Jeweller Pandora sees 'healthy' sales so far this year

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pandora jewelry business plan

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

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Pandora jewelry ocean

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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Jewellery Maker Pandora Targets 6-8% Sales Growth

Pandora jewellery

Pandora aims to achieve sales growth of 6-8% over the coming years and its increase production capacity by 80 million pieces per year, the Danish jewellery maker said on Tuesday.

In a bid to boost interest especially in younger consumers, the world’s largest jewellery maker by production capacity has looked to refresh its image and increase sales in the U.S. and Chinese markets.

“Our objective is to be the largest and most desirable brand in the affordable jewellery market,” CEO Alexander Lacik said in a statement.

The firm now targets revenue growth of 6-8 percent over the 2021-2023 period and an operating profit margin of 25-27 percent in 2023.

Over the long-term, it aims to double revenue in the United States and triple revenue in the world’s largest jewellery market China compared to 2019 levels.

To meet demand, it will invest 1 billion Danish crowns ($159 million) in expanding its manufacturing capacity by around 60 percent, or 80 million pieces of jewellery annually, by building a new factory in Vietnam and expanding its existing plant in Thailand.

By Stine Jacobsen; editing by Louise Heavens and Jason Neely.

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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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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.

 woman looking in pandora jewelry case

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.

 two girls at pandora display in a mall

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.”

 charisse hughes headshot

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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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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How Pandora uses digital transformation to create sparkling customer experiences

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Pandora

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 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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Pandora Case Study: How Pandora Reinvented the Jewellery Market

  • Written by 440 Industries
  • Fashion Marketing , Fashion Merchandise , Jewelry Marketing , Luxury
  • October 26, 2021

Pandora Case Study: How Pandora Reinvented the Jewellery Market

Every industry needs to reinvent itself every few years to meet the demands and expectations of new generations of customers. 

The jewelry industry is no exception. 

The business models and marketing strategies followed by jewelry companies have radically evolved in recent years, just like the market behavior of new generations of customers. 

Some companies, like Pandora, have been able to adapt to these changes and understand new and exciting patterns in the market . 

As a result, Pandora has been able to create a strong market position for itself and has been able to gain a competitive advantage over many, more established,  jewelry brands. 

In this post, we’re going to discuss this evolution in jewelry marketing and delve into the new insights that Pandora was able to draw from a new generation of consumers.

The Old Approach to Jewelry Marketing: De Beers Diamonds

Traditionally, the marketing strategies adopted by jewelry companies followed the footsteps of De Beers diamonds. 

De Beers was able to influence the market and connect the purchase of diamonds to probably, the most important day of people’s life: their marriage.  

Let’s see how we can run a marketing analysis of the go-to-market strategy championed by De Beers. 

  • First of all, diamonds are not scarce, they are overly abundant. De Beers, however,  was able to limit their supply, by controlling some of its extraction locations, creating artificial scarcity, which increased their sense of exclusivity and their price.
  • Secondly , De Beers developed a broad set of associations between the diamonds and their social and emotional value . These gemstones were portrayed as the perfect stone for wedding rings. The social value of diamonds was connected to wealth and affluence and the emotional significance of a diamond ring was connected to its heritage and heirloom, as it was passed on from generation to generation.
  • Thirdly, De Beers connected the purchase of diamonds to affluent couples or even price-sensitive customers, by linking its purchase to the “happiest day of their lives”. Such was the importance of the occasion that customers could save up in order to afford a diamond worth 3 months salary. 

This strategy was simple but genius. 

As a result, De Beers became a very successful jewelry brand and one of the most famous diamond dealers in the world. 

But does this approach still hold? 

It’s hard to say. Jewelry customers have changed drastically since the 1950s and now diamonds are used in very different ways. 

The demographic segmentation , as well as the behavioral patterns that are connected to diamond and jewelry purchasing, have evolved and now consumers are starting to look at jewelry from a completely different perspective.

Pandora was one of the jewelry brands that was able to sense this change early and develop a strategy that would impact the whole industry. 

