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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)
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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.

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Fashion

Dolce & Gabbana Debut in Paris, Showing Italian Artistry on French Soil

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
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Dolce & Gabbana Debut in Paris, Showing Italian Artistry on French Soil

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann

For the first time in their 40-year history, the Italian design duo Dolce & Gabbana are showcasing their work in the French fashion capital. Paris, the birthplace of haute couture, now finds itself hosting a powerful Italian counterpoint to French luxury fashion.
The message, as curator Florence Müller puts it, is direct: “Yes, Italy does it too.”
The landmark exhibition, Du Coeur a la Main (From the Heart to the Hand) running from Jan. 10 to March 31, is not only a love letter to Italian craftsmanship, but to the interconnectedness of fashion. “The story of couture is global,” Müller explained. “Embroidery, lace, brocade — they existed long before Parisian couture, in Italy, in India, and beyond.”
Spread across 1,200 square meters (1,400 square yards) of the newly refurbished Grand Palais, the exhibit showcases over 200 looks from the company's Alta Moda and Alta Sartoria collections and 300 handmade accessories, as well as objects like Sicilian ceramics. It includes 10 themed rooms that delve into the artistic roots of Dolce & Gabbana’s work.
Baroque grandeur defines the collection, unapologetically maximalist and layered with embellishments. Among the highlights is a gown inspired by Venice's Murano glass, encrusted with glass mosaics from Orsoni Venezia 1888, the glassmakers behind the golden mosaics of St. Mark's Basilica. Müller described it as “a sculpture on textile — pure craftsmanship elevated to art.”
Opera takes center stage. A black velvet gown softened by gold embellishments captures the drama of Bellini’s Norma, while a romantic blue dress for Verdi’s La Traviata flows like an aria, its tulle layers whispering love and loss. Meanwhile, icons of the brand, such as Sophia Loren and Naomi Campbell, are immortalized in giant paintings. Classical Italian opera and traditional Sicilian folk melodies provide the soundtrack, adding layers of drama.
But Du Coeur a la Main is not just about finished pieces. Five real seamstresses from Dolce & Gabbana’s Milan atelier work live during the exhibition, crafting bodices, bustiers and corsets before visitors’ eyes. “This seamstress is sewing lace to form a dress, while another is draping fabric by hand,” Müller said. “It’s extraordinary. This is not just fashion — it’s art.”
Sicily, Domenico Dolce’s birthplace, lies at the heart of the collection. Traditional Sicilian hand-painted carts, ceramics and lace-making techniques are woven into couture. Yet the exhibit also underscores fashion's often-ignored global influences.
“Luxury goods and artisans traveled more than we think,” Müller said. “The silk and brocades used at Versailles Palace came from India, and Italian artisans were hired to craft the Hall of Mirrors ... (Fashion) is constant exchanges and inspirations — this exhibit reveals what time forgot.”
Italian and French fashion have long been framed as rivals, with French conglomerates such as LVMH and Kering and Paris Fashion Week sometimes viewed as the pinnacle of the industry. But this exhibition challenges that hierarchy, showing that the two traditions are more interconnected than they are opposed. Both rely on les petites mains — "the little hands" — the artisans whose precision and passion elevate couture to art.
“The techniques may differ — Sicily’s lace traditions versus Paris’s tailoring — but the soul of couture remains the same: the human touch,” Müller said. The exhibit reveals the shared ingenuity of French and Italian ateliers, whether in a Sicilian workshop or a Parisian salon.
Even beyond couture, the exhibit highlights the breadth of “Made in Italy.” Everyday items like Smeg refrigerators and coffee presses given a D&G reworking reflect the ethos of Italian craftsmanship, transforming functional objects into canvases for artistry.
“Fashion is art. It’s meant to inspire, to dazzle, to make us dream. Whether you wear it once or never, its value is in its beauty, not its practicality,” Müller said.
When asked about hyperbole of the dazzling gowns — many of which seem impossible to wear on the street — she replies with a smile: “So what?”