A new chapter of growth - Pandora announces financial targets


In connection with the company’s Capital Markets Day, Pandora today announces new financial targets and provides further insights into its growth strategy, Phoenix.


  • Pandora enters a new chapter of growth with significant value creation potential
  • Wide range of growth opportunities in or close to the existing core business will drive EBIT margin expansion and continued strong cash generation
  • 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 in 2023
  • EBIT margin is expected to increase to 25-27% in 2023
  • Pandora also increases share buyback program by DKK 3 billion (see company announcement no. 650)
  • Pandora invests DKK 1 billion in expanding manufacturing capacity by around 60%. To strengthen supply resilience, the majority of the capacity will be built in Vietnam

Alexander Lacik, President and CEO of Pandora, says:
“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.”

New insights into the Phoenix strategy
On 4 May 2021, Pandora announced the completion of its turnaround programme, Programme NOW, and provided a high-level overview of its new growth strategy, Phoenix. Phoenix is focused on the significant opportunities in Pandora’s core business and has four pillars aiming at delivering sustainable and profitable revenue growth: Brand, Design, Personalisation and Core Markets.

Today, Pandora shares further details from the Phoenix strategy:

  • Pandora sees ample opportunities to grow its core markets. The long-term ambition is to double revenue in the US and triple revenue in China, both from 2019 levels
  • Pandora will personalise its customer experience by implementing a number of omni-channel features. The company will also launch a new store concept
  • As the world’s most recognised jewellery brand, the ambition is to fuel brand desirability and extend reach to win with Gen Z and Millennials
  • Pandora has three clear brand and design priorities: Drive the core (Moments), fuel with more platforms and establish dedicated support models for each platform (“launch and leverage”) 
  • Pandora will continue building for a digital future. Today, 75% of Pandora’s transactions are direct-to-consumer, and leveraging customer data will fuel future growth   
  • To meet expected demand and increase our risk resilience, Pandora will expand its manufacturing capacity by around 60% or 80 million pieces of jewellery annually. A new facility with capacity of around 60 million pieces will be built in Vietnam, while additional capacity of around 20 million pieces will be added at existing sites in Thailand. Total investment around DKK 1 billion
  • Pandora will continue its sustainability leadership and announces new ambitious decarbonisation targets and an inclusion and diversity strategy (see separate press release). The new commitments include:
    • Reduce greenhouse gas emissions by 50% across own operations and value chain by 2030 from a 2019 baseline. The target has been approved by the Science Based Targets initiative. Pandora also commits to become net zero by 2040
    • i) Ensure gender balance in all hiring and promotions. ii) Have 1/3 women in leadership (VP level and above) by 2025 and full gender parity no later than 2030. iii) Spend 30% of branding content budget with suppliers owned by women or underrepresented groups

More details are available in the Financial appendix.

Event information
Pandora’s Capital Markets Day runs from 13.00 to approximately 17.00 CEST today. Presentation materials will be available on the websites below from approximately 09.00 CET.

Live stream
A live stream can be accessed via Pandora’s website: https://pandoragroup.com/investor

Q&A session

It will be possible to ask questions at the end of the event. Please dial in using one of the below phone numbers. The Q&A session will begin at approximately 15.45 CEST, and the lines will open 30 minutes prior. Please note the phone numbers below are only to be used for asking questions at the end of the event. 

  • DK: +45 35 44 55 77
  • SE: +46 85 66 42 651
  • UK: +44 33 33 000 804
  • US: +1 631 913 1422

PIN code for all countries: 895 88 016#

About Pandora
Pandora is the world’s largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries through 6,700 points of sale, including more than 2,600 concept stores.

Headquartered in Copenhagen, Denmark, Pandora employs 26,000 people worldwide and crafts its jewellery at two LEED certified facilities in Thailand using mainly recycled silver and gold. Pandora is committed to leadership in sustainability and has set science-based targets to reduce greenhouse gas emissions by 50% across its own operations and value chain by 2030. The company is listed on the Nasdaq Copenhagen stock exchange and generated sales of DKK 19.0 billion (EUR 2.5 billion) in 2020.

For more information, please contact:

Investor Relations
John Bäckman
VP, Investor Relations, Tax & Treasury
+45 5356 6909

Kristoffer Aas Malmgren
Investor Relations Director
+45 3050 1174
Corporate Communications
Johan Melchior
Director External Relations
+45 4060 1415