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How to turn around a once booming global jewelry brand pandora was on track, then came coronavirus.

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“Pandora is impacted like all businesses [by COVIV-19] and our leadership agenda is very different ... [+] from what I think we all expected going into the year,” said Alexander Lacik.

2017 was a stellar year for Pandora , the global jewelry brand known for its collectible charms and bracelets. Revenues skyrocketed by 15% year-over-year in local currencies, then everything went south. Organic growth slowed -2% in 2018, only to drop by 8% in 2019.

Laying claim to being the “world’s largest jewellery brand,” it lost no time to shore up its flagging business and announced in November 2018 it was instituting Programme NOW to jump-start growth. In the announcement, it identified the core challenge for the company was the need to operate as a “much more unified global company.”

The first step in the Programme Now initiative was cutting costs and to slow openings of new stores and buying back franchise stores. It also included plans for enhanced marketing, personalization, digital and e-commerce, and improved customer experience in the store.

At the time Programme NOW was launched, Pandora was without a CEO, following Anders Colding Friis exit in August 2018 after a little more than three years at the helm.

Enter Alexander Lacik , whose appointment was announced in February 2019, after the company provided a more detailed account of the Programme Now , which was further defined as a two-year turnaround plan to “reignite a passion for Pandora.”

Lacik’s most recent experience was serving as CEO of Britax, a child safety products company, and before that president North America for health and hygiene CPG giant Reckitt Benckiser (Lysol, Airwick, Clearasil, Vanish), following sales and marketing positions with Proctor & Gamble.

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In his appointment, Lacik became the sixth company CEO since 2010 when Pandora went public.

Apparently, the board saw something in Lacik that was lacking in then COO Jeremy Schwartz , who had been CEO of The Body Shop. Credited with leading the diagnostic phase of Programme NOW along with CFO Anders Boyer, Schwartz left the company not long after Lacik was chosen.

Lacik inherited the ambitious Programme NOW plan without an organizational structure or the right people in place to carry it out. That was remedied in March 2020 when a reorganization was announced that cut a layer of management that distanced the global headquarters from local markets.

“The reorganization will reduce organizational complexity, enable Pandora to execute with more speed and agility, and add critical capabilities required to support growth,” Lacik said in the announcement.

While he simplified the structure and cut 180 staff positions, Lacik complicated his job with eight direct reports, spanning product and concept development, market management, operations and supply, and support functions related to finances, transformation, and HR.

With marketing and product development such a critical need to reignite consumers’ passion, Pandora now has a chief marketing officer, Carla Liuni, who hails from Bulgari, the luxury jewelry brand, and before that P&G.

Chief product officer is Stephen Fairchild, who has been with Pandora since 2011, coming from a fashion background after working with Mexx, Valentino, Calvin Klein, and Ralph Lauren.

And heading up the company’s e-commerce and digital strategies is David Walmsley, with experience building and scaling digital consumer businesses for House of Fraser, John Lewis, and Marks and Spencer. Both Liuni and Walmsley are new to the company.

At the time of the reorganization announcement, Lacik still had one critical job to fill, that of chief commercial officer. The responsibilities of that job are to oversee the newly-structured ten regional market clusters that will manage retail operations, merchandising, planning and development in the more than 100 country markets where the brand operates.

Two-months of progress, then COVID-19

And then coronavirus shutdowns dealt a devastating blow to the company’s well formulated plans. “Pandora is impacted like all businesses and our leadership agenda is very different from what I think we all expected going into the year,” Lacik said in the company’s May 2020 first-quarter earnings call .

Through January and February of 2020 the company reported performance was even better than expected, with positive organic growth in sales of charms and bracelets and its e-commerce business was described as “firing on all cylinders.”

Ad spending increased during the first two months of the year. As a result, traffic increased in its physical stores, except in China where shutdowns came earlier.

E-commerce strength continued after the company had to shut down over 80% of its stores in March, generating triple-digit growth in April. The shutdowns impacted the company’s 7,400 points of sale, including more than 2,700 concept stores worldwide.

Pandora staff with face shields preparing for reopening at Crabtree Mall, Raleigh, NC

It also reported progress in brand momentum following a brand relaunch in August 2019 to strengthen its already high brand awareness. The relaunch defined a new brand purpose, “We give a voice to people’s loves – Passions, People & Places.”

In the meantime, the company took steps to shore up cash and reduce costs and developed plans around three alternative scenarios, including the best case that after gradual reopening in second quarter puts the company back on track by the fourth quarter to worst case that a second outbreak of COVID-19 hits in third or fourth quarter.

Reassuring shareholders that the execution of Programme NOW continued unchanged during the coronavirus crisis, Lacik announced that Martino Pessina had been brought in from H&M to fill the role of chief commercial officer.

Pessina served 18 years with H&M, rising from business controller in its Stockholm buying office to president North America. But he brings plenty of international experience with H&M after heading up its global expansion efforts and then assuming head of global sales.

Getting closer to global customers with speed and agility

With the goal for the chief commercial officer to “reduce complexity and enable Pandora to execute with more speed and agility,” Pessina is an excellent choice coming from fast-fashion brand H&M. I sat down with Pessina to discuss his new role and the challenges he sees ahead as he manages Pandora’s ten regional clusters.

First off, Pessina is creating his role at Pandora, not having to follow in anyone’s footsteps or correct a predecessor’s missteps. “Mine is a new role. It fits into our new organization that has been designed to enable Pandora to start the journey to become a world class retailer,” he says.

By that, he means to institute global best-practices, called centers of excellence, that will create a company standard. “Our network strategy, historically, was more opportunistic. Our ambition is to bring that together with a clean purpose in line with Pandora strategy.”

“My team is responsible to execute the creative ideas, synchronize the marketing, the product, the merchandising, and the distribution so that it lands in the right way to the customer,” he continues. “We want to make sure that the brand experience is consistent in our own stores, as well as in our partner stores.”

