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Pandora reports strong UK sales growth
Jewellery brand Pandora grew its UK revenue by 49.7% to DKK 979 million in the fourth quarter of its financial year.
The company, which is known for its charm bracelets, said the increase was driven by an increase in the number of concept store and a focus on new product categories such as rings and earrings. Rings now account for 20% of UK turnover.
UK like-for-like sales climbed by 18.8% compared to the same period in the previous year.
Peter Andersen, president of Pandora UK, said: “2015 marked another hugely successful year for Pandora, both for the UK and globally.
“Whilst our early success in the market can be largely attributed to our popular charm bracelet, we have recently placed huge importance on our other product categories, promoting Pandora as a full jewellery brand. Strong Christmas sales were testament to this strategy, with revenue from the rings category increasing by more than 75% compared with Q4 2014.”
The company employs over 10,000 skilled craftspeople in its production facilities in Bangkok where the products are hand-finished. A second factory will open in the north of Thailand in Chiang Mai in the summer of this year.
Andersen added: “Whilst we look back on a fantastic year of trading, we now look forward to an exciting 2016. This year will not only see us open new production facilities in Chiang Mai to meet product demand, but will also see us open our 200th store in the UK - an impressive milestone considering we have only been in the market for seven years."