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How Data and Tech Power Jewelry Brand Pandora’s Mission to ‘Give a Voice to People’s Loves’

• April 10, 2023 at 9:00 AM EDT
• By Nicole Silberstein

Digital transformation isn’t easy for any brand, but for Pandora , with its 40 years of history and more than 6,400 points of sale across 100 countries, that effort is particularly complex.  

Best known for its charm jewelry, the “affordable luxury” brand sells more than 100 million pieces every year, making it the largest jewelry brand in the world by volume . Globally, 80% of women are familiar with the brand and 30% of them own a Pandora item, so the stakes for the brand’s digital transformation are high.

“We’re a fully integrated organization, so we have our crafting facilities in Thailand, our distribution, our sales — we don’t quite have our own silver mine, but we handle everything from the raw material to the bracelet, and that means that every piece [of this digital transformation] needs to hang together ,” explained Susan Van Dijk, SVP of Global Business Services at Pandora in an interview with Retail TouchPoints . “We need to make sure that the rollout, and what we roll out when, is all very coordinated, otherwise one bit will fail and then the whole chain breaks.”

The ultimate goal is to deliver personalized, omnichannel experiences to customers in all of Pandora’s 100 markets. To do that will take a years-long effort, already underway, to break down data silos and transform the company’s global operations .

“As an organization, we’ve grown through the wholesale side,” said Van Dijk. “Now we have a lot more owned-and-operated stores, and when you build a system to target mostly wholesale, that’s a whole different level of transactions than if you have your own stores. So getting to a place where we have a system that caters to a broader way of doing business, including our own stores and also online, is the key .”

Central to this effort will be transitioning to SAP’s Enterprise Resource Planning (ERP) system, an endeavor that won’t be completed until 2026. The ERP system that Pandora is currently using is being phased out, necessitating a shift, but Van Dijk hopes that by establishing a new “lean digital core” with SAP, the company can not only improve the omnichannel experience for its customers but also streamline back-office operations.

Turning Customers into Brand Ambassadors

After more than 30 years operating in brick-and-mortar, Pandora began to debut online in markets around the world in 2014 . Now, ecommerce has grown to capture 21% of the retailer’s global revenue, with stores still accounting for the majority ( 51% ) while wholesale and third-party sales make up the difference ( 28% ). In 2022, Pandora banked 600 million visits across its online channels and stores.  

“Through the pandemic in particular, online has become a really important and growing part of the organization,” said Van Dijk. “The store side of things is still important because it’s a product that people want to interact with. They want to see [the jewelry] and try it on, so recreating that experience online is one of the things that we’re trying to get to so that we can give our consumers that true omnichannel experience.”

The key, according to Van Dijk, is having “a lean operation behind the scenes that will allow us to provide the right information to our consumers,” in particular when it comes to inventory. “The data flows are so important in making sure we have the right inventory information, so that what the consumer sees online is actually available in the store for things like click-and-collect. With the manual interventions that are required in a lot of these older systems, there is a chance that there are mistakes, and the product may not be there, which is a horrible consumer experience.”

Pandora, needless to say, is opposed to horrible consumer experiences. “ Some talk about ‘taking away the pain of shopping,’ but at Pandora we want to celebrate shopping and make it a personal experience where we — due to SAP technology and our other digital tools — understand you, surprise you and delight you,” said David Walmsley, Chief Digital and Technology Officer at Pandora in a statement. “We are in the business of selling memories, so for Pandora, combining store and technology is where the magic happens. If we do this right, we are not only creating convenience for our customers, we are creating brand ambassadors.”

Improving EX (the Employee Experience)

Beyond offering a better experience to customers, Van Dijk also is looking to the SAP transition to improve the experience for Pandora employees, from the back office to frontline associates. “Right now I have teams who sit up until 12 o’clock at night to wait for the system to churn things through, so this will be a much better experience for them, but also in the stores as well,” she said. “As an example, with a refund, [store associates] can process that in the POS system, but then they have to send an email to someone to also process it in another system because we can’t make those integrations anymore. That just takes a lot of time away from our colleagues in-store, and it’s not what they signed up for. This will enable them to focus more on what they like doing, which is selling.”

By streamlining the company’s data with the help of SAP’s ERP system, Pandora expects to be able to increase transparency and efficiency across the entire organization, as well as better utilize the data they have to “do the analysis and see how we use that to grow further,” Van Dijk said.

The full SAP implementation will not be completed until 2026 because of the sheer size of the effort — across the 100 countries where Pandora operates, they must not only change the technology they are using but also the way they work.

“We are moving away from a very highly customized instance of ERP to a much more ‘out of the box’ solution,” explained Van Dijk. “That means that we need to really look at the design phase, which we’re in right now, to understand what is actually in that ‘box’ and then say, ‘Okay, how does that help us standardize, and what needs to change in the way we operate to make sure we enable the system in the right way? If it were just about the technology, I’m not saying it would be easy, but it would be easier. This is about a total transformation .”

For her part Van Dijk hopes no one outside the company ever notices all the work that is going on behind the scenes: “These kinds of implementations, the less you hear about them, the better,” she said.

She does, however, hope that customers will notice that this 40-year-old brand is continuing to evolve as they do: “This is also the way for us to make sure that we can respond to consumer needs and how the consumer wants to interact with us,” Van Dijk said. “ If you have this vision to give a voice to people’s loves, you need to make sure that the products and experience that you design behind that respond to customer needs and stay relevant .”

• Posted In: Business Intelligence , Data & Analytics , Digital Commerce , E-commerce Experience , Inventory & Merchandising , Omnichannel Alignment
• Tagged With: customer experience , digital transformation , enterprise resource planning , ERP , Featured , global commerce , inventory management , Jewelry retail , Pandora , Retail ThinkTank (2023) , Retail ThinkTank: Business Agility & Innovation (2023) , SAP

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Parent item expand the sub menu, kering forecasts 40-45% drop in h1 operating profit as gucci sales tumble, ftc sues to block tapestry takeover of capri, retailers were optimistic with stable budgets at watches and wonders, pandora aims to double its u.s. business, triple in china.

The Danish jewelry brand plans to recruit younger consumers, vastly increase production and reach zero net emissions.

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PARIS — Pandora has plans to rise once more.

