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.



London Fashion Week: Master Milliner Stephen Jones Wears Many Hats

A hat made from tempered chocolate is seen on display as milliner Stephen Jones presents his Autumn-Winter 2025-2026 collection in his Covent Garden shop during London Fashion Week in London, on February 21, 2025. (AFP)
A hat made from tempered chocolate is seen on display as milliner Stephen Jones presents his Autumn-Winter 2025-2026 collection in his Covent Garden shop during London Fashion Week in London, on February 21, 2025. (AFP)
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London Fashion Week: Master Milliner Stephen Jones Wears Many Hats

A hat made from tempered chocolate is seen on display as milliner Stephen Jones presents his Autumn-Winter 2025-2026 collection in his Covent Garden shop during London Fashion Week in London, on February 21, 2025. (AFP)
A hat made from tempered chocolate is seen on display as milliner Stephen Jones presents his Autumn-Winter 2025-2026 collection in his Covent Garden shop during London Fashion Week in London, on February 21, 2025. (AFP)

In a millinery in central London, fascinated guests Friday tried on hats of different shapes and sizes, leaning in to smell one made of chocolate, and another with an aroma of autumn.

Legendary British hat-maker Stephen Jones explored the senses for his Autumn-Winter 2025 presentation at London Fashion Week, with hats of satin, tartan, crepe and even glass on display.

"I was thinking about how people connected through hats, and so it's about sight, and taste, and touch," Jones, who also designs hats for Dior, told AFP at his studio in Covent Garden.

Feathers floated atop a delicate fascinator, icy beads dangled down from another headband, and Jones described a black satin flatcap with white piping as "assured" and "fun".

"What is fashion about? Is fashion a uniform? Is fashion self-expression? Can fashion be fun? So that's why this collection came about," Jones said.

The center of attraction was a Willy Wonka-esque top hat made of chocolate with a bite-size hole in its crown, which Jones crafted in collaboration with Paris-based patissiere Jana Lai.

Jones has already had an order for the hat from a "lady who wants to wear it for her birthday party," and said the confectionary head covering can be worn by "anyone".

"Not somewhere too hot though," he mused.

From plush berets for Princess Diana to towering headdresses strutted down Dior runways, Jones's hats have served as the crowning glory of celebrities and designers for over four decades.

His work is currently on display in a retrospective at Paris's Palais Galliera called "Stephen Jones, Chapeaux d'Artiste," which brings together some 170 hats spanning his career.

Jones, 67, was born "near Liverpool, in the middle of nowhere".

"So for me, Paris was always such an exciting place," said Jones, who divides his time between London and Paris.

"Paris has always influenced my work," he added, a customary brown beret balancing on his head.

Jones crafted his first hat when he was a student at London's Central Saint Martins out of a cereal box and scraps from his sister's blouse.

That sense of whimsy and innovation never really went away.

"Everything else can be super serious, but fashion and hats need to be about celebrating life," he said. "Especially at the moment."

For the millinery guru, it was "strange" to be taking part in fashion week at a time of global political uncertainty.

"But that's what fashion does. At least you can control how you get dressed in the morning."

Jones has collaborated with designers from Vivienne Westwood and Jean Paul Gaultier to Maison Margiela and Comme des Garcons, all while gracing the heads of A-listers -- including styling Rihanna in an embellished bishop's mitre for the Met Gala in 2018.

"Hats are so popular because it's like a talisman of something. It's a talisman of hope," said Jones.

"People wear jackets and tailoring and shoes... But to show your individuality, maybe a hat is a very good way of doing that."

Despite dressing a roster of fashion royalty, Jones said he still has not made a hat for Britain's Queen Camilla.

"The Queen hasn't worn my hats yet. Maybe one day I'll make a hat (for her)," said Jones.

After 45 years of presenting collections, how does he keep pulling ideas out of his hat?

"I guess that's my character. I live my life, and put it into a hat."