a statement.
The firm now targets revenue growth of 6-8 percent over the 2021-2023 period and an operating profit margin of 25-27 percent in 2023.
Over the long-term, it aims to double revenue in the United States and triple revenue in the world’s largest jewellery market China compared to 2019 levels.
To meet demand, it will invest 1 billion Danish crowns ($159 million) in expanding its manufacturing capacity by around 60 percent, or 80 million pieces of jewellery annually, by building a new factory in Vietnam and expanding its existing plant in Thailand.
By Stine Jacobsen; editing by Louise Heavens and Jason Neely.
Rather than targeting the biggest portion of the diamond market, engagement and bridal, the world’s biggest jeweller is selling pieces made with lab-created diamonds to women shopping for themselves.