The Danish jewelry firm, famed for its charms, has unveiled the detailed roadmap for its new growth strategy, dubbed Phoenix.

Its new ambitions include doubling revenues in the U.S. and tripling sales 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.

“We have vast untapped opportunities in our existing core business and they will drive long-term sustainable and profitable growth,” asserted Pandora president and chief executive officer Alexander Lacik ahead of the company’s Capital Markets Day Tuesday. “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.”

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The company is targeting an organic compound annual growth rate of 5 to 7 percent between 2021 and 2023 and EBIT margin of between 25 and 27 percent by 2023, an increase of between 2 and 3 percentage points. Pandora completed its previous two-year turnaround plan in May, and has resumed growth in recent months. Its second-quarter revenues jumped 84 percent on the same period last year and 13 percent versus the three-month period in 2019, prompting the firm to raise its guidance for the year, as reported.

During the online investor event, chief financial officer Anders Boyer highlighted that if all of the company’s new initiatives prove successful, it could achieve higher sales gains than the conservative estimates, and it still sees plenty of opportunity for growth further down the line.

“When we started developing this strategy, it quickly became clear that we had more growth opportunities than we could handle,” he told investors and analysts. “It’s clearly a case of priorities,” he said, explaining that longer-term opportunities for the company include expansion in markets like India and Japan as well as potential M&A activity. “We’re only at the beginning of the growth journey we’re embarking on.”

The market rewarded the company’s announcements, sending Pandora shares up 6.8 percent on Tuesday to close at 855 Danish kronor.

Nevertheless, some analysts urged caution. “Pandora has demonstrated impressive resilience against a challenging COVID-19 economic backdrop with healthy channel shift into e-commerce. From here, we view its path to positive revenue growth as more challenging, and we remain cautious on its path towards sustainably positive retail [like-for-likes],” said Piral Dadhania, a luxury analyst at RBC, in a research note ahead of the event. “Easier wins under the turnaround program such as cost savings, closing a handful of unprofitable stores, range rationalization, developing a new branding and store concept and increasing marketing spend have largely been addressed and are in the early stages of deployment. We maintain our view that Pandora’s margins could come under pressure in a flat or negative retail LFL scenario.”

As well as targeting gains in the U.S., Pandora’s largest market, and China, where it has struggled to differentiate its positioning, recruiting young consumers, especially Gen Z and Millennials, will be a core part of the new strategy.

Ahead of the all-important holiday season, the brand will relaunch the Pandora Me range targeting Gen Z, with social media-first activation and collaborations with musicians and artists, for example. “We will talk in their language on the channels they are into,” said chief marketing officer Carla Liuni.

The company highlighted estimates from Bain and Altagamma that Gen Z and Millennial consumers are projected to account for a 60 percent share of global consumption of luxury goods by 2026, compared with 39 percent in 2019.

With this in mind, Pandora believes the Me franchise has the potential to become a new pillar, offering opportunity beyond the key Pandora Moments business, built around its collectible charms, which accounts for around 70 percent of its sales.

There is also the Pandora Brilliance lab-manufactured diamond product line, being piloted in the U.K. since May, for which the company has yet to decide on a global rollout, it said.

In order to build loyalty and improve personalized services, the company will build on learnings from its digital hub implemented in Copenhagen last year, using AI to deliver tailored communications to consumers and improving its consumer-facing interfaces online. It has already made progress here. “Our conversion rate in the last two weeks has more than doubled since 2019,” said David Walmsley, chief digital and technology officer.

A new global loyalty program will be introduced next year, following the introduction of a local scheme in China this spring, as well as clienteling services via WeChat that allow in-store staff to connect with their customers directly. “It’s a great learning base for the global platform that we’re looking at launching in 2022,” Walmsley said.

A new store concept is in the works, with three units set for the final quarter of the year and several for the first quarter of next year, with a first-wave of openings in China and Europe before an introduction in the U.S. In total, between 100 and 150 boutiques under the new concept are planned for the next two years. These are designed to meld digital and physical elements, for example by giving store associates access to customer preferences when they enter a store.

Another key element of the Phoenix plan is to increase manufacturing capacity by around 60 percent, investing 1 billion Danish kronor, or $158.7 million at current exchange, to secure future supply.

The majority of the new capacity will come from a facility to be built in Vietnam, for which the firm is in the process of selecting a site, to be confirmed early next year. The first part of the new plant is scheduled to come online in late 2024, and the plan is for it to produce 60 million pieces annually from 2026 onward. The remaining capacity extension will come from the firm’s existing facilities, in Thailand.

The new program also involves a range of sustainability initiatives Pandora trumpeted as “the most ambitious in the jewelry industry to date.” The company has committed to halving its greenhouse gas emissions from a 2019 baseline across its own operations and value chain by 2030, and intends to become a net zero carbon company by 2040.

Among further announcements, the company said it would increase its share buyback program, announced on Aug. 17, to repurchase shares for an aggregate maximum amount of 3.5 billion Danish kronor, or $555.2 million, compared with the previously announced 0.5 billion Danish kronor, or $79.3 million. The move is intended to increase cash distribution to shareholders, and will be completed by Feb. 4, 2022.

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Reporting by Helen Reid in London, Isabelle Yr Carlsson in Copenhagen, Boleslaw Lasocki and Agata Rybska in Gdansk; Editing by Savio D'Souza, Mark Potter, Jan Harvey and Louise Heavens

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Jewellery Maker Pandora Targets 6-8% Sales Growth

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.

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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.

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How Pandora uses digital transformation to create sparkling customer experiences

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Jewellery retailer Pandora has placed digital capability and transformation at the core of its business in an attempt to serve customers in new and innovative ways.

It’s a process that’s been in gestation for the past two years, says David Walmsley, Chief Digital and Omni-channel Officer, who joined the firm in April 2019. Walmsley has spent his time at the firm leading a business transformation initiative, known as Programme NOW, which aims to tap into digital tech to improve customer engagement.

That program has proven its worth during the past 12 months as COVID-19 created new challenges for the enterprise. When lockdown came, Pandora had to shake off its reliance on the face-to-face relationships it traditionally built with customers in-store in favor of replicating similarly strong experiences across a range of other channels.