How Pandora Understood the New Jewellery Market

Pandora was able to conduct research on new generations of consumers and realized that old patterns based on aspirational ownership of luxury products would not hold in today’s market. 

Here are some of their insights:

Accessible Pricing

New generations of consumers are responsive to quick gratification, so jewelry had to be more accessible and inexpensive, as it’s unlikely anyone would invest the time to save up to buy. On the contrary, if the price was more reasonable, impulsive buying may have been a much stronger instinct to buy.

Self Gifting 

Modern women do not wait around for men to propose or to give them a jewel. Nowadays, it is very common to self-gift a product without any particular occasion. Jewelry companies don’t have to always suggest a specific occasion to buy, it can be for the simple pleasure of indulging in self-reward.

Relationships are more unstructured 

People do not have the same conventional sentimental relationships –  which were the standard in the mid of the 20th century. 

Relationships are now much more fluid and nuanced. As a result, we don’t have any need for a ring that represents our one-and-only love, but on the contrary, we need a much broader “vocabulary” of jewelry to express many more degrees of affection that can range widely from friendship to love. 

Building on these insights Pandora developed a product collection that was fully able to align with these new trends. 

We’ll discuss this in the next section of our post.

How Pandora Evolved to Meet New Customer Demands

So how does Pandora’s product collection reflect these new market insights? 

Let’s look at some of their marketing mix strategies , to see how they are able to match new demands in consumer markets.

Accessible Pricing: Online Retail and Ongoing Promotions

In order to make the product accessible,  but still desirable jewels are mostly in silver, to maintain high-profit margins despite the lower sale price in comparison to traditional jewelry.

Moreover, the online distribution format allows Pandora to take advantage of promotions and discounts which can be used to provide a sense of urgency to increase sales.

Self Gifting: Pandora Me Collection

Certain divisions of the product collections have been branded so as to clearly connect with customers’ self-gifting habits, as in the case of the Pandora Me collection.

By developing a collection division fully devoted to this occasion of use, the brand is endorsing and broadening the habit of self-gifting to all of its potential customers.

Broader Occasions of Use. From Charms to Masstige Luxury

By developing “charms” focused on nuanced feelings or a special occasion of use the brand is making sure its collection can embody a much broader variety of messages and meanings so that customers can use Pandora’s jewelry as a very inclusive language capable of fitting any possible occasion of use. 

Great, now that we’ve covered all the bases, let’s move on and draw our conclusive remarks. 

Conclusions

As we’ve discussed in the post, the jewelry market has come a long way since the era of the diamond ring proposal. 

Companies like Pandora were able to sense this market evolution and tackle an opportunity to transform a moment of uncertainty and change into a competitive advantage.

By delving deep into customers’ motivations and expectations using Clayton Christensen’s Jobs to Be Done Theory the brand understood how it could shape its product offer to meet the demands and expectations of a new generation of customers who simply did not share the same values and habits of their parents and grandparents. 

Pandora was able to set a great example of how a company can take advantage of these moments of change and uncertainty and build for itself a great positioning opportunity to serve its customers better than its competitors. 

Pandora is not alone, there are other brands in the fashion and lifestyle industry that were able to understand and leverage customers’ behavior to develop marketing strategies that made them internationally successful. Giorgio Armani is certainly an example of this approach, and we discuss his strategy in more detail in this post .   If you’d like to read up more about branding and marketing strategies in the fashion industry , then go ahead and visit our blog where you’ll be able to find a wealth of information on fashion business and marketing in the creative industries.

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One of the greatest joys of being an artist is sharing your work with the world. Jewelry designers in particular understand that, as jewelry can become especially sentimental to their customers. Starting a jewelry business is the best way to get your work out there and forge new connections with grateful clients.

It’s likely that you think of yourself as a jewelry designer first, and an entrepreneur second — if you think of yourself as an entrepreneur at all! But learning how to start a jewelry business is not as difficult as you may fear: It’s mostly a matter of time, effort and perseverance (and a few technicalities, too). We’ve broken down the process into seven essential steps to starting a jewelry business.

pandora jewelry business plan

1. Define your line

Before you get into the nuts and bolts (or beads and clasps) of creating your jewelry and starting your business, you need to get clear about what, exactly, your jewelry business is . The best way to do this is in writing — or, more specifically, by writing a business plan.