Comparing his experience with H&M, he sees many similarities. Even though the products differ, each is ultimately fashion where getting trend-right products into the stores at the right time is critical. “Creating value at scale brings similar challenges,” he shares.

To do that, Pessina is relying on the creativity of the other members of the executive leadership team.

“The engine that allows brands to stay relevant is creativity. It’s the design of the product, how we present the product, how we combine technology and omnichannel to make the customer journey seamless,” he shares. “Creativity is key to engage with our existing customers, attract new customers, and have the right products for different customers with different expectations.”

Revamping its physical stores falls under Pessina’s purview. To date, Pandora has launched a more experiential store concept in about a dozen countries, including one in Paramus, NJ’s Westfield Garden State Plaza.

“The idea is to change the look and feel of the stores in line with the new brand identity and to enhance the customer experience,” he explains.

Pandora concept store in Leicester

The new concept store model still hasn’t been finalized, with the idea to “launch, learn, test until it is right.” COVID-19 has delayed, but not derailed this process.

On the plus side, Pessina says the temporary halt in business has given the executive team much needed “breathing space,” as they are all tasked with ambitious turnaround goals.

“It gives you a little bit more objectivity. I’ve heard from a lot of people that they’ve relished the time to think more strategically and more long term,” he explains.

Solid plan, but will consumers buy in?

From the outside, all looks good on paper for Pandora, with plenty of cash on hand and contingency plans for after the pandemic.

While Lacik and many on his executive leadership team are new to Pandora, they arrive with impressive credentials spanning fashion and luxury. P&G is a proven training ground for marketing talent with both Lacik and CMO Liuni having come from there.

Lacik also recruited Jacques Roizen as general manager of China, a critical growth market. Roizen brings in-depth retail and e-commerce experience in that market.

But the company still faces a fundamental problem: its designs have gotten stale. “You don’t turn a brand that is kind of being [sic] out of fashion, let us say, for a while on a dime,” he said in the latest earnings call .

Most recently, the company introduced birthstone rings, as well as new bracelet and charm products to appeal to the younger generation, notably a GenZ-targeted Pandora Me collection under the banner of actor and UNICEF Goodwill Ambassador Millie Bobby Brown and a Harry Potter collection. But these are as of yet unproven.

And expanding into new jewelry product categories, like rings, is not a current priority.

“What I have said is in order to stabilise Pandora, we needed to get the focus squarely back on charms and bracelets because that is 70% of our model. If I don’t have this under wraps, then frankly it does not matter if I sell a couple of rings left, right and centre, so the focus has been very, very pointed on charms and bracelets so far,” Lacik said.

And then there is the overarching question of how eager consumers will be to purchase jewelry after COVID-19 abates. A McKinsey global survey conducted in April 2020 found that jewelry was tops among the products luxury consumers say they are willing to give up first.

With prices in its flagship Pandora Moments collection now skewing in the $50-$100 range, it’s largely lost its affordability edge, though the Pandora Me collection charms fall primarily in the under $50 range.

But if enough women simply don’t want to buy and collect Pandora charms and bracelets after the consumer reset that coronavirus caused, the price points won’t matter. I don’t know of any brand that has a contingency plan for that.

Needless to say, Lacik and his team will continue to implement the ambitious Programme NOW plan, as he said, “It is the components inside Programme NOW that is [sic] working hard and the good thing about that is we know what those things are and we can repeat it. Now of course it is up to us to prove that we can repeat it and unfortunately COVID came a little bit in the middle, but we are very confident that we know what the right levers are.”

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How Pandora Jewellery grew to become a mega global brand

Franchise Focus: Global growth did not begin for Pandora Jewellery until 2003 when the brand entered the U.S. with its highly popular signature charm bracelet

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Reg Shah has seen his share of jewellery fads come and go during his decades-long career in the industry. So when Pandora jewellery first entered Canada in 2004, he wasn’t sure how it would be received. Still, when a good friend told him about its long history and success in Europe, he decided to take a chance and sell it at his own store, Michael Anthony Jewellers, in Edmonton.

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“It took off immediately. I had never seen anything like it,” he said. “It surprised me because in North America not many people had heard about it but its concept of affordable, personal luxury really resonated with buyers.” When the brand started selling franchises in Canada in 2011, he was among the first to put his name forward. He now owns four Pandora franchises with two more coming online in 2014.

How Pandora Jewellery grew to become a mega global brand Back to video

Founded in Copenhagen in 1982 by a Danish goldsmith, Pandora is now a global brand with some 10,000 retailers in 70 countries around the world. In 2011, more than one piece of Pandora jewellery was sold every second. Vertically integrated with inhouse design, manufacturing, global marketing and direct distribution, Pandora spent the first two-thirds of 30-plus years honing its business model, brand and mission: to make high quality, personalized jewellery accessible.

Global growth did not begin until 2003 when the brand entered the U.S. with its highly popular signature charm bracelet. “It started small in Maryland, selling on a wholesale basis to gift stores and then jewellers,” said David Lamb, manager of franchise development.

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“As it began to catch on, we started selling more to branded jewellery stores and within those environments we had different levels of participation based on how much product a customer bought and how much space they devoted to selling Pandora products. In this wholesale model, the highest level branded environment was a shop in a shop. It’s a decidedly slower growth model but one that has been successful in most parts of the world.”

In 2008, Pandora opened its first U.S. retail store in Mall of America in Bloomington, Minn. (the first Canadian store opened in the Shops on Steeles in Thornhill, Ont. in late 2009). It launched its franchise model in 2009 in Australia, and the first U.S. franchise store opened in 2010.

Now, there are 332 Pandora franchise stores in North America, the Caribbean and Central America, with 55 spread across Canada. “We were a product that became popular during the market crash and I think the timing had a lot to do with the franchise success,” Mr. Lamb said.