Progress around business transformation, which has included the establishment of a 120-strong digital hub in Copenhagen, has meant the business has been able to benefit from strong technology foundations and specialist capability that could generate innovative solutions quickly and effectively. Walmsley says:

The digital hub is really about insourcing and creating a hybrid model where we have engineers and data scientists at the heart of the global business in Copenhagen. We still work very much with some phenomenal partners, particularly Adobe, Accenture and Sapient in the digital space, but it's about creating a hybrid model and getting talent into the heart of the business.

Walmsley says that, like many organizations, Pandora had traditionally outsourced much of its development processes to third parties. Building in-house talent at the firm’s digital hub - which includes people from more than 20 nations as part of a diverse community, most of whom have had to login remotely and work away from the hub during the past year – means that the firm finds it easier to cope with the fast pace of modern business change:

It's good for tech, it's good for digital, because we get sustainable knowledge and build the experience in the business, but it also affects the broader enterprise. They know what an engineer looks like, they know what they do and it creates a sense that code is an asset, along with the brand and the product and everything else that people typically think of as core assets of the business. The code is an asset – and that's the piece that I think is at the heart of our mission.

Curveball conquered

COVID represented “a curveball” for the business, admits Walmsley. When lockdown came, Pandora shifted to e-commerce operations, with online sales growing by 176% year-on-year in the second quarter of 2020 alone. 

Walmsley says the hard work by his digital team during the previous 12 months supported this switch, underpinned by Adobe, using tech such as Experience Manager and Adobe Campaign. But like every other digital leader in spring 2020, he was presented with the same question - how can we use technology to help the company deal with the new challenges it faces? In the case of Pandora, Walmsley says the digital team received many requests and suggestions from around the organization:

What we did was step back and take a genuinely agile approach to understanding the fundamental customer challenges and needs, things like fear about coming into store, anxiety about social spacing in-store, worries about queuing outside our stores. We broke these down into a set of psychological profiles and understood the needs of our customers.

Out of that profiling process, Walmsley and his team built a total of 11 different initiatives that were piloted in different markets around the world through August and September 2020. Every one of Pandora’s major markets had at least one pilot running in order to understand the potential impact of these initiatives.

Video chat was launched on the corporate websites so that socially distanced customers could chat online with staff members and receive advice. When stores have been able to re-open, Pandora provided virtual queuing, so customers didn’t have to wait outside the stores and could instead scan a QR code to receive a timed slot. The company also pushed out virtual try-on, which allowed customers to see how jewellery looked online prior to purchase. Walmsley explains:

So we didn't just pick one solution. We dealt with the fundamental customer need using proper customer-centred design principles and agile methods to drive very rapid iteration of each one of these pilots. This meant we were able to land all this work in parallel, rather than doing one project and then four months later coming back with another project. I think maintaining that discipline has been one of the most exciting things that happened in 2020 and that's now going to propel us through 2021.

Walmsley says he’s always taken a balanced approach to business transformation, keeping one foot in the commercial camp and one foot in the technology department. As Pandora looks forward and attempts to grow successfully in the Vaccine Economy, he believes it's “super-important” that the digital team relates everything in technology back to the commercial outcomes of the broader business:

I think the danger can be when a business decides to ramp up its digital strategy presence, they hire someone like me, I build a team and then it can be sometimes, ‘Well, job done, we've got those digital guys in the corner’. I think the big transformational step – for me, the team around me, the management board and my boss – is actually how do we transform the organization?

Walmsley, who is a member of Pandora’s executive board, says he has a close working relationship with the firm’s CIO, Peter Cabello Holmberg. He expects this relationship to be key as the firm continues to find new ways to serve its customers in the future:

We're really doubling down on consumer data and working on our CRM piece and finding partners like Adobe to work with, who are really going to help us drive consumer experience and engagement, and then a transformative approach to some of the tech foundations in the business  and its integration layers and so on. So we've got a lot of work to do in that space.

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Pandora Jewelry SWOT Analysis

Pandora Jewelry is one of the leading brands in the lifestyle and retail sector. Pandora Jewelry SWOT analysis evaluates the brand by its strengths & weaknesses which are the internal factors along with opportunities & threats which are the external factors. Let us start the SWOT Analysis of Pandora Jewelry:

Quick Glance:

• Opportunities

Pandora Jewelry Strengths

• It was founded in 1982 which is headquartered in Denmark which employs over 5,500 employees worldwide and whom 3,600 are located in Thailand
• High quality in house production team in Thailand
• Highly skilled craftsmanship and workforce
• They are actively involved in charitable works to empower the woman in Africa
• Strong product portfolio and high quality designs

Above are the strengths in the SWOT Analysis of Pandora Jewelry. The strengths of Pandora Jewelry looks at the key internal factors of its business which gives it competitive advantage in the market and strengthens its position.

Pandora Jewelry Weaknesses

• The concentration is comparitively less in regions where the GDP is growing so, Needs to go global
• Lesser visibility as Brand building is lacking through TV, print, OOH,POS.

These were the weaknesses in the Pandora Jewelry SWOT Analysis. The weaknesses of a brand are certain aspects of its business which it can improve.

Pandora Jewelry Opportunities

• Expansion in new markets like Italy, Russia and China
• Expansion in production capacity
• Establishing new products like diversification in diamond studded watches.

Above we covered the opportunities in Pandora Jewelry SWOT Analysis. The opportunities for any brand can include prospects of future growth.

Pandora Jewelry Threats

• Downturn in Global economy
• Continous increase in prices of Gold around the world
• Fluctuations in raw materials
• Since most of the operations happen in Thailand, so if there is any political unrest in Thailand will adversely affects the company’s operations

The threats in the SWOT Analysis of Pandora Jewelry are as mentioned above. The threats for any business can be external factors which can negatively impact its business.

Read Similar SWOT analysis

• .  Chopard SWOT Analysis

Hence this concludes the Pandora Jewelry SWOT analysis.

Continue reading more about the brand/company.

About Pandora Jewelry

The table below gives the brand overview along with its target market, segmentation, positioning & USP

This article has been researched & authored by the Content & Research Team . It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

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Our sustainability priorities are integrated into our Phoenix strategy, where sustainability serves as a foundational element, supporting our growth ambitions and aligning our actions with our values.

We adopt strategies that will minimise our carbon footprint.