You may balk at the prospect of writing out a business plan, but in truth, this plan doesn’t need to be nearly as complex or jargon-y as you may think. At its core, a business plan is an opportunity for entrepreneurs to organize their thoughts about their business, take stock of their finances and resources, start to build a marketing strategy, define their business goals and create a game plan about how to achieve those goals in the short term.

In your business plan, start by answering at least the following questions:

Are you selling fine jewelry or trend pieces?

Are your pieces handmade or outsourced to a premium manufacturer?

Will you operate from your home, or will you need to rent an office space?

Are you going it alone, or do you need to hire staff — either now or in the near future?

How will you price your products?

How is your jewelry different from your competitors’?

Who is your target audience?

How much cash do you need to get yourself off the ground?

How do you plan on marketing your business?

Where will you sell your products?

Keep in mind that your business plan is a living document. Once you launch your business, get hands-on experience as a jewelry business owner and become better informed about the costs attendant to running a business and your audience’s buying behaviors, you can fill in whatever gaps you’ve left in your preliminary plan — or create a new one entirely.

Create a business budget

Right alongside your business plan, you should be sketching out a business budget. First, make a detailed list of your preliminary startup costs, like tools and equipment; marketing material; licenses, permits, or educational courses; office or coworking space; wages for any staff you may be hiring; and your expected daily expenses.

Then, take stock of how much cash you have available and how much additional funding (if any) you’ll need to launch and operate over the next few months. Also, know that there are tons of small-business budget templates available if you need more guidance.

Learn from your competitors

During this pre-launch phase, it’s a good idea to do a bit of market research. Take a look at other, successful jewelry businesses that you admire and would like to emulate in some way: What’s their angle, and why is it successful? Who is their audience, and what’s their marketing tactic? How and where do they sell their goods — do they rely solely on their website or another selling platform (like eBay or Amazon), or do they also sell in brick-and-mortar shops? Market research is also critical in determining how to price your jewelry appropriately for your audience.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

2. Legalize your business

Next, you’ll need to cover all legal bases to ensure you’re running your jewelry business aboveboard. First, if you plan on running your business from your home, check with your local clerk’s office about licensing and permit requirements for home businesses.

Once you’ve created your business name, you’ll next decide on a business entity and register your business accordingly with your secretary of state (if there’s an existing business in your state operating under your chosen name, you’ll have to go back to the drawing board). The easiest route to go is as a sole proprietorship, which actually doesn’t require that you register with your state; in this instance, you’ll only need to file your business name as a “doing business as,” or DBA, unless you’re operating your business under your legal name. However, a sole proprietorship won’t offer you protection if your business runs into any legal issues.

The safest route to go is to register your business as an LLC. Registering as an LLC is an easy process, which you can do in a matter of minutes online; you can take a look at the SBA’s step-by-step guide to registering your business for some more guidance. What’s more, LLCs protect your personal assets from business-related legal issues, but filing taxes as an LLC is relatively simple.

At this point, you may also consider taking out business insurance to further protect yourself. Start by looking into product liability insurance, which protects businesses from legal fallout in case their product causes injury to a customer or other third party; and general liability insurance, which protects businesses against a slew of common legal claims. If you hire employees, you’ll need to look into other types of insurance like workers’ compensation, unemployment and state disability insurance.

Finally, you might want to register a trademark for your business name, logo or designs through the United States Patent and Trademark Office , which you can do easily online.

3. Separate your business and personal finances

Now that you’re a legally operating enterprise, it’s a good idea to start separating your business and personal finances. This is crucial for a number of reasons. For starters, this separation will help keep your personal finances safe from business-related legal issues; and, more practically, it’ll simplify your tax-filing processes.

Open a business bank account (most new businesses just need to start out with a business checking account ) and be sure only to deposit business earnings into that account. You can also consider signing up for a business credit card , which you can use for your business’s smaller, daily expenses. Plus, depending on the card you sign up for, you can earn valuable points, rewards or cash back that you can redeem and put right back into your business.

