عربي English Türkçe اردو فارسى
Logo
Latest News
Fashion

Jeweller Pandora Sees ‘Healthy’ Sales So Far This Year 

Pandora products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)
Pandora products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)
TT
TT

Jeweller Pandora Sees ‘Healthy’ Sales So Far This Year 

Pandora products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)
Pandora products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)

Pandora, the world's biggest jewellery maker, said on Wednesday its performance since the start of the year has been "healthy" with high single-digit sales growth, as it announced a share buyback program after a strong run.

Pandora has been a rare bright spot among retailers and brands targeting aspirational consumers with affordable luxury items.

The company is aiming for overall organic revenue growth of 6%-9% in 2024, it said, after reporting strong sales of its silver charms and bracelets which have helped its share price to more than double since the start of last year.

The growth target is in line with a goal set in October for a 7-9% compound annual growth rate from 2023 to 2026.

It also announced a share buyback program of up to 4 billion Danish crowns ($577.7 million), and a dividend of 18 Danish crowns per share. Its shares rose around 1% at the open.

A weak spot was China, where Pandora said fourth-quarter sales missed expectations, falling to 116 million crowns from 143 million in the same quarter a year earlier.

Expectations for a strong post-pandemic rebound in China were derailed last year by a property crisis and high youth unemployment, curbing consumer spending and hitting luxury brands like Burberry.

China accounted for just 2% of Pandora's total revenues in 2023, down from 5% of revenues as recently as 2021.

"We're in there for the long game. It's going to be step by step, and one day China will be a significant portion of Pandora," CEO Alexander Lacik said in an interview with Reuters.

The brand, which sold 107 million pieces of jewellery in 2023, up from 103 million in 2022, has expanded its range of bracelets, with prices ranging from $60 to more than $2,000, and been opening new stores and moving away from wholesale.

"They have improved their communication and marketing very significantly," said Jaime Vazquez de Lapuerta, portfolio manager at Bestinver in Madrid, which holds Pandora shares.

Pandora has a big opportunity to open more stores in its biggest market, the United States, he added. "Then you have a potential turnaround in China, but you don't need to believe in that to be bullish on Pandora."

The company's revenue in the US increased by 2% to 8.3 billion crowns over 2023. Revenue in China fell by 9% to 564 million crowns over the year.

Most Viewed

 
 
Fashion

Milan Fashion Week Opens with Light, Ethereal Yet Grounded Looks from Fendi, Ferretti and Marni 

A model walks the runway during the Fendi collection show at Milan's Fashion Week Womenswear Spring / Summer 2025, on September 17, 2024 in Milan. (AFP)
A model walks the runway during the Fendi collection show at Milan's Fashion Week Womenswear Spring / Summer 2025, on September 17, 2024 in Milan. (AFP)
TT
TT

Milan Fashion Week Opens with Light, Ethereal Yet Grounded Looks from Fendi, Ferretti and Marni 

A model walks the runway during the Fendi collection show at Milan's Fashion Week Womenswear Spring / Summer 2025, on September 17, 2024 in Milan. (AFP)
A model walks the runway during the Fendi collection show at Milan's Fashion Week Womenswear Spring / Summer 2025, on September 17, 2024 in Milan. (AFP)

Just as the northern hemisphere starts the wardrobe transition from summer to fall, runway shows in the world’s fashion capitals seek to stir the imagination, and desire, for the next warm weather season.

Milan designers have been ambiguous about seasons in recent fashion weeks, with summer collections not corresponding to the soaring temperatures. That was not the case during the first day of Milan Fashion Week previews on Tuesday, featuring diaphanous, dreamy summery dresses, alongside crisp cotton.

Here are highlights from the first day of Milan Fashion Week of runway previews of mostly womenswear for Spring-Summer 2025:

Fendi centenary

Fendi honored its upcoming centenary with a Spring-Summer 2025 collection that paid elegant homage to the founding era, from art deco detailing to a flapper silhouette, light on the fringe.

In snippets of conversation that punctuated the show’s soundtrack, Silvia Venturini Fendi emphasized the matriarchal lineage that has made her the third generation to play a key Fendi role. “My mother was the energy of the house,” Venturini Fendi recalled.

The collection by Fendi womenswear artistic director Kim Jones sought to spotlight “100 years of very chic Roman women,” combining ready-to-wear with artisanal detailing of couture. Diaphanous dresses with art-deco embroidery were grounded with boots. Slip dresses were turned upside down as skirts, worn with a sheer top embellished with crystals. Knitwear defined the silhouette, under sheers or hugging the body over diaphanous trousers.

Bags by Venturini Fendi, artistic director of accessories, were soft and huggable, often carried in triplicate.

Ferretti’s artisanal summer

Alberta Ferretti showed her summery creations in the courtyard of a former cloister, now a science museum, with an elegant dome rising in the background, the juxtaposition emphasizing the artisanal heritage in her collection.

Instead of embellishments, Ferretti focused on technique. Laser cut cotton created an almost lace effect. Individual cotton leaves were stitched together as dresses or accents on bodices. Pleating elevated dresses, while boxer shorts gave a casual flair.

The day looks were in earthy tones of sand, ecru and black. For evening, chiffon dresses flowed in bright shades.

“They are real summer clothes, because the world in the summer is very warm. I know a show is supposed to be a show but reality is important,” Ferretti said backstage.

Marni’s essential beauty

Marni maintained its zany heritage under creative director Francesco Risso, with a wardrobe of whimsically tailored everyday looks for him and for her.

The female silhouette was swathed in form-fitting dresses and skirts, often with deep back slits, sometimes with a mermaid flair. Feathers, boas and crystal embellishments were pretty, and sometimes off-beat accents.

For him, broad shouldered jackets contrasted with skinny trousers. An off-skew bow on a chiffony blouson was kept aloft through some sartorial trickery.

Mixing art with fashion, models emerged in threes, and wandered through the showroom full of wooden chairs on conversational groups to a percussive piano trio.

A sense of Marni whimsy permeated the collection, partly but not only through a series of hats with a yesteryear military flair made light with feathery accents. Risso appeared to confirm his Napoleonic intentions, taking a bow with his hand thrust inside his jacket.

“We like things that are bold,” Risso said after the show.