We innovate to minimise the resources that we use in our products and recycle manufacturing materials where possible to “close the loop”.

And we strive to ensure that our employees and suppliers work in safe and fair conditions.  

These commitments form the basis for our three strategic priorities:

Building for the future.

We continue to align our strategy with the United Nations (UN) Sustainable Development Goals, the UN Guiding Principles on Business and Human Rights, and the Paris Agreement. Using these pillars of the global sustainability agenda to guide us, we regularly review sustainability issues and complete materiality assessments to ensure that we build a sustainable business and meet stakeholder expectations.

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PANDORA WINNING MODEL

To become the world’s most loved jewelry brand…

Pandora is one of the most successful stories of the past decade in jewelry [1] and this success can be explained by their strategy and operating model to grow up to this point. The company’s vision is ambitious and, as highlighted by Deutsche Bank, needs attentions to keep delivering today’s results. I would like to focus on the aspects that contributed to reach today’s baseline.

BUSINESS MODEL

In 2014, PANDORA’s total revenue was DKK 11.9 billion [2] . The company is headquartered in Denmark and started as a family business in 1982. Now it is publicly listed in NASDAQ Copenhagen stock exchange.

Value Proposition: PANDORA designs, manufactures and markets hand-finished and contemporary jewelry made from high-quality materials at affordable prices [2] . Their product portfolio offers women around the world the opportunity for personal expression by focusing in charms/bracelet (core business), rings, earrings and necklace categories. Their main products are made of silver. Their DNA is defined by: affordable luxury, personal storytelling and contemporary design [3] . PANDORA business model up to now, was a top-line growth, designated to maximize return on capital employed [2] .

Pathways to Just Digital Future

OPERATING MODEL

PANDORA’s business model is vertically integrated. PANDORA control the entire value chain: design, production, distribution and sales. This model allows PANDORA to benefit from scalability and flexibility, maintain a clear and complete overview of operations, and develop products and activities to match changing market needs [3] .

To deliver its DNA, PANDORA provide a high-quality consumer experience through materials and craftsmanship, stores environment and global audience. This is possible because of:

Manufacturing facilities/Labor and quality

Every piece produced by the company is hand-finished by experienced and skilled craftspeople [3] . More than 70% of their employees are located in Thailand, their manufacturing site [2] . According to PANDORA, to produce 91 million jewelry in 2014, they combined a standardized and scalable modern production techniques with centuries old craftsmanship [3] . Because PANDORA craftsman pieces rely on a labor intensive production it is crucial that they be installed in a country with lower wages such as Thailand. Also, the country’s tradition with silver also facilitated manufacturing know-how.

Because PANDORA is in the affordable jewelry business and because of the vertically integrated supply chain, volume purchases of commodities gives PANDORA a cost advantage and operational leverage. PANDORA also receives returns that are melted down to produce faster-moving and more productive inventory. Deustche Bank estimates that “re-melting fashion jewelry products could cost up to 5% of the product price, which is irrelevant when compared to the dilution that would derive from aggressive discounting and clearing of inventory”.

PANDORA is sold in more than 90 countries through approximately 9,500 points of sale, including more than 1,600 concept stores [1] . They became one of the largest distribution presences worldwide for a jewelry brand [1] . This was possible given their expanding structure of low capital intensity through wholesale. PANDORA operates through retail, franchisee model and also owned and operated branded stores [3] . For the past few years, PANDORA focused in gradually improving the branded sales versus unbranded wholesale point of sales [1] . They also worked in re-balancing their unbranded stores to a more healthy balance and design their concept store [1] .

IT development

In 2012, PANDORA developed an in-house data system that enable them to monitor sales-out to end-customers on a daily basis at the SKU level. The system is working for PANDORA Concept stores and expanding to other stores. Because the company is vertically integrated, PANDORA can quickly use this system to be more consumer oriented and to be more efficient: product portfolio, inventory management, production and distribution can be adjusted to match consumer demand. This full integration is the key element of success of PANDORA [1] . Accordingly to PANDORA annual report, they “continually gather and analyze data from different parts of the value chain to ensure our organization remains efficient”.

The development of new products and new categories is also important to sustain sales momentum (top-line growth). PANDORA established a target of seven annual product launches to the stores. This allow stores to have new products assortments to cover events and drive traffic even in low peak periods. New products and categories helps the company to diversify the purchasing portfolio and attract more customers even when their sales became saturated.

[1] 27 July 2015, Initiation of Coverage from Deutsche Bank Market Research in 2015

[2] 6 December 2015, http://www.pandora.net/

[3] 2014, PANDORA Annual Report 2014, http://investor.en.pandora.net/

Student comments on PANDORA WINNING MODEL

Thanks for the interesting posting, Pandora is one of my favorite jewelry brand! It is interesting to know that the manufacturing facilities are outside of Europe and more than 70% of employees are located in Thailand. Because of its origin and brand image, I always thought it was made in Sweden or somewhere in Europe. Although I understand that they are putting efforts on standarization and modern production techniques, I still think one of Pandora’s competitive edge is the innovative, creative quality of the product. How does Pandora put effort to maintain this quailty? (e.i. manage the quality of craftmanship?)

Ajung, I searched a lot about how they keep their quality, but couldn’t find any substantial information about it. I’m guessing they are keeping it a secret. I found a interesting video on youtube about their manufacturing process. All hand finished jewellery.. ( https://www.youtube.com/watch?v=onFPhphf_yY&list=PLze-PWxh3GmmItV4uIvgANfSfpl9TBB7Q )

Very interesting post Fernanda,

So interesting that I have few follow-up questions for you: 1) I really appreciated the point about the crucial importance of picking the right location for production (tradition, expertise, low cost…) and very much appreciate the idea of re-melting unsold inventories – however could you please, maybe provide some more insight on the consequences of the ongoing country’s development (probably leading to increased wages ) and the potential threat it might represent for the medium term sustainability of their business model. (Difficult to relocate ? Higher production costs? …)

2) Do you by any chance have some insights on their procurement and/ or logistics system? Indeed it feels like they rely on a single metal, which is an important part of the value of the good, however having production located in Thailand, though Thailand isn’t a major producer of Silver, and having end-consumer spread around the globe must represent quite a challenge in terms of costs containment. In addition they must be highly sensitive to any variation in raw material supply/ price – do you know if this is hedged and / or could represent a competitive advantage / threat?