4. Find startup funding

You don’t need to be an entrepreneur to know that starting a business requires money, and you probably also know that it’s tough for brand-new business owners to secure business loans , either from their local banks or from online lenders. With no financial history in hand, lenders have no data off of which to determine a new business’s risk level, which means they can’t come to an informed credit decision.

For that reason, startup funding often comes largely from your own pockets. Many new entrepreneurs bootstrap their way up, using their personal savings, loans from friends and family or personal loans from banks or online lenders whose funds they use toward building their businesses. Another option is to try your hand at crowdfunding, in which generous strangers who believe in your business donate small amounts of funds toward your project.

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5. Find suppliers and create your jewelry

Now that you’ve laid the proper legal and financial foundations for your business, you can start creating your jewelry with an eye toward selling.

If you haven’t already, you’ll need to purchase wholesale jewelry-making tools and equipment, including proper safety equipment, as well as the necessary materials to create your jewelry. It can be useful to ask other jewelry designers about trustworthy wholesale suppliers; otherwise, put in a little elbow grease and research, research, research. It can also be useful to get a reseller license so you can forgo paying local sales taxes when you buy in bulk.

6. Sell your jewelry

Once you’ve built up a solid inventory, you’ll need to find somewhere to sell it. Most likely, your primary sales channel will be an online store.

You could consider building your store through a service like Shopify, which makes it easy for entrepreneurs to create and manage their e-commerce stores. These services are often loaded with useful features, like custom sales reports and analytics, customer relationship management tools and built-in marketing tools.

Either before or as you sell your goods on a dedicated online store, you can sell your products on e-commerce platforms like Amazon, Etsy or eBay (or a combination of the three). These platforms are especially valuable for new entrepreneurs, as millions of customers are scouring these sites every day for products like yours — so leverage them for their built-in traffic. These sites can also be useful testing grounds to see which of your products sell over others, and at which price points.

Regardless of which platforms you’re using to sell your jewelry online, it’s worth investing in a professional photographer (or a good camera, if you can use it yourself) to photograph your jewelry in good light, at several angles and both on and off a model. Product photography can often make or break a sales decision, so quality photos are integral to creating a trustworthy brand.

You should be selling your jewelry the analog way, too. Start by selling to your friends and family, and let your brand grow via word of mouth. You can also become a vendor at flea markets and crafts fairs, or approach local retailers and ask if you can host a pop-up shop or sell your jewelry on consignment in their stores. Make sure you create business cards, which include links to your online store and social media channels, that you can keep at the till.

7. Establish your brand and start marketing

As you establish your sales channels, you should also start to establish your brand identity and implement a small-business marketing strategy. Creating a logo is a great starting spot, and it’s critical for establishing your business’s aesthetic. If you can’t find a graphic designer in your network to create one for you, there are plenty of logo-making services online.

As you grow you can start to implement paid marketing strategies, like Google Ads. But when you’re first starting out, it’s a better idea to take advantage of all the free marketing strategies at your disposal, and social media marketing is an absolute must. Which platforms will be more successful for your business depends largely upon which platforms your audience engages with the most. But to start, set yourself up with a business Facebook page, Instagram and Pinterest board, and make sure to include links to your online store (or your brick-and-mortar location’s address) in your bio.

In order for prospective customers to find your website via search engines, your site and blog (if you have one) need to be optimized for SEO. Shopify stores come with SEO best practices, but if you’re using another e-commerce or blogging platform, then it’s worth brushing up on some essential SEO tactics, which you can keep in mind every time you create content online.

Remember that building an engaged audience on social media — and, on a larger scale, establishing a brand identity — both take time. But the key is to remain active and engaged. Try to post at least once per day on your social media channels, respond promptly (and kindly) to any comments you receive on your posts and vary the types of content you’re posting.

The bottom line

The work certainly doesn’t stop once you’ve launched your jewelry business; in fact, it’s just the beginning. But don’t get so mired in the business side of things that you lose sight of why you started your jewelry business in the first place: the love of your craft, which the most successful artists never stop honing. So even if you’re a trained jeweler, consider continuing your education with online or in-store classes. If you don’t want to sacrifice a part of your business budget for educational purposes, you can find solid jewelry-making tutorials on YouTube for free.