“Jewellers weren’t selling as many high ticket items then our product came along. It was a new look, affordable, interchangeable and it’s all about life memories and unforgettable moments. Consumers love it.”

Mr. Shah agreed: “As a traditional jeweller, I can tell you this brand has saved a lot of jewellery businesses throughout the U.S. and Canada. That’s how strong it is. Pandora helped the jewellery industry come out the other side of the recession.”

As for consumers, they love it so much that Pandora is now in most of the major, high-traffic retail centres across Canada. “This concept was created for regional shopping malls with a lot of women’s fashion brands and that’s the model we’re staying with,” Mr. Lamb said. “Our strategy was to pick the best mall in each market to start, see how the stores performed and go from there. Most of the franchisees came from the dealer base of jewellers we had already established and the majority own multiple locations.”

The total investment required to set up a franchise sits at $800,000 to $1-million a store.

As a franchisee, Mr. Shah says he receives tremendous support from Pandora in all areas of the business: operational, merchandising, product development, performance metrics, real estate, training.

“They are a true partner. The regional operating managers are attuned to my staff in every location. They pay a lot of attention to what’s happening in the store and are always looking for feedback on how how to improve and keep moving forward. They are willing to roll up their sleeves to make sure the business is pointed in the right direction.”

Pandora’s winning marketing strategy

As a company, Pandora is extremely strong when it comes to establishing effective marketing strategies. Keshia Holland, marketing manager, PR and online, shares Pandora’s approach to marketing:

Q Where do you focus your efforts, traditional media or social media or both?

A We spread our efforts across all media channels: traditional media (print, broadcast, online) and social. The beauty of the brand is that we encourage our consumers to share the personal stories and unforgettable moments that make life extraordinary. Our jewellery is designed to encourage the sharing of those stories with others, and social media is organically a perfect fit.

Q How do you decide where to direct your efforts?

A It depends on the message we are trying to communicate. We still use traditional media to push our key messages across because reach and frequency is extremely important but social media gives us an opportunity to engage with our consumers directly in a way that is impossible with print and broadcast.

Q Who is your target market?

A While we believe there is something in the collection for every woman, our sweet spot is women ages 25 to 49. In recent years we have expanded our key demographic to include a younger audience.

Q How important is event sponsorship?

A Our sponsorship efforts go beyond events. We want to be sure that we do our part to encourage women to embrace their individuality. Pandora prides itself on being an organization that encourages and supports organizations that work to improve the lives of women and children. What we try to do on a local level is allow our retail partners to sponsor events so both the store and the organization has a local contact. It creates foot traffic for the store and gives the organization someone to go to in the future.

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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.

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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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London-based reporter covering the European retail sector through a global lens. Focusing on companies including Adidas, H&M, Ikea, and Inditex and analysing corporate strategy, consumer trends, and regulatory changes, Helen also covers major supermarket groups like Ahold Delhaize, Carrefour, and Casino. She has a special interest in sustainability and how investors push for change in companies. Previously based in Johannesburg where she covered the mining industry.

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Pandora aims to double its u.s. business, triple in china.

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.

Pandora: Transformation Into Full Jewelry Brand

Pandora has transformed from a one-product company to a versatile jewelry brand with a new strategy that focuses on brand desirability and product personalization.
The company's strategy has been successful, with increased revenues and operating margins, and positive investor response to its first-quarter earnings.
Pandora has a capital allocation plan for shareholders, with buybacks and dividends, and its estimated annual return aligns with its historical returns.

Bride with wedding ring holding hand of groom

Klaus Vedfelt

Investment Thesis

Pandora ( OTCPK:PANDY ) is a Danish jewelry brand offering a wide range of affordable products such as rings, bracelets, necklaces and earrings. The company has vertically integrated supply chain and covers the production, marketing and distribution of its products. At the beginning of May, the company reported its first quarter results and confirmed its transformation into a full jewelry brand. Even though the annual return on Pandora, with dividends included, would exceed 18.5% p.a. over the past three years, I believe Pandora’s share price does not fully reflect the company’s ability to expand into new products and grow in new markets under its new corporate strategy. In the following, I will describe the company’s business model, its new strategy under the excellent CEO Alexander Lacik, and conclude the article with Pandora’s valuation. Pandora is definitely not a company that makes investors rich quickly. However, I think Pandora is a long term compounder, rewarding patient investors with above-average return over an extended period of time.

From One Product Company to a Versatile Brand

Five years ago, in 2019, Pandora was a different company than it is today. Its stores were over extended, and marketing campaigns were badly managed. Brand degradation and excessive dependence on one product led to a slowdown in sales, declining like-for-like (LfL) metrics, and lower profitability. Moreover, the company generated more than 70% of total revenues from charms and bracelets, which were easily copied by other jewelry brands. In April 2019, Alexander Lacik, an expert on corporate restructurings, became a new CEO with a vision to completely change the corporate strategy. Pandora introduced a new strategy called Phoenix , built on four key pillars: transforming the image of the brand, introduction of new designs, focusing on core markets and personalization of Pandora’s products. Since 2020, the company has focused on increasing brand desirability by shrinking its overextended network of stores, presenting new collections and introducing a wider range of jewelry products at accessible prices.

With the benefit of hindsight, it can be confirmed that Pandora’s strategy works. From 2020 to 2023, the company increased revenues almost by 50%, and at the same time, the operating margin expanded from 19.3% in 2020 to 25% in 2023. Some could argue that 2020 was a low point for many retail businesses due to Covid, however, the company had been facing operational issues long before Covid started.

Annual reports, own work

In May 2024, Pandora reported first-quarter earnings that were in line with the company’s strategic direction and beat investor’s expectations. A new multi-season marketing campaign “ BE LOVE” was initiated and the company upgraded its guidance for organic growth to a range of 8% to 10% for FY24. Proof that Pandora’s strategy resonates well with its customers includes increased like-for-like growth across various collections and increased market share in its core markets. The company estimates that its global market share is approximately 1.3% and sees opportunities for growth in new markets. In 2024, China remains a strategic priority for future expansion, with a new local management team in place.