3) Finally I have the feeling the model heavily relies on one main product: i.e lucky charms silver bracelet, if so what are the real growth opportunities for the group ? (assuming, maybe falsely, that new products ranges are more incremental) – Do you see any major development areas they could envisage (e.g new metal…non-jewelry types of silver products…) or is the overall model capped from your perspective?

Many thanks again, very interesting

Hey Naomi, 1) Yes, this is a risk. But in 2014 their gross margin was of 70%. And from their annual report my estimation is that only 3% of their COGS is due to labor cost. So the commodities are more relevant to this analysis than labor. 2) I guess Thailand is a good choice because of labor skills than actual silver production. For silver though, Pandora can probably buy from “relative” close countries – Australia, China, India.. (I didn’t find the exact location from where they buy their silver). They also have benefited from a low silver price (past 10 years). But of course, Pandora is highly affected by this raw material’s price fluctuation and this will affect their margins. 3) I believe than definitely need to diversify their portfolio. I mentioned a few examples on Yasmin’s posts. Regarding their expansion opportunities with current categories, charms sales grew 26% in the past 5 years. According to Deutsche Bank, a few markets are becoming saturated (like USA) but they still have space to grow like Europe and Asia.

Thanks for the interesting post and detailed discussion on the benefits of a vertically integrated model. I’d be interested to hear what their competitors are doing and why no one else has moved into or been as successful in the “affordable luxury” jewelry segment. Perhaps it’s their continual design process and the unique charms that build on each other and more or less forces customers to keep buying PANDORA for their jewelry?

Thanks so much — great post and enjoyed reading about this! I was thinking about how the “Charm” bracelets provide an avenue for recurring purchases from customers at Tiffany’s. Do you have a view on whether this is the case at Pandora as well? It’s a great product to receive as a gift or buy for one’s self, but also very enjoyable to plan to purchase further charms.

That being said, I wonder if the brand will be challenged since “Charmed” bracelets may have lost their popularity in the past years and the Pandora brand is so tightly affiliated with this particular look.

Yasmin, One of the opportunities for the increase growth of Pandora is actually diversify their portfolio (so they will became less dependent of the charms). And they started investing already: other bracelet styles, earrings and necklaces. Also bringing new materials such as gold and their “pandora rose”. The charm market is a risk because can go out of fashion and also don’t offer good price elasticity.

To compete to Tiffany’s directly, I believe Pandora will need to invest in diamonds (I believe Pandora launched 2 rings with tiny diamonds on it, and no more). Deutsche Bank’s initial coverage suggests that Pandora’s key competitor today is Signet (Kay Jewelers and others), because they are a more “midrange jewelry market” and they highlight the fact that they prefer “diamond vs. charms”. They also mention Tiffany as an interesting peer, but more for a benchmark approach since they have different positioning and target costumer.

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Pandora Jewelry Soars on New Makeover Plan

Pandora A/S (NASDAQOTH: PANDY) has been in the doldrums for the better part of two and a half years. After peaking at over 1,000 Danish kroner in 2016, the stock hit an unsightly 254 kroner per share just recently -- a stunning 75% decline for the world's most recognized jewelry brand. (The exchange rate on Feb. 13 is $1 = 6.60 Danish kroner.)

The company's recently reported fourth-quarter results reflected the deterioration. While revenue grew 3%, that was entirely due to store expansion and the acquisition of franchisees. Like-for-like sales fell an unsightly 7%, and Q4 EBITDA margins shrank from 40.1% to 35.7% last quarter.

Former CEO Anders Colding Friis was ousted last summer , and the current leadership consists of new CFO Anders Boyers and new COO Jeremy Schwartz. That duo just unveiled a detailed, comprehensive two-year plan called Programme Now to get Pandora back on track. Apparently, shareholders were encouraged, as the stock rallied 17% the next day. Here's management's prescription.

Four key pillars

At a very high level, Pandora's turnaround plan rests on four key pillars: 1) a commercial reset, 2) reigniting passion for the brand, 3) reducing costs, and 4) implementing new ways of working.

These pillars aim to correct the errors of previous management, which overemphasized aggressive growth at all costs. The new plan calls for pulling back on store openings to focus on stabilizing the brand and reigniting same-store sales .

A commercial reset

Investors can think of the "commercial reset" pillar as ripping off a proverbial Band-Aid, correcting for two sins of prior management: overly aggressive sell-ins to franchisees and too many promotions.

Over the past couple of years, Pandora aggressively sold inventory into franchise stores, a move that would bump up revenue in the short term. However, Pandora is now paying the price, having to take back significant unsold inventory, which led to ugly numbers this year .

The current team believes it can reduce sell-in packages to franchisees from eight weeks to four weeks of inventory. While the program should help reduce the amount of slow-moving items in franchise stores, the initiative will have a near-term negative 1% impact on 2019 sales.

Perhaps more importantly, Pandora will reduce aggressive promotions. While the company will still have promotions around major holidays and limited editions, reduced promotions between major events should lower revenue by between 2% and 4% in 2019. However, Schwartz and Boyers believe the reduced promotions are the right thing to do to preserve Pandora's long-term brand value.

Reinvigorating the brand

In conjunction with lower discounts, the company also hopes to reinvigorate Pandora's brand promise. This is perhaps the most important feature of management's new program, as brand marketing is the most relevant element to reigniting sales growth. Investors will have to wait, however, as management is planning to launch most new marketing initiatives in Q4 2019, the holiday quarter.

The plan features a new type of marketing communications strategy, which will be paired with a "digital-first Rewards system of the future," to encourage regular charm purchases and collecting. This seems smart, as Pandora's charms -- which make up over half of its sales -- lend themselves particularly well to a sticky rewards program.

In fact, it's surprising the company has been so slow-moving to implement such a program. Not only would a rewards program spur recurring charm purchases, but it would also give the company better customer data to help with new charm designs and targeted marketing.

Reducing costs

The new management team is also taking a hard look at costs. Despite many cost-cutting efforts already completed over the past year, Boyers and Schwartz believe there's still a sizable cost-reduction opportunity of 1.2 billion Danish kroner, or 5% of sales. These cuts won't come predominantly from any one category, but rather comprise several smaller savings wrung out across costs of goods, IT, and administrative expenses.

