Pandora Reveals Plan to Double US Revenue
September 20, 21
(IDEX Online) - Pandora aims to double its revenues in the US and triple them in China as it enters a "new chapter of growth".
The Danish jeweler, best known for its charm bracelets, will build a huge new factory in Vietnam to supplement current production in Thailand.
It said it would be investing $160m expanding its manufacturing facilities to produce an additional 80m pieces a year.
The company, which reported an increase in its Q1 revenue despite widespread store closures because of Covid, is forecasting organic growth of five to seven per cent CAGR in 2021 to 2023 and an EBIT margin of between 25 and 27 per cent.
"The long-term ambition is to double revenue in the US and triple revenue in China, both from 2019 levels," said the company as it revealed the targets of its so-called Phoenix plan.
Alexander Lacik, president and CEO, said: "Our objective is to be the largest and most desirable brand in the affordable jewellery market. And we have a strong foundation to deliver on that objective."
Pic shows Pandora jewelry manufacture in Thailand