1Q 2024 Report

Capital Allocation Is a Top Priority

Pandora’s asset-light business model is visible in the company’s high return on invested capital and strong cash generation. In 2023, the management introduced a capital allocation plan for shareholders with a goal to return 14- 17 billion kroner (EUR 1.9 billion – EUR 2.3 billion ) through buy-backs and dividends by 2026. With a current market capitalization of EUR 12.5 billion, the proposed allocation is equal to 15.2% -18.4% biannually, or 7.6% - 9.2% annually. The basic formula for estimating a stock return is dividend yield + buyback yield + growth in EPS. Substituting growth in EPS with organic growth of revenues, the estimated annual return for next two years could be in the range of 15.6% to 19.2%. For the past three years, Pandora generated a total annual return of 18.5% (dividends + stock price change). The future estimated return of 15.6% to 19.2% is aligned with Pandora’s historical returns.

FY23 report, 1Q 2024 report

Given the fact that Pandora is a mature company, we can use a simple one stage Gordon growth model. This model is based on three key inputs: free cash flow, weighted average cost of capital and estimated growth. Free cash flow is an easily obtainable input from the last financial report. WACC needs to be estimated from market data, as does growth of the company. To remain conservative, it is a safer assumption to use the estimated growth of the global jewelry industry instead of Pandora’s organic growth rate, which could be too high for the Gordon growth model. Custom Market Insights estimates the compound annual growth rate (CAGR) for the global jewelry industry to be 4.6% for the period 2024 -2033.

For the past twelve months, Pandora generated a Net Operating Profit after Tax of DKK 5,950 million and Free Cash Flow of DKK 6,265 million. The Weighted Average Cost of Capital was estimated at 10.3%, with key inputs being a Cost of Equity: 11.3% and a Cost of Debt 4.0%. Cost of Debt is easily observable because Pandora has tradable debt with a maturity in 2030 and a Yield to Maturity of 4%.

Market data, FY23 report, 1Q24 report

Plugging in all key inputs, I estimated the fair value of Pandora shares to be DKK 1,226 or 8.1% above the current market price. This estimate is based on a rather conservative assumption of 4.5% average annual growth. However, in recent years, Pandora has been able to grow above the industry average. This corresponds with the company’s guidance, which estimates growth of 8% to 10% for the next two years. Therefore, I would assume that a possible revaluation of shares could be even higher than 8%.

Risks to My Investment Thesis

Pandora is a retail company, and any slowdown in the global economy could negatively impact Pandora’s growth plans and subsequently its valuation. Pandora’s biggest market is North America, which is responsible for 30% of total revenues. This concentration on North America makes it highly dependent on the strength of the US economy. Since Pandora is sourcing 100% of its recycled gold and silver for their jewelry, the company is likely not as impacted by volatility in commodity markets.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

This article was written by

Analyst’s Disclosure: I/we have a beneficial long position in the shares of PANDY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Trending Analysis

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

Pandora is working with SAP to revamp its resource planning and as a result its customer experience.

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.

Pandora charm jewelry from its Moments collection.

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

Pandora revenue breakdown by sales channel.

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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Good company » the leap, pandora jewelry’s comeback plan bets big on bold brand revamp.

Chief marketing officer Charisse Hughes shares how the global retailer’s new ‘Expressions Store’ encapsulates its brand revamp, strategic shift and relaunch in the U.S. market.

Jewelry retailer Pandora is banking on a bold brand revamp to restore luster to business and revive sales.

The makeover is playing out in its new store concept, dubbed, the “ Expressions Store ,” where shoppers customize jewelry at engraving stations, and “treasure tables” highlight new designs, influencer-inspired fare and best sellers — all in a bid to create an immersive, personalized and emotionally resonant shopping experience, and woo millennials, too, Charisse Hughes, chief marketing officer for Pandora Americas, told CO—.

The store in New Jersey’s Garden State Plaza mall marks the official relaunch of the Copenhagen-based company in the U.S., the biggest market for the global brand that’s sold in 100 countries via 2,700 stores and 7,500 points of sale.

The Expressions store, elements of which were tested in a pilot store in Leicester, U.K., is a key facet of Pandora’s worldwide brand relaunch this year, which introduced a new visual identity and redesigned logo, along with new merchandise and product collaborations with brands like Disney .

The rebranding comes as Pandora, known for its charm jewelry, works to get its groove back to counter a sales shortfall among brand devotees, just as nimble direct-to-consumer newbies entered the market, Hughes said.

Indeed, founder-led brands like Kendra Scott to Annoushka have stepped into the jewelry spotlight, picking up market share along the way.

“We grew like a rocket ship, and were enjoying and basking in growth,” she said. As a result, “we took our eye off the ball regarding the consumer and what she wanted. We have loyal fans that engage with us, but then, in 2018, saw like-for-like growth flatten and eventually slide into negative territory,” she said. “We weren’t as attractive to our existing or new consumer.”

At the end off the day, Hughes said, “more brands are competing for share of mind, voice and heart.” That’s why it’s a critical time to “define more clearly what our brand is, who we want to be and how we want consumers to view us,” she said. “Consumer habits have changed. We have to make sure we’re connected [to them].”

Being able to curate for the consumer is so important nowadays. We need to be able to translate what they’re experiencing online from the comfort of their home, in store.

Charisse Hughes, chief marketing officer, Pandora Americas

Pandora is revamping its brand to ensure that it stays consistently relevant throughout its target customers' life cycles. Read on for ways your business can stay on top of consumer trends.

Changed they have. For shoppers who can get everything and anything online, merchandise alone has become increasingly commoditized. “They have a lot more options,” Hughes said.