New ways of working

Finally, Boyers and Schwartz unveiled how the company will function differently, especially from a personnel standpoint. Chief Creative Officer Stephen Fairchild will now also be responsible for Pandora's global brand expression. The intention behind the combined role is to better unify the company's product design with external branding and product launches. The company is also looking to hire a chief merchandising officer, to better coordinate product, manufacturing, and finance.

In addition, Pandora will be changing both employee and franchisee incentive agreements to better align them with shareholder value creation.

Taking its medicine

Sometimes companies need to insert new management to make the hard choices prior leadership was unwilling to make. Pandora's efforts to reinvigorate its brand, while correcting the short-termism, of prior management is absolutely the right thing to do. Whether the company finds success will depend on execution, though at a price of just seven times earnings , the bar for the stock is set fairly low.

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SWOT Analysis of Pandora Jewelry

March 9, 2019 | By Hitesh Bhasin | Filed Under: SWOT of Brands

Pandora A/S is a Danish jewelry company which specializes in the design, creation, and distribution of jewelry. Jewelry is sold by Pandora under five main categories like charms and bracelets, earrings, rings, watches, and necklaces and pendants. In addition to this, the company also sells various other trinkets as well. The jewelry is manufactured using gold, silver, leather, and textile, as raw materials.

Pandora has a market across countries across the globe and their distribution is done through points of sale, concept stores operated by partners or third parties, shop-in-shops, gold and silver jewelry store retail stores , as well as non branded boutiques. In addition to Europe, the company sells its products in the Middle East, Africa, North America, South and Central America and the Asia Pacific.

The company which was set up as a jewelry store by a family currently has pan world operations and has a revenue of DKK 20.81 billion.

Table of Contents

Strengths in the SWOT analysis of Pandora Jewelry

Strengths are defined as what each business does best in its gamut of operations which can give it an upper hand over its competitors. The following are the strengths of Pandora Jewelry :

• Setting trends: The key reason for the success of Pandora Jewelry is the manner in which it has been able to set trends and fads than follow them. Be its the signature charm bracelet in the US or the personalized jewelry in Canada Pandora has always been a trendsetter.
• Global presence: Pandora Jewelry which started off a single store in Copenhagen, Denmark as a family owned business now owns around 10,000 stores across the globe I around 70 countries. The steep growth curve of Pandora Jewelry started off in 2003 with the entry into the US. Pandora sells one piece of jewelry every second making it the most sold brand in the world.
• End to end control: Pandora Jewelry sells personalized jewelry and in order to do this the company needs the end to end control of its operations. Pandora Jewelry has integrated backward vertically and now it controls in-house design, manufacturing, global marketing and direct selling . Pandora has spent more than two decades crafting the strategy and its business model with the vision to create the best quality, personalized jewelry available to customers across the world.
• Repositioning of jewelry: Jewelry was considered to be expensive and people were not willing to invest as much in jewelry as they would in other high ticket items. However, Pandora repositioned jewelry making it affordable to all and creating personalized trinkets that were linked emotionally to the customer through unforgettable memories.
• Right distribution strategy: Pandora has often revamped its distribution strategy in accordance with the region of operation. For example in Canada, it has spotted all top malls and set up stores in all these malls. In addition to that this across the globe the distribution strategies followed include points of sale, concept stores operated by partners or third parties, shop-in-shops, gold and silver jewelry store retail stores, as well as non branded boutiques.
• Franchisee Training: The franchisees of Pandora Jewelry are given a lot of freedom in their operations but the company ensures that they go through a stringent training procedure. Their training ensures that partners are competent in all aspects of the operations, merchandising , product development, performance metrics, real estate, and distribution.

Weaknesses in the SWOT analysis of Pandora Jewelry

Weaknesses are used to refer to areas where the business or the brand needs improvement.   Some of the key weaknesses of Pandora Jewelry  are:

• Excessive focus on jewelry: Pandora Jewelry has been focusing entirely on jewelry and while the opportunities are growing in other domains such as clothing, accessories or textile. This focus will result in the company being unable to sustain in the long run.
• Poor communication strategy : In this age of advertising Pandora has not been able to maintain or develop a clear communications strategy. The poor advertising effectiveness of the company has resulted in reduced visibility for the brand with the result that other stronger brands have taken over.
• Poor planning : Though operationally the company was doing good, the company had to consecutively increase their prices in order to supplement the poor margins. In addition to this, they also had to continuously re-engineer their products in order to satisfy their upmarket customers.

Opportunities in the SWOT analysis of Pandora Jewelry

Opportunities refer to those avenues in the environment that surrounds the business on which it can capitalize to increase its returns. Some of the opportunities include:

• Changing customer preferences: People are choosing to spend more and more time on shopping as the disposable income has increased. The popularity of online shopping store has created a new channel for retailers. There are also various new categories in jewelry like antique, gem, handcrafted etc. All these present a host of opportunities to Pandora.

Threats in the SWOT analysis of Pandora Jewelry

Threats are those factors in the environment which can be detrimental to the growth of the business. Some of the threats include:

• Competition The main competitors of Pandora are Chamilia, Chopard, and Mouawad.

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About Hitesh Bhasin

Hitesh Bhasin is the CEO of Marketing91 and has over a decade of experience in the marketing field. He is an accomplished author of thousands of insightful articles, including in-depth analyses of brands and companies. Holding an MBA in Marketing, Hitesh manages several offline ventures, where he applies all the concepts of Marketing that he writes about.

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Jewelry Business Plan Example

MAY.06, 2018

Do you want to start jewelry business?

Do you want to start a jewelry business? Well, if you have what it takes to design attractive and eye-catching jewelry and you also have a passion for it then it is probably the right business for you. The biggest benefit of starting this business is that it offers an extremely high ROI and never goes down during any part of the year because people don’t hesitate to spend cash on something which makes them look good. But before you move on to starting this jewelry business plan , you will have to prepare a comprehensive business plan for jewelry . It will not only help you in startup but will also serve as the basis of your company’s future operations. In case you don’t know how to start a jewelry business or write a business plan for it, you can take help from this sample business plan for jewelry business startup named ‘NM Jewelry Store’.

