Jewellery brand Pandora has revealed plans to expand its global manufacturing capacity with a DKK 1 billion (£115 million) investment amid a host of other changes as part of its recently announced financial goals for the coming two years.

The company, headquartered in Copenhagen, revealed that the majority of its new manufacturing facilities will be built in Vietnam.

This comes as part of an announcement concerning its ‘Phoenix’ strategy. The plan is aimed at giving Pandora sustainable and profitable revenue growth after a difficult few years for the brand.

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Pandora targets organic growth of 5-7% CAGR during 2021-2023. Total revenue growth CAGR is expected to be 6-8%, lifting revenue to DKK 24.8-26.2 billon (£2.86-3.02 billion) in 2023.

Meanwhile the company hopes that its EBIT margin will increase to 25-27% in 2023.

It is also increasing its share buyback program by DKK 3 billion (£346 million).

Alexander Lacik, President and CEO of Pandora, said: “We are very pleased to confirm that Pandora is back on the growth track.

“We have vast untapped opportunities in our existing core business and they will drive long-term sustainable and profitable growth.

“Our objective is to be the largest and most desirable brand in the affordable jewellery market. And we have a strong foundation to deliver on that objective.”