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)
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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.



Saudi Fashion Commission Showcases Local Brands at Selfridges in London 

Saudi Fashion Commission Showcases Local Brands at Selfridges in London 
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Saudi Fashion Commission Showcases Local Brands at Selfridges in London 

Saudi Fashion Commission Showcases Local Brands at Selfridges in London 

An initiative showcasing the creations of elite Saudi brands has been launched at Selfridges in London through a strategic partnership between the Saudi Fashion Commission, the Cultural Development Fund (CDF), and Selfridges, reported the Saudi Press Agency on Wednesday.

This milestone reflects the growing momentum of the Kingdom's fashion sector and the evolving talent of its designers and entrepreneurs, driven by strong domestic demand, strategic investments, and institutional support from leading national entities shaping the cultural economy.

For two months, the works of participants in the Saudi 100 Brands program and beneficiaries of the Cultural Development Fund will be showcased. Selected by Selfridges based on specific criteria, each designer blends contemporary Saudi aesthetics with innovative design. The collections are featured in an immersive shopping experience at one of the world's most iconic luxury stores, coinciding with the peak summer season.

Cultural events will also be held during the brands' presence to celebrate the Kingdom's "Year of Handicrafts." These events will highlight the Kingdom's deep-rooted heritage, which is an inexhaustible source of inspiration that continues to shape the creative expressions of contemporary local designers, whose creations resonate on the global stage.

CEO of the Cultural Development Fund Majed Al-Hogail stated that this significant milestone embodies the growing momentum of the Kingdom's fashion sector.

"Local talents and entrepreneurs are not only emerging, but are also redefining the Kingdom's creative identity through designs and brands that are deeply rooted in Saudi culture, yet expressed with a contemporary global vision," he added.

Al-Hogail noted that, backed by domestic demand, strategic investment, and unified national support, "the fashion sector has become a vital pillar of our cultural economy. It reflects our commitment to fostering sustainable opportunities and establishing the Kingdom's position as a leading force in the global cultural landscape, in line with the aspirations of Saudi Vision 2030."

CEO of the Saudi Fashion Commission Burak Cakmak said: "This is more than just a retail opportunity; it is a declaration that Saudi fashion is entering a new era, from Riyadh to London."

"Through the Saudi 100 Brands program, we support designers in honing their craft and creating real pathways for global reach and business growth," he stressed.

The list of participating brands represents the innovation and diversity of the Saudi fashion industry.