Executive Summary

2.1 the business.

NM Jewelry Store will be a licensed and insured jewelry manufacturing business that will provide high-quality, attractive and low-cost jewelry products to its customers. The business will be based in Manhattan.

2.2 Management

NM Jewelry Store is a sole proprietorship owned by Nick Monty. Nick is a passionate Jewelry designer who has been in this industry for more than 10 years. The company’s main management framework comprises of sales executives, designers, and artisans.

2.3 Customers

You should carry out proper research to know your customers before you start your own jewelry business . Our customers include the married and committed couples as well as the teens and adults living in downtown Manhattan.

2.4 Business Target

Our business targets to be achieved within next three years are as follows:

Company Summary

3.1 company owner.

NM Jewelry Store is a sole proprietorship owned by Nick Monty. Nick is a passionate jewelry designer who has been serving the jewelry industry for more than 10 years.

3.2 Why the Business is being started

Nick is passionate about designing jewelry and is known all over the United States due to his innovative designs. Nick’s specialty is to design extremely detailed jewelry sets using the proper mix of precious metals which also cost less than other similar sets available in the market. The jewelry business plan is being started with the aim of making profits in this industry by introducing extremely low-cost designs.

3.3 How the Business will be started

NM Jewelry Store will be started in downtown Manhattan in a leased location which was previously used by a travel agency. The facility will be used for making jewelry by artisans and designers and will also be used as a store to display the jewelry. In addition to the office furniture and the usual inventory, the company will procure computers, color printers, scanners, jewelry design software, jewelry cutting and anodizing equipment as well as the other necessary tools. The financial experts have forecasted following costs needed to start a jewelry business .

Services for customers

Before starting a jewelry store, you must decide what services/products will you offer to your customers. You can also take help from this jewelry business plan template in case you don’t know what services you can provide. NM Jewelry Store will be a licensed and insured jewelry manufacturing business which will provide high-quality, attractive and low-cost jewelry products to its customers. Our main products/services include:

• Jewelry Products: Our main jewelry products that will be designed as well as manufactured by us include rings, necklaces, earring, anklets, bracelets, lockets, pendants, tie pins, shirt studs, brooches, and tiaras.
• Jewelry Sets: This category includes jewelry sets designed and manufactured by us. A jewelry set include similarly designed ring, necklace, earrings, and bracelets.
• Customized Jewelry: We will also make customized jewelry in accordance with the design requirements of our customers. The customers can either provide us with their desired designs or can tell us their requirements through any channel.
• Jewelry Repairing, Resizing and Polishing: We will also provide repairing, resizing and polishing services to our customers. These services are aimed at those people who receive jewelry in the gift but the sizes don’t match quite exactly and they have to resize them as per their size requirements. Similarly, the jewelry owners also need to regularly polish their jewelry products for a better look. These services are not aimed to directly generate revenue, instead, we aim to promote our products by providing these services to the jewelry owners.

Our jewelry products will be made from silver, gold, and titanium. Platinum will only be used in customized products at the request of customers. Customers can also order our products online via our official website.

Marketing Analysis of jewelry business

The most important component of an effective business plan for jewelry business is its accurate marketing analysis and a good business plan for jewelry business can only be developed after this stage. If you are starting on a smaller scale, you can do marketing analysis yourself by taking help from this sample jewelry business plan or any other jewelry business plan example available online. If you are starting on a larger scale, it is always best to seek the counsel of marketing experts for developing a good business plan for jewelry .

The success or failure of a business totally depends upon its marketing strategy for business which can only be developed on the basis of accurate marketing analysis. Therefore, it must be considered before developing the business plan for jewellery business .

5.1 Market Trends

The market and industry trends of a jewelry business plan can be learned from the internet or from this sample business plan for jewelry business . The United States is the third biggest jewelry market in the world. According to IBIS World, the jewelry industry is valued at $35 billion and has grown at a projected rate of 1.2% from 2011 to 2016. Currently, there are more than 62,000 jewelry stores in the United States which are responsible for employing more than 170,000 people. The sale of branded jewelry is less as compared to the sales from private jewelry stores. In short, jewelry industry has a lot of potential and can be immensely profitable provided that you plan your jewelry business successfully.

5.2 Marketing Segmentation

Our target market is the residential community living nearby at the 10 minutes’ drive from our office. The community consists of all types of people from varying backgrounds. As per the financial position, nearly half of the community has a monthly income ranging from $40k to $50k while nearly 10% people have incomes even around $100,000. There are currently more than 738,000 households in Manhattan out of which 17.1% have children under the age of 18 living with them, 25.2% are married couples living together and 12.6% have a female householder with no husband present. 59.1% are non-families, out of which 48.0% of all households are made up of individuals and 10.9% have someone living alone who is 65 years of age or older. It is very important to analyze the market segmentation of the future customers of your products or services because a successful and efficient marketing strategy can only be developed after we completely know our potential customers. Our experts have identified the following type of target audience which can become our future consumers:

The detailed marketing segmentation of our target audience is as follows:

5.2.1 Couples:

Our first target group will be the married couples as well as the committed people. These people are most likely to buy jewelry products for each other. For instance, the engaged or married people often tend to buy jewelry products for their beloved on many occasions like Valentine’s day, birthdays, anniversaries. This group will be the biggest consumer of our products and hence our marketing strategy will be specifically built to attract them.

5.2.2 Teens:

Our second target group comprises of teens who buy jewelry for themselves for wearing at parties, functions or in daily life. These teens usually can’t afford expensive products and often prefer the look of jewelry to its quality.

5.2.3 Adults:

The third group comprises of adults who buy jewelry for their kids, family, friends or themselves. They are usually settled in their lives and can afford expensive products.

5.3 Business Target

Our main business targets to be achieved as milestones over the course of next three years are as follows:

• To achieve the net profit margin of $10k per month by the end of the first year, $15k per month by the end of the second year, and $25k per month by the end of the third year
• To balance the initial cost of the startup with earned profits by the end of the first year

5.4 Product Pricing

After considering the market demands and the competitive environment, we have priced our products 10% cheaper as compared to our competitors, with prices starting from $100.

