Pandora is on track with its ambitions to become a ‘full jewellery’ brand, its latest financial accounts reveal.
Growth for the brand’s first quarter was primarily driven by rings (+42%), earrings (+57%) and necklaces and pendants (+56%), reflecting Pandora’s continued progress towards its goal to offer a full product range to consumers.
Last year the three categories only represented 19% of Group revenue, but now all together rings, earrings and necklaces account for 25% of the business.
The report states growth was driven by increased emphasis on the three categories in marketing and promotions as well as improved in-store focus and staff training.
Pandora chief executive officer, Anders Colding Friis, comments: “We are satisfied by this quarter’s results. We continue to make progress towards our ambition to become a full jewellery brand, with revenue from rings, earrings and necklaces and pendants growing combined 48% for the quarter.”
In 2016, Pandora started to unlock the potential of the earrings category and registered a growth of around 80%. This followed an extremely successful campaign in 2015 to promote its ring offering.
In Q1 revenue from charms increased by 2%, compared to the same period last year, while revenue from bracelets decreased 6%. The company says this decrease was mainly due to less newness in the category compared to Q1 2016, which saw an increase in revenue from bracelets of 70%.
In Q1 2017, products launched within the last 12 months accounted for approximately 50% of revenue on par with Q1 2016.