Jewellery giant Pandora is on course to open 325 concept stores by the end of 2016 – almost the equivalent of one shop opening somewhere in the world every day.
The company had originally targeted 300 new concept store launches this year, but it should comfortably smash that figure based on its current projections.
Around 50% of new concept store openings have taken place in Europe, the Middle East and Africa, with the rest split evenly between the Americas and Asia-Pacific.
Pandora currently operates 2,010 concept stores globally (of which 563 are self-owned) and regards it as a massive growth area and profit centre for the business.
Revenue from concept stores increased 26% last quarter and accounted for a massive 62% of Pandora’s sales.
The UK has 217 concept stores, second only to the US where it has 340.
Online sales are also growing for the Danish jewellery giant, according to third quarter figures released today. The Pandora eStore, which currently accounts for 3% of sales, is now available in 15 countries, up from 10 at the same time last year.
Charms and bracelets account for 75% of all Pandora sales, while 15% comes from rings. The rest comes from other jewellery, including necklaces, pendants and earrings. The ‘other jewellery’ part of its business grew an impressive 67% last quarter.