As a result, “consumers are totally accustomed to insane levels of data-fueled personalization,” according to a report from trend forecasting firm Trendwatching . “Now, they’re going to come to expect the same from the physical spaces they inhabit.” It’s forced retailers to create store environments that are “sentient spaces” to woo consumers drawn to physical spaces that “recognize and react to them, providing a personalized experience.”

‘Giving voice to people’s loves’

For Pandora to make that happen, love is the answer, Hughes says.

Stoking a rebirth is about tapping into the brand’s essence, which is “highly emotional and positive, representing the love, passions and places in people’s lives,” with jewelry designed to capture those memories, she said. “We are a brand about giving voice to people’s love.”

While that revival plan might sound more kumbaya-ish than strategic, Hughes says it’s just what’s needed to boost Pandora’s relevance to consumers throughout their purchasing life cycle and drive business, too. “A lot of different approaches are being taken to connect with consumers. We want to make sure we have a brand that has a life cycle with consumers that’s relevant throughout their life cycle as opposed to in and out of it,” she said.

Hughes admits that’s a bit of a juggling act. “Because we are one of the biggest jewelry companies in the world, we have to do a lot of things well and speak to different consumers with different messaging.”

For Pandora, whose demographic skews older, the road to newfound resonance is paved with stores that stoke discovery, showcase fresh design aesthetics and reflect the sensibilities of millennials and Generation Z.

To that end, it’s partnering with influencers like "Stranger Things" actor and activist Millie Bobby Brown to usher in the next generation of Pandora jewelry “to connect more closely with consumers as well as align our value and style set with these influencers,” she said. “A key aspect of that relationship is about relevance.” Brown is the face of the retailer’s Pandora Me collection, “a young phenomenal [voice] that’s so vocal about women’s empowerment,” Hughes said. “We’re encouraging young people to have a voice. We’re trying to embody their values and remain relevant.”

With Pandora Muses , for example, its global collective of women, including models and activists Georgia May Jagger and Halima Aden and artist Tasya van Ree, who the company says reflect the values it stands for, such as diversity and social responsibility, “Pandora has joined the topic of empowering women of all backgrounds,” Jane Hali, CEO of Jane Hali & Associates , in a research note.

Although late to the party, tapping data to highlight best sellers

Merchandising is both an art and a science with retailers increasingly relying on the latter.

They’re leveraging technology to go beyond gut hunches on what products will sell, translating data from shoppers’ digital and physical footprints into actionable insights to fuel business — but Pandora was lagging here, Hughes said. “We were not mining those insights as aggressively as we should have to understand the consumers’ behavior, affinities and purchase patterns, and how [best to] use all that.”

That’s now changed, she said, evidenced by the Expression store’s treasure table, for one, which features Pandora’s best-selling products — like its Timeless Elegance rings in silver and Pandora Rose and new O pendant — which is a first for the brand.

The tables showcase an edited mix of customer favorites, mimicking a signature online shopping feature. “We see it in e-commerce,” Hughes said. “Being able to curate for the consumer is so important nowadays. We need to be able to translate what they’re experiencing online from the comfort of their home, in store.”

Tell me a (personal) story

Also important is creating physical experiences that give shoppers a compelling reason to leave home, amid declining store traffic. The reality is that you don’t have to go to stores anymore, Hughes said.

Pandora, she says, is doing just that with a new commitment to “storytelling.” Treasure tables tell a holistic style story of an entire jewelry collection, from newness to classics, rather than a single item like a charm, ring or an earring. Influencers present the meaning behind the items that appeal to their passions.

At new engraving stations, shoppers can customize jewelry with initials and dates, which tell their story or the story of a giftee. To breathe new life into its charm business, a new touchy-feely Charm Bar encourages shoppers to flex their design muscles and indulge their creative impulses by mixing and matching bracelets and charms.

“Personalization is key at retail today and the model of bracelets and necklaces being personalized with charms makes sense,” Hali said, in the research note, adding that 70% of Pandora’s business is in bracelets and charms.

And in time for the holidays, the Gifting Wall presents curated and ready-to-gift sets that are arranged by gifting profiles, as well as display sets themed according to life’s special occasions like birthdays, anniversaries, even “gratitude.” The idea is to “connect with consumers on a personal level,” Hughes said. “They can tap into and express who they are.”

The new store design will roll out to locations in the U.S., U.K., Italy and China.

As a “total jewelry universe,” Hughes says, “We are trying to remind people of what Pandora can mean and carve out a space in their lives.”

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Why GreenBiz is becoming Trellis this summer by Joel Makower

Practical Magic

How Pandora, the world's largest jewelry maker, switched to recycled silver and gold

The changes affected more than 40 suppliers, which help it produce more than 100 million pieces annually.

By Heather Clancy

February 12, 2024

Image: GreenBiz/Sophia Davirro

Pandora — the world’s largest jewelry maker, selling more than 100 million pieces per year — said it has delivered on a pledge it made four years ago to use recycled silver and gold for all the bracelets, necklaces, earrings and other trinkets in its collections.

By moving away from newly mined metals to recycled materials, the company said it will avoid its carbon dioxide emissions by an estimated 58,000 metric tons annually. That is the equivalent of taking 6,000 gasoline-powered cars off the road.

Silver is the most widely used material in Pandora’s products, accounting for 81 percent of the content at the end of 2021, according to the company. For the full year 2023, 97 percent of the silver and gold sourced for Pandora’s collections came from recycled sources and by the second half of 2024, all products will be crafted with 100 percent recycled silver and gold. Pandora’s revenue for 2023 was around $4 billion.

"In our climate accounts, that will make a huge difference," said Mads Twomey-Madsen, senior vice president of sustainability for Pandora.

Other jewelry companies, including Prada and Tiffany & Co. , use recycled silver, gold and other precious minerals as a selling point, but Pandora’s commitment is the most extensive given the volume it produces.

It’s not without controversy: The Jewelers Vigilance Committee, a nonprofit focused on industry ethics, is lobbying the Federal Trade Commission to ban the term "recycled" in marketing. Its gripe is that metals such as gold and silver aren’t wasted, and have been recovered and melted for reuse for years. The group argues that the term "recycled" is a form of virtue-signaling.

