Pandora: US drives double-digit growth in ‘outstanding year’ for Danish jeweller
Danish jewellery brand Pandora has reported an “outstanding year” for the business despite continued caution in global markets.
Organic growth at the jewellery brand was 13 per cent in the financial year 2024, above the already-upgraded guidance of 11 per cent to 12 per cent.
This comprised seven per cent life-for-life sales growth and five per cent network expansion, with 236 net new stores opened in 2024, Pandora said.
Revenue and earnings before interest and tax (EBIT) both grew by 13 per cent to reach DKK 31.7bn (£3.54bn) and DKK 8bn (0.89bn), respectively.
Sales in the US, which account for just over 30 per cent of total sales at Pandora, grew by nine per cent in the fourth quarter.
Europe, which makes up another third, saw flat growth, while combined sales elsewhere saw growth of 11 per cent.
Alexander Lacik, chief executive of Pandora, said: “We are pleased with how we ended 2024, particularly given the challenging macroeconomic backdrop and a competitive holiday period.
“Execution of our Phoenix strategy continued to drive the brand forward throughout the entire year. In 2025, we target another year of solid and profitable growth and we have all actions lined up to continue the strong development.”
Pandora, which operates with fully recycled silver and gold, has begun the construction of a new DKK 1.1bn (£112m) crafting facility in Vietnam, which the firm said will boost its crafting capacity by around 50 per cent, create 7,000 jobs and produce up to 60m pieces of jewellery per year.
Pandora’s share price has risen by just over 35 per cent in the last year and 4.6 per cent in the last month.
The company has a stated aim of seven to nine per cent compound annual growth over 2024-2027, driven by its ‘Phoenix’ strategy, which includes a full ‘restaging’ of the brand and new e-commerce platform.