The president of Pandora North America said that Pandora’s goal is to become a jewelry brand with comprehensive and balanced development. Now its business is mainly jewelry, with other businesses accounting for about 25%, which is expected to reach 50% of total revenue in 2022. To attract more consumers, Pandora’s brand new flat Bracelet series was launched in October.
Pandora will announce its third quarter performance report on November 6. Since this year, the brand’s performance has begun to decline. Its overall revenue has remained flat in the second quarter, recording 4.82 billion Danish kroner, or about $747 million, which is below market expectations. Last year’s revenue recorded a 12% increase, and its pre-depreciation and amortization profit rate was 31.1%, which is less than 33.4% in the same period last year.
As for the decline in the group’s performance, former CEO Anders Colding Friis admitted that it was mainly affected by the downturn in retail sales in the United States and grey business in China, and that more and more of the brand jewelry was imported into China through the secondary market and sold online. The group is actively taking measures to curb the decline and minimize the flow of its products into China through other channels.