100 employees dedicated to the transition

It took a substantial effort for Pandora to switch over to recycled sources, and it will cost an extra $10 million annually on top of its usual sourcing contracts to source silver and gold under the company’s new policy, Twomey-Madsen said.

Sources for buying recycled gold are more established than those for silver, and they account for about 30 percent of the overall supply . With silver, less than 20 percent of the supply comes from recycled sources such as discarded electronics, silverware, manufacturing scrap waste and old jewelry, according to Pandora. The company is buying about 340 tons of recycled silver annually, about 6 percent of the overall market globally, said Twomey-Madsen.

To reach that milestone, more than 100 employees were involved in a transformation that lasted four years. The program covered everything from the refineries from which it buys metal directly to suppliers that make components such as clasps and certain chains. (Pandora employs 26,000 people worldwide.)

More than 40 suppliers — including multinational precious metals suppliers such as Umicore and MKS PAMP — changed their business processes to comply, the company said. Now, anything they sell to Pandora must be certified as recycled according to the Responsible Jewellry Council Chain of Custody standard .

Lessons learned along the chain

For those considering a similar program, Twomey-Madsen offered these takeaways from his team’s experience:

It was easier for Pandora to convince silver and gold smelters to consider these changes, because of the volume of material it buys from these sources. The conversations with component suppliers that make items such as clasps and chains took a longer time.
The adjustments required by each supplier varied widely, as Pandora set chain-of-custody standards for both climate action and human rights. Some companies, for example, had rigorous policies on fair wages and other issues but had spent less time optimizing for circular economy techniques such as sourcing secondhand or pre-used materials.
Some suppliers had to set up separate production lines that segregated recycled material to accommodate Pandora’s needs. That was the most difficult and time-consuming part of the process, Twomey-Madsen said.
Pandora paid a premium for these services to help suppliers make the changes.
Another selling point Pandora used in negotiations was the prospect for suppliers to offer the same option to other customers, making their investment in changes worthwhile.

Now that Pandora has completed the transition, its primary focus will be on auditing and refining the processes needed to support this work over time, Twomey-Madsen said. It’s also rewriting contract requirements for all new suppliers.

View the discussion thread.

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UPCOMING EVENTS:
GreenBiz 25

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:



We want to halve greenhouse gas emissions by 2030 and achieve net zero emissions by 2040.	We want to purchase 100% recycled silver and gold for the crafting of our jewellery by 2025.	We want to secure an inclusive workplace for all employees, achieve gender parity in leadership and reflect societal diversity in our customer engagement.

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.

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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Pandora brand profile in the United States 2024

Pandora brand awareness, usage, popularity, loyalty, and buzz among jewelry owners in the united states in 2024.

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888 respondents

18-64 years

respondents who own jewelry

During the survey, the questions were phrased as follows: Brand Awareness : "Do you know this brand, even if only by name?" Brand popularity : "When it comes to jewelry, which of the following brands do you like?" Brand usage : "When it comes to jewelry, which of the following brands do you own currently?" Brand loyalty : "When it comes to jewelry, which of the following brands are you likely to purchase again in the future?" Brand buzz : "Which of the following brands have you noticed in the media, on social media, or in advertising in the past 3 months?"

Statistics on " Jewelry market in the U.S. "

Revenue of the jewelry industry Worldwide 2019-2028
Global gold jewelry demand from 2010 to 2022
Value of jewelry exports worldwide in 2021, by country
Size of the jewelry and watch market in the United States from 2015 to 2023
Retail sales of jewelry in the United States from 2006 to 2022
Jewelry stores in the U.S. from 2015 to 2023
U.S. consumer expenditure on jewelry and valuables 2018-2022, by category
U.S. jewelry stores industry ad spend 2021-2022
Signet Jewelers' sales worldwide 2023, by operating segment
Signet Jewelers' global sales in 2023, by product category
Global net sales of Tapestry, Inc. 2023, by brand
Breakdown of jewelry sales value from the LMVH group 2015-2023, by region
Revenue of Pandora A/S U.S. 2016-2023
Most well-known jewelry brands in the United States 2023
Cartier brand profile in the United States 2024
Leading habits among jewelry and watch shoppers in the United States 2022
Brand loyalty among jewelry and watch shoppers in the United States 2022
Mother's Day average expenditure per person on jewelry in the U.S. 2009-2024
U.S. Valentine's Day planned per person spending on jewelry 2010-2022
Holiday gifts most likely to be given to wives by their partners in the U.S. in 2021
Favorite gifts to get for Valentine's Day in the U.S. 2021

Other statistics that may interest you Jewelry market in the U.S.

Market overview

Premium Statistic Revenue of the jewelry industry Worldwide 2019-2028
Premium Statistic Global gold jewelry demand from 2010 to 2022
Premium Statistic Value of jewelry exports worldwide in 2021, by country
Basic Statistic Leading importers of gold, silverware, and jewelry worldwide 2022
Premium Statistic Size of the jewelry and watch market in the United States from 2015 to 2023
Premium Statistic Retail sales of jewelry in the United States from 2006 to 2022
Premium Statistic Jewelry stores monthly sales U.S. 2017-2021
Premium Statistic Jewelry stores in the U.S. from 2015 to 2023
Premium Statistic U.S. consumer expenditure on jewelry and valuables 2018-2022, by category
Premium Statistic Jewelry store sales in the U.S. from 1992 to 2020
Premium Statistic U.S. jewelry stores industry ad spend 2021-2022

