Pandora, the world’s largest jewellery manufacturer, has recorded a revenue increase for the second quarter of 2024 to DKK 6,771 million (around USD1,015 million), up from DKK 5,894 million (around USD884 million) year over year. The growth was driven by network expansion and the broader product range which let to increased store traffic, said the group.
For the first half of 2024, Pandora’s revenue reached DKK 13,605 million (around USD2,041 million), compared to DKK 11,745 million (around USD1,762 million) in the same period last year.
Pandora increased its full-year organic growth guidance to between 9-12 percent compared to its previous guidance of 8-10 percent which was just raised in May. The group kept its operating margin guidance at around 25 percent.
During the second quarter, Pandora saw like-for-like growth of 88 percent for its Pandora Lab-Grown Diamonds collection. Pandora’s Lab-Grown Diamonds have had a positive halo effect on the brand and thereby the other collections, with consideration to purchase any piece of Pandora jewellery having increased since Pandora’s expanded presence in the lab-grown diamond category, said the company.
As part of the Phoenix strategy, Pandora is expanding into selected, new design aesthetics and during the quarter under review, the company launched the Pandora Essence collection globally. The new collection, which includes cultured pearls, proved popular, bringing in DKK 172 million (around USD25.8 million) during the period. The company also benefited from its transformation strategy, which focuses on elevating the brand to increase desirability and transform consumer perception of Pandora into a full jewelry brand. Pandora also opened its first global flagship store in Copenhagen in June, its largest store to date globally, marking a major milestone in its retail expansion.
Pandora’s CEO, Alexander Lacik said: “Our strategy continues to take Pandora to new heights despite general consumer spending being somewhat sluggish. We have successfully started the journey to make Pandora known as a full jewellery brand, and our results show that consumers like what they see." (Photo courtesy: Pandora)
28-08-2024
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