After identifying the market trends, market demand, and the potential customers of the startup, the next step is to define an effective strategy to attract the potential customers. Like marketing analysis, sales strategy is also an important component of a jewelry store business plan and must be properly developed before thinking about how to start your own jewelry business .

excellent work

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6.1 Competitive Analysis

Our biggest competitive advantage will be the quality of our innovative products. Our products will be attractive, eye-catching and will be offered at comparatively lower prices as compared to our competitors. In addition to that, our second biggest competitive advantage will be our exceptional customer service. We will make sure that our customers get the best products which also suit their budget. As with the customized products, we will make revisions until our customers are fully satisfied. Our location is also one of our biggest competitive advantages since we will be based in downtown which is considered an ideal location for starting a jewelry business . Another important aspect is that no jewelry store offers jewelry repairing and resizing services within a 5 km circle from us which will also increase the number of visitors to our store.

6.2 Sales Strategy

After carrying out a detailed analysis, our experts came up with the following brilliant ideas to advertise and sell ourselves.

• We will emphasize on our search engine marketing efforts to ensure a strong web presence.
• We will get featured in the local news or on a certain website by a popular blogger to increase our popularity.
• We will advertise our jewelry store in relevant business magazines, newspapers, TV stations, and social media.
• We will offer a 5% discount on our products for the first month of our launch.

6.3 Sales Monthly

6.4 Sales Yearly

6.5 Sales Forecast

Personnel plan

Personnel plan is also an important component of a good jewelry store business plan . The personnel plan of our company is as follows.

7.1 Company Staff

Nick will act as the General Manager of the company and will initially hire following people:

• 1 Accountant for maintaining financial and other records
• 2 Sales Executives responsible for marketing and discovering new ventures
• 4 Designers for designing the jewelry
• 8 Artisans for manufacturing, repairing, resizing and polishing jewelry
• 3 Assistants for helping with day-to-day operations
• 1 Technical Assistant for managing the company’s official website and social media pages
• 4 Customer Representatives to interact with customers and record their orders

7.2 Average Salary of Employees

Financial plan.

The financial plan covers all the expenses needed for the startup so you must develop it before starting your own jewelry business . The financial plan should craft a detailed map about the cost of inventory, payroll, equipment, rent, and utilities needed for the startup and how these costs will be covered by the earned profits. It is recommended that you hire a financial expert for guiding you how to start a gold jewelry business and make an accurate financial plan for your company.

8.1 Important Assumptions

8.2 brake-even analysis.

8.3 Projected Profit and Loss

8.3.1 profit monthly.

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

Download Jewelry Business Plan Sample in pdf

Professional writers OGS capital specialized also on theme such as bar soap manufacturing business plan , biofuel business plan , candle making business plan , business plan for production and supply chain , production business plan , skateboard business plan and many other business plans.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Shopping in Moscow: malls, boutiques, online stores and more

1. moscow malls and department stores.

These kind of places are similar in every city. Fashion brands, food courts, cinemas and so on. Better visit shops during working days as they can be overcrowded on weekends.

Tsvetnoy is always thought of as a very special and unique place for shoppers and those who want to rest in beautiful places. Mall sets together outstanding fashion brands and hottest domestic and international talents from various market levels and price points. In addition, this place has a food market, bars and cafes.

Site: http://www.tsvetnoy.com/

Afimall City

Afimall is one of the biggest and newest malls in Moscow, located in the Moscow City – the business district of Russian capital. Here you will find more than 400 shops, 50 restaurants and cafes, a multiscreen cinema, and children entertaining center. Exhibitions and other cultural events are also held there.

Site: http://afimall.ru

Metropolis is situated near Leningradskoe shosse – a road that connects the very center of the city with Sheremetyevo airport. It is a modern shopping center, with more than 250 shops, including Stockman department store and restaurants located on three floors of the center. There is also a multiscreen cinema and a bowling club for your entertainment.

Site: http://metropolis.moscow

Atrium, one of the oldest Moscow malls, is situated at the Garden Ring, near Kursksiy Railway Station. Within its area of 103 000 square meters, you will find hundreds of shops, a cinema and entertainment complexes, 24 hour supermarket and much more.

Site: http://www.atrium.su

TsUM Department Store

TsUM was built more than a hundred years ago in the far 1909 and was first Moscow Department Store originally aimed at middle-class customers. However, the time changed its marketing politics and now it is a luxurious shopping mall with recognizable designer labels and expensive goods.

Site: http://tsum.ru/

GUM is situated nearby TsUM, right on Red Square. The monument of pseudo-Russian architecture of federal significance, Gum is one of the oldest shopping galleries in Moscow opened on December 2, 1893 at the place of the former merchant house. Nowadays, there are about two hundred shops, including world known designer brands, and restaurants, some made in Soviet style, spread over three floors of the building. Every winter, Gum opens an ice rink, situated right at the Red Square.

Site: http://www.gum.ru

2. Home goods and malls outside Moscow’s MKAD

Huge department stores with household utensils are usually located out of the city on MKAD. Avoid those ones during weekends or at least choose early hours as they could be much overcrowded during rush hours.

Crocus City + Vegas + Tvoy Dom + Cinema

Vegas Crocus City

Crocus City is a huge territory with Tvoy Dom (a big store of home goods and furniture, opened 24 hours), Vegas (mall), cinema and concert hall. Located on MKAD (north-west).

Site: http://crocus-city.vegas-city.ru

Mega Mall + Ikea + Obi + Cinema

MEGA is a chain of giant places where you can buy almost anything in the world. There are three of them in Moscow, located at Khimki (north-west), Teply Stan (south-west) and Belaya Dacha (south-east).

Site: http://megamall.ru/

3. Groceries in Moscow

-> Read our main article about buying groceries in Moscow

4. Online shopping in Moscow

Shopping online in Moscow is always profitable since online stores don’t have to pay for expensive rent services.

Yandex.Market & Beru

Yandex.Market is a leading online aggregator in Russia. The company has also recently launched a marketplace called  Beru .

Ozon is the biggest online store in Russia, so-called «Russian Amazon».

Utkonos is a food delivery service operation in Moscow and Moscow oblast.

Wildberries

Wildberries is an online fashion boutique with discounts and everyday sales.

If you’re looking for a fine jewelry with Russian spirit, Leta would be the perfect choice.

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