Leading companies and brands

Basic Statistic Signet Jewelers' sales worldwide 2023, by operating segment
Basic Statistic Signet Jewelers' global sales in 2023, by product category
Basic Statistic Global net sales of Tapestry, Inc. 2023, by brand
Basic Statistic Net sales of Coach in 2023, by product category
Premium Statistic Breakdown of jewelry sales value from the LMVH group 2015-2023, by region
Basic Statistic Revenue of Pandora A/S U.S. 2016-2023
Basic Statistic Most well-known jewelry brands in the United States 2023
Premium Statistic Cartier brand profile in the United States 2024

Shopping behavior

Basic Statistic Leading habits among jewelry and watch shoppers in the United States 2022
Premium Statistic Brand loyalty among jewelry and watch shoppers in the United States 2022
Premium Statistic Mother's Day average expenditure per person on jewelry in the U.S. 2009-2024
Premium Statistic U.S. Valentine's Day planned per person spending on jewelry 2010-2022
Premium Statistic Holiday gifts most likely to be given to wives by their partners in the U.S. in 2021
Premium Statistic Favorite gifts to get for Valentine's Day in the U.S. 2021

Further Content: You might find this interesting as well

PANDORA Jewelry and Disney Announce New Strategic Alliance

New Disney-themed jewelry to debut in November 2014; PANDORA to sponsor Wishes Nighttime Spectacular at Magic Kingdom Park

News provided by

Aug 12, 2014, 02:02 ET

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COLUMBIA, Md. , Aug. 12, 2014 /PRNewswire/ -- Today, PANDORA Jewelry announced a new strategic alliance with The Walt Disney Company that will give the brand a presence in Walt Disney World Resort and Disneyland Resort, beginning with the sponsorship of the Wishes Nighttime Spectacular at Magic Kingdom Park in Florida this fall. In addition, PANDORA, in collaboration with Disney Consumer Products, is creating an original collection of beautifully designed Disney-themed jewelry launching at retail locations this fall.

"To say that PANDORA is excited about our relationship with Disney is an understatement," said Scott Burger , President, PANDORA Americas . "Having a presence in the theme parks gives the brand another opportunity to engage with families and play a significant role in both the big and small moments of their lives.

Our consumers and retail partners have been requesting Disney-themed products for years and we are thrilled to finally offer them a brilliant assortment of charms that are the perfect balance of sophistication and whimsy. Our design teams have worked to build a collection that meets the exacting quality standards of PANDORA, preserves the integrity of the Disney characters we have all come to love over the years, and gives our consumers another way to share their stories," continued Burger.

The new collection of hand finished sterling silver and 14K gold charms will feature inspirations from some of Disney's most beloved characters. The initial launch, expected to roll out to PANDORA stores early November 2014 , will include 25 different styles; an additional 16 styles will be sold at Disney merchandise locations, including the Walt Disney World Resort and Disneyland Resort. The Disney collection from PANDORA will also be available in PANDORA stores throughout Canada , Mexico , Puerto Rico , Central America and the Caribbean in November.

"We're looking forward to the opportunities ahead through our alliance with PANDORA," said Tiffany Rende , senior vice president of Disney Corporate Alliances and Operating Participants. "In addition to debuting a new line of PANDORA jewelry at retail that we know will be a fan favorite, we are collaborating on other product lines and guest experiences at our domestic Parks and Resorts."

Later this fall, select merchandise locations at the Walt Disney World Resort, Disneyland Resort, Disney Vacation Club properties and Disney Cruise Line ships will begin selling the collections. Additionally two Disney merchandise locations, Uptown Jewelers in Magic Kingdom Park at Walt Disney World Resort in Florida and La Mascarade d ' Orleans in Disneyland Resort in California , will unveil unique retail installations, combining PANDORA's sleek aesthetic and Disney's creativity.

The new Disney products represent PANDORA Americas' third licensed collection to launch within the past 12 months. Starting in 2015, Pandora will become presenting sponsor of the Tinker Bell Half Marathon Weekend held annually at the Disneyland Resort.

About PANDORA For more than 30 years, PANDORA has been making its mark in the international fine jewelry industry and is world-renowned for its high-quality, hand finished designs made from genuine materials at affordable prices. The collections inspire women to embrace their individuality with romantic and feminine pieces that capture the unforgettable moments of life. The strength of the PANDORA charm bracelet is the detailed design, the high quality and the unique threaded bracelet system (U.S. Pat. No.7,007,507). The affordable luxury collections include customizable charm bracelets, rings, earrings, necklaces and watches made from sterling silver and 14K and 18K gold. Perfect for any occasion, PANDORA jewelry is sold in over 80 countries on six continents in over 10,000 points of sale, including approximately 1,100 PANDORA branded concept stores. To view the PANDORA collection, build a personal piece online or locate a jeweler, please visit PANDORA.net . For news and updates, find us on Facebook or follow us on Twitter .

Founded in 1982 and headquartered in Copenhagen, Denmark , PANDORA employs more than 9,000 people worldwide of whom 6,800 are located in Gemopolis, Thailand , where the company manufactures its jewelry. PANDORA is publicly listed on the NASDAQ OMX Copenhagen stock exchange in Denmark . In 2013, PANDORA's total revenue was DKK 9.0 billion (approximately EUR 1.2 billion ). For more information, please visit www.pandoragroup.com .

About Disney Consumer Products Disney Consumer Products (DCP) is the business segment of The Walt Disney Company (NYSE: DIS ) that delivers innovative and engaging product experiences across thousands of categories from toys and apparel to books and fine art. As the world's largest licensor, DCP inspires the imaginations of people around the world by bringing the magic of Disney into consumers' homes with products they can enjoy year-round. DCP is comprised of three business units: Licensing, Publishing and Disney Store. The Licensing business is aligned around five strategic brand priorities: Disney Media, Classics & Entertainment, Disney & Pixar Animation Studios, Disney Princess & Disney Fairies, Lucasfilm and Marvel. Disney Publishing Worldwide (DPW) is the world's largest publisher of children's books, magazines, and digital products and also includes an English language learning business, consisting of Disney English learning centers across China and a supplemental learning book program. DPW's growing library of digital products includes best-selling eBook titles and original apps that leverage Disney content in innovative ways. The Disney Store retail chain operates across North America , Europe and Japan with more than 350 stores worldwide and is known for providing consumers with high-quality, unique products. Disney's official shopping portals online are www.DisneyStore.com and www.DisneyStore.co.uk . For more information, please visit Disney Consumer Products www.DisneyConsumerProducts.com or follow us at www.YouTube.com/DisneyLiving , www.Facebook.com/DisneyLiving , www.Twitter.com/DisneyLiving , www.Pinterest.com/DisneyLiving and www.Instagram.com/DisneyLiving .