Keep in mind, too, that starting a business is a time-consuming task, even if it’s just a side hustle. If you’re serious about your venture, make it a priority to carve out enough time in your schedule to dedicate toward launching and managing your business, even if that’s just an hour at the end of the day to work on a piece of jewelry, create a few social media posts or check up on your sales reports or marketing performance.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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pandora jewelry business plan

Pandora Signs Indian Distribution Deal, Announces Plan to Open 50 Stores

Pandora Signs Indian Distribution Deal, Announces Plan to Open 50 Stores

Denmark-based Pandora has signed an agreement to distribute the company’s jewelry in India for the first time, and also announced a plan to open 50 Pandora stores in the country by 2020.

According to multiple news sources, Pandora signed an agreement with Pan Indian Charms & Jewellery Private, a New Delhi-based corporation, which grants the company exclusive distribution rights for Pandora products in the Indian market. India is one of the largest markets for jewelry in the world, worth around $43 billion in 2015. This figure is expected to grow by 7 percent annually through 2021 according to Euromonitor.

Pandora says that their first five Indian stores will open in 2017. JCK reported that the first stores are expected to open in Delhi, Mumbai and Bangalore.

"Jewelry as a fashion statement is increasingly popular among consumers and with India already being one of the largest jewelry markets in the world, the country holds a great potential for Pandora," Pandora Chief Executive Anders Colding Friis said in an announcement .

An analysis by Reuters noted that silver jewelry, Pandora’s specialty, accounts for only around 5 percent of jewelry sales in India, but that the growing popularity of western brands and styles among Indian consumers suggests that Pandora products could sell well in the country.

Founded in 1982, Pandora has grown from a niche producer of charm jewelry to a major industry player. In 2010, the company raised $2.1 billion in an IPO; since then it has weathered ups and downs but remains extremely popular with consumers.

The company is expected to open both concept stores and ‘shop-in-shop’ boutiques in India as part of their push into the country.

Pandora is also taking more of its North American retail operations in-house. In January 2017, the company bought 18 franchise stores that had been operated by a Massachusetts-based management company. The stores are located in New England and Northern California and will remain open during the ownership transition.

Last October, Pandora eliminated 450 retailers from its U.S. distribution network and cut another 130 in Canada. The cuts focused mainly on retailers who hadn’t expanded their Pandora offerings to a fully-integrated “shop-in-shop” model.

Nathan Munn | Polygon.net

Competing Online: a Strategy Guide for Retail Jewelers

Competing Online: a Strategy Guide for Retail Jewelers

Master Jewelers - Bernie Benavidez:"How We Fought The Internet Wholesalers"

Master Jewelers - Bernie Benavidez:"How We Fought The Internet Wholesalers"

Your Jewelry Store is Nothing But Numbers: Calculating and Tracking the Right Numbers to Reach and Sustain Higher Profitability

Your Jewelry Store is Nothing But Numbers: Calculating and Tracking the Right Numbers to Reach and Sustain Higher Profitability

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COMMENTS

  1. How Pandora Plans To Double Its U.S. Jewelry Sales After ...

    Pandora, already claiming the title as the world's largest jewelry brand known by more consumers than any other and crafting more jewelry items than any other brand in the industry, will...

  2. 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 BRAND

  3. Jewellery maker Pandora bets on 'Gen Z' to boost sales

    COPENHAGEN, Sept 14 (Reuters) - Danish jewellery maker Pandora (PNDORA.CO) plans to produce edgy pieces to attract young shoppers and significantly boost sales in the United States and China to...

  4. About Pandora Jewelry Company

    Today Pandora operates and manages a vertically integrated business model from in-house design and manufacturing to global marketing and direct distribution in most markets. The products are sold in more than 70 countries on six continents through over 10,300 points of sale, including around 900 concept stores.

