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Bright figures: Pandora reported healthy sales and improved its growth forecasts for the year
Business is booming at Pandora as the world’s largest jeweler looks to put the industry’s struggles behind it.
Even as consumers cut back on spending elsewhere, the Danish firm posted healthy sales and raised its growth forecasts for the year.
It now expects annual sales to be between 9% and 12% higher than last year. In May, it forecast an increase of between 8% and 10%. The improvement came after sales rose 15% in the second quarter as customers bought items such as charms costing up to £350.
But Pandora jewelry tends to be much more affordable than Cartier or Tiffany and Co.
“Pandora’s position in the affordable jewellery segment has helped it drive organic growth to outpace its luxury peers,” HSBC said in June.
Pandora President Alexander Lacik said: “We have begun the journey to build Pandora into a full-fledged jewellery brand.”
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