About Walt Disney Parks and Resorts Walt Disney Parks and Resorts are where dreams come true. Nearly 60 years ago, Walt Disney created a new kind of entertainment families could experience together, immersed in detailed atmospheres and vibrant storytelling. His vision now includes a collection of five of the world's leading family vacation destinations – Disneyland Resort , Anaheim, Calif. ; Walt Disney World Resort , Lake Buena Vista, Fla. ; Tokyo Disney Resort , Urayasu , Chiba, Japan ; Disneyland Paris , Marne-la-Vallée, France ; and Hong Kong Disneyland Resort , located on Lantau Island. A sixth resort, Shanghai Disney Resort, is currently under construction in Pudong New District, Shanghai . In addition, Walt Disney Parks and Resorts includes the world-class Disney Cruise Line ; Disney Vacation Club ; Aulani, A Disney Resort and Spa; Adventures by Disney , a guided group vacation experience to some of the world's most popular destinations; and Walt Disney Imagineering , which creates and designs all Disney parks, resorts and attractions.

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SOURCE PANDORA Jewelry

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COMMENTS

How Pandora Plans To Double Its U.S. Jewelry Sales After ...
Pandora, the Danish jewelry company, broke global and U.S. sales records in 2021. It's recently appointed general manager North America, Luciano Rodembusch, shares plans for an even stronger ...
Strategy
Strategy. Our strategy is called Phoenix. It builds on Pandora's unique brand promise, and the significant potential to grow our core business and markets, and attract new consumers to the brand. The strategy is based on four growth pillars aiming at delivering sustainable and profitable revenue growth. GROWTH PILLAR 1.
How To Turn Around A Once Booming Global Jewelry Brand? Pandora Was On
Courtesy of Pandora. 2017 was a stellar year for Pandora, the global jewelry brand known for its collectible charms and bracelets. Revenues skyrocketed by 15% year-over-year in local currencies ...
How Pandora Jewellery grew to become a mega global brand
Founded in Copenhagen in 1982 by a Danish goldsmith, Pandora is now a global brand with some 10,000 retailers in 70 countries around the world. In 2011, more than one piece of Pandora jewellery was sold every second. Vertically integrated with inhouse design, manufacturing, global marketing and direct distribution, Pandora spent the first two ...
Jewellery maker Pandora bets on 'Gen Z' to boost sales
Danish jewellery maker Pandora plans to produce edgy pieces to attract young shoppers and significantly boost sales in the United States and China to meet a revenue growth target of 6-8% over 2021 ...
Pandora Unveils Growth Targets and Climate Roadmap
Courtesy. 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 ...
Jeweller Pandora sees 'healthy' sales so far this year
Pandora, the world's biggest jewellery maker, said on Wednesday its performance since the start of the year has been "healthy" with high single-digit sales growth, as it announced a share buyback ...
What's Next for Pandora
Pandora is prioritizing sustainability. The jewelry company has announced quite a few sustainability initiatives in recent months. It plans to cut its greenhouse gas emissions by 50 percent by 2030 by way of an ambitious decarbonization plan that spans its own operations as well as its entire supply chain and business partners.
Pandora Q1 2021 Investor Presentation
Pandora delivered a solid EBIT margin in Q1 2021, proving the strong operating leverage. The EBIT margin was impacted by headwind from higher silver prices as well as minor impact from foreign exchange. The Programme NOW cost savings added 2pp margin improvement. Cost savings re-invested in driving the topline.
Pandora Aims to Double Its U.S. Business, Triple in China
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. More from WWD. Its new ...
Pandora: Transformation Into Full Jewelry Brand
Pandora ( OTCPK:PANDY) is a Danish jewelry brand offering a wide range of affordable products such as rings, bracelets, necklaces and earrings. The company has vertically integrated supply chain ...
How Data and Tech Power Jewelry Brand Pandora's Mission to 'Give a
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.
Pandora Jewelry's Comeback Plan Bets Big on Bold Brand Revamp
Pandora Jewelry's Comeback Plan Bets Big on Bold Brand Revamp ... adding that 70% of Pandora's business is in bracelets and charms. And in time for the holidays, the Gifting Wall presents curated and ready-to-gift sets that are arranged by gifting profiles, as well as display sets themed according to life's special occasions like ...
How Pandora, the world's largest jewelry maker, switched to recycled
100 employees dedicated to the transition. It took a substantial effort for Pandora to switch over to recycled sources, and it will cost an extra $10 million annually on top of its usual sourcing contracts to source silver and gold under the company's new policy, Twomey-Madsen said. Sources for buying recycled gold are more established than ...
Strategy
Reducing what we take from the planet, protecting the environment and treating all stakeholders well is key to Pandora's business success. 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. ...
PANDORA WINNING 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].
SWOT Analysis of Pandora Jewelry
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.
Pandora brand profile U.S. 2024
In March 2024, about 35% of U.S. jewelry owners had heard about Pandora in the media, on social media, or in advertising over the past three months. Of the 89% who know the brand, that's 39% ...
PANDORA Jewelry and Disney Announce New Strategic Alliance
Share this article. COLUMBIA, Md., Aug. 12, 2014 /PRNewswire/ -- Today, PANDORA Jewelry announced a new strategic alliance with The Walt Disney Company that will give the brand a presence in Walt ...
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