Pandora closes the first nine months of the year in good health. The Danish jewelry company ended the period increasing its turnover and profits.
Specifically, Pandora has completed the first nine months with a revenue of 19,707 million Danish crowns (2,642 million euros), 14% more than in the same period of the previous year. The company’s net profit increased by 7%, to 2,358 million Danish crowns (314 million euros).
Moreover, In the third quarter of the year the company increased its turnover by 11% compared to the same period last year, reaching an income of 6,103 million Danish crowns (818 million euros).
“We are very happy with the good results of this quarter, especially in the current macroeconomic context,” emphasized Alexander Lacik, CEO of the company, and said “we are changing the perception of Pandora to a complete jewelry brand and unlock the next chapter of our growth by attracting more consumers to our brand.”
Pandora increases its revenue by 11% in the third quarter of 2024
The company, which started a strategic plan called Phoenix since last year, has increased its investments in the four pillars on which the Phoenix strategy is based: brand, design, markets and customization.
For her, the jewelry company’s ebitda was 5,555 million Danish crowns (744 million euros), slightly higher than the EBITDA of 4,891 million Danish crowns (655 million euros) recorded by the company in the same period of the previous year.
The United States remains Pandora’s largest foreign marketwith a turnover of 5,996 million Danish crowns (804 million euros), 15% higher than in the first nine months of 2023. The United Kingdom, the second most important international market by turnover, sales record 2,288 million Danish crowns (306 million euros)a figure similar to what was submitted in the same period last year.
However, China, Italy and Australia recorded declines in turnover in the periodwith a drop of 28%, 2% and 7%, respectively. For its part, the French market has registered an increase of 10%, reaching an income of 761 million Danish crowns.
During the third quarter of 2024, Pandora has added 49 points of sale to its commercial network, half located in North America continued to make up nearly half of the quarter’s openings. According to the company, its expansion strategy involves opening between 400 and 500 until 2026.
Pandora, which took its first steps in 1982 with the Dane Per Enevoldsen and his wife Winnie, today operates worldwide through its own stores, franchises and multi-brands. The group’s headquarters are located in the Danish town of Glostrup and it employs more than 22,000 people.
Interview Between Time.news Editor and Jewelry Market Expert
Time.news Editor: Welcome to this edition of our industry insights segment! Today, we’re thrilled to have with us Dr. Laura Harrington, an expert in the luxury goods market, to discuss the recent financial results of Pandora and what they imply for the jewelry sector overall. Thank you for joining us, Dr. Harrington.
Dr. Laura Harrington: Thank you for having me! It’s great to be here.
Time.news Editor: Let’s dive right in. Pandora’s recent report shows a 14% increase in revenue over the first nine months of the year and an 11% spike in the third quarter alone. What do you think are the key drivers behind these impressive results?
Dr. Laura Harrington: Several factors contribute to Pandora’s robust performance. First, their strategic pivot to being perceived as a complete jewelry brand has allowed them to appeal to a broader consumer base. By enhancing their brand image and expanding their product lines, they’re attracting customers who may not have considered them previously.
Time.news Editor: That’s interesting. CEO Alexander Lacik highlighted their commitment to changing consumer perception. How significant do you think this shift in branding is for Pandora’s long-term strategy?
Dr. Laura Harrington: It’s crucial. In the luxury market, brand perception directly impacts consumer purchasing behavior. By positioning themselves as a complete jewelry brand, Pandora is opening new doors for growth. It signals to consumers that they can find a variety of quality products under one roof, which is particularly appealing in today’s market where personalization and variety are increasingly valued.
Time.news Editor: You mentioned personalization, which is one of the pillars of Pandora’s Phoenix strategy. How do you see customization influencing consumer behavior in the jewelry sector?
Dr. Laura Harrington: Customization is a game-changer. Consumers today seek unique experiences, and the ability to personalize jewelry allows them to express their individuality. This trend is particularly strong among younger demographics, who favor brands that offer customizable options. By investing in this area, Pandora is tapping into a vital market need, which can drive loyalty and repeat purchases.
Time.news Editor: That makes a lot of sense. Looking at the macroeconomic context, do you think Pandora’s growth is sustainable, especially given the current economic challenges?
Dr. Laura Harrington: While no one can predict the future with absolute certainty, I believe Pandora’s growth is promising. Their recent financial results, despite a challenging economic landscape, indicate strong management decisions and effective consumer engagement strategies. If they continue to innovate and effectively market their brand, there’s potential for sustained success.
Time.news Editor: as we look ahead, what trends do you think we should be watching in the jewelry industry, and how might Pandora adapt to them?
Dr. Laura Harrington: Very good question! I would keep an eye on sustainability and ethical sourcing, as consumers are becoming more conscious of these issues. Additionally, advancements in technology—like augmented reality for virtual try-ons—could lead to new engagement strategies. If Pandora can integrate these trends while maintaining their focus on customization and branding, they’ll be well-positioned to thrive in the evolving landscape.
Time.news Editor: Thank you, Dr. Harrington! Your insights have certainly shed light on Pandora’s current success and future potential. It’s an exciting time for the jewelry industry, and we look forward to seeing how companies like Pandora adapt and grow.
Dr. Laura Harrington: My pleasure! Thank you for inviting me to share my thoughts. I look forward to seeing how this industry evolves!
Time.news Editor: And to our audience, thank you for tuning in. Stay connected with Time.news for more updates and expert insights into the world of business!