  5. How To Turn Around A Once Booming Global Jewelry Brand? Pandora Was On

    Forbes Business Retail Editors' Pick How To Turn Around A Once Booming Global Jewelry Brand? Pandora Was On Track, Then Came Coronavirus Pamela N. Danziger Senior Contributor I study the...

  6. 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 ...

  7. 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 ...

  8. Jewellery Maker Pandora Targets 6-8% Sales Growth

    Pandora jewellery (Shutterstock) By. Reuters. 14 September 2021. 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 ...

  9. Strategy

    Strategy We consider sustainability across our business, from how we craft our jewellery to the workplace we offer employees. Reducing what we take from the planet, protecting the environment and treating all stakeholders well is key to Pandora's business success.

  10. ANNUAL REPORT 2020

    to be the core of Pandora business. Pandora will continue to invest in new designs and develop the product offering. Earnings before interest and tax (EBIT) excluding restructuring costs were DKK 3.9 billion in 2020. Restructuring costs amount-ed to DKK 1.2 billion. 1 Pandora does not own any of the premises (Land and buildings) where stores are

  11. How Pandora Jewellery grew to become a mega global brand

    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.

  12. Pandora Eyes Expansion Into 'New and Underserved' Markets

    The company also plans to open up to 275 new stores in existing markets by 2026. Lenore Fedow [email protected]. During Pandora's recent Capital Markets Day, the company shared its future expansion plans. Copenhagen, Denmark—Pandora is ready to take on the world, or, at least, a few new markets.

  13. Interview With CMO of Pandora Americas

    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 ...

  14. What's Next for Pandora

    In May, Pandora completed its two-year "Programme Now" turnaround plan, which focused on stabilizing its topline, increasing brand relevance and access, and reducing costs. It's now in the middle of a new strategy, dubbed "Phoenix," that is focused on sustainable growth and attracting new, younger consumers. Here's what that entails.

  15. How Data and Tech Power Jewelry Brand Pandora's Mission to 'Give a

    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 (Source: Pandora)

  16. How Pandora uses digital transformation to create ...

    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.

  17. How Pandora Jewelry Unlocked Sales Efficiency with Branding Strategies

    The collaboration enabled Pandora to craft an effective full-funnel strategy that helped to boost year-over-year online growth by 103% and new customer acquisition by 118%. The collaboration also played a big part in regions being more aligned in their approach to paid social and is now continuing to drive more efficient media spend. The Challenge

  18. Pandora Jewelry Soars on New Makeover Plan

    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.

  19. How Pandora Understood the New Jewellery Market

    Pandora Case Study: How Pandora Reinvented the Jewellery Market. Written by 440 Industries. Fashion Marketing, Fashion Merchandise, Jewelry Marketing, Luxury. October 26, 2021. Every industry needs to reinvent itself every few years to meet the demands and expectations of new generations of customers. The jewelry industry is no exception.

  20. How to Start a Jewelry Business in 7 Steps

    1. Define your line. Before you get into the nuts and bolts (or beads and clasps) of creating your jewelry and starting your business, you need to get clear about what, exactly, your jewelry ...

  21. Corporate Sales

    Please contact Nicole Viola to discuss corporate sales opportunities. [email protected] Premier Product Resourcing. Manalapan Township, NJ 07726. Pandora offers corporate sales opportunities in the United States. Contact us to learn more about how our jewelry can be used as executive gifts or for point programs.

  22. PDF Pandora Transparency in Supply Chains Statement

    INTRODUCTION TO OUR BUSINESS Pandora designs, manufactures and markets hand-finished jewellery made from high-quality materials. ... We plan to be carbon neutral in our own operations by 2025 and have joined the Science Based Targets initiative to reduce emissions across our full value chain. Pandora is listed on the Nasdaq Copenhagen stock ...

  23. Pandora Signs Indian Distribution Deal, Announces Plan to Open 50 Stores

    The cuts focused mainly on retailers who hadn't expanded their Pandora offerings to a fully-integrated "shop-in-shop" model. Denmark-based Pandora has signed an agreement to distribute the company's jewelry in India for the first time, and also announced a plan to open 50 Pandora stores in the country by 2020.