News Details


January 11, 2018



On Tuesday 16 January at 10:30 CET, PANDORA will be hosting a Capital Markets Day in Copenhagen, Denmark for analysts, institutional investors and media.

At the event, PANDORA will present the Company's strategic direction towards 2022, which includes an ambition to increase revenue annually in the period 2018-2022 with 7-10% in local currency, while maintaining a solid EBITDA margin of around 35% beginning from 2018.

PANDORA holds an industry-leading position as the world largest jewellery manufacturer with the most recognised brand in the industry. Leveraging its fully integrated value chain, PANDORA will address the ample growth opportunities in the jewellery market through:

  • Innovate affordable jewellery: Strengthening its charms and bracelet category leadership, while significantly growing other jewellery categories including rings, earrings and necklaces & pendants
  • Agile manufacturing: Leveraging its newly built production facilities and innovation centre to innovate jewellery manufacturing
  • Digitalised brand experience: Building towards leadership in the digital space and delivering a personalised brand experience across channels supported by a continued significant marketing spend with an increasing focus on digital media
  • Winning omni-channel retail: Transforming from a wholesale to predominately retail business, opening PANDORA owned concept stores supplemented by acquisitions of franchisee stores, offering strong financial value to shareholders

As a category leader and innovator, PANDORA will continue to drive growth in the charms and bracelet category. On top, PANDORA will significantly grow rings, earrings and necklaces & pendants and has an ambition to generate around 50% of revenue from those categories by 2022. Innovation and continuous product newness are key components to spark consumer demand, and therefore PANDORA will launch a minimum of 1 new innovative jewellery concept per year and increase its annual collections from 7 to 10.

PANDORA has recently established the largest innovation centre for finished jewellery in the world. Utilising this and its new manufacturing facilities in Thailand, PANDORA will expand its manufacturing capabilities to deliver a diversified and innovative product offering while increasing efficiency and agility.

To address changing consumer behaviour, PANDORA will make a step change on digital marketing, which in 2022 will represent more than 60% of marketing spend (from around 30% today). PANDORA will strengthen its share of voice in the market and spend more than DKK 2.5 billion on marketing, corresponding to around 8% of revenue.

PANDORA will increase its owned and operated footprint, opening around 200 concept stores per year (hereof  around 65% PANDORA owned) and acquire 75-150 franchise concept stores per year. In 2022, around 2/3 of concept stores will be owned and operated by PANDORA. PANDORA has an ambition to grow the eSTORE to represent 10-15% of revenue, while integrating the online and physical channels by offering consumers omni-channel fulfilment and service functionalities. The multi-branded part of the network will either be transformed into fully branded points of sale (shop-in-shops) or closed.

As part of the presentations, the following forward-looking statements will be disclosed:

  • Group revenue, in the period 2018-2022, is expected to increase annually with 7-10% in local currency
    • PANDORA expects annual like-for-like growth in PANDORA owned concept stores (including eSTORE) to be low- to mid-single digit
    • PANDORA expects annual revenue tailwind of DKK 500-1,000 million from forward integration  
    • PANDORA expects to add around net 200 concept stores annually in 2018-2022
  • Group EBITDA margin, in the period 2018-2022, is expected to be around 35%. Compared to current levels, the EBITDA margin will be negatively impacted by
    • a broader and more innovative product portfolio, and
    • an increasing share of PANDORA owned stores
  • CAPEX, in the period 2018-2022, as a percentage of annual revenue is expected to be around 5%
  • The effective tax rate in the period is expected to be 21-22%.

The event will be webcasted live at: and be made available on the Company's website after the event.

All presentation material will be available on the day at:

PANDORA designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. PANDORA jewellery is sold in more than 100 countries on six continents through around 7,700 points of sale, including more than 2,300 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 23,800 people worldwide of whom around 13,200 are located in Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2016, PANDORA's total revenue was DKK 20.3 billion (approximately EUR 2.7 billion).

For more information, please contact:

INVESTOR RELATIONS                            
Magnus Thorstholm Jensen
Vice President, Head of Investor Relations

+45 7219 5739
Martin Kjærsgaard Nielsen
Global Head of Media Relations

+45 50 77 52 71
Christian Møller
Investor Relations Officer

+45 7219 5361