Pandora announces plans to build crafting facility in Vietnam
New facility will use 100% renewable energy and create more than 6,000 jobs. Investment of USD 100 million to support Pandora’s long term growth.
Today Pandora, the world’s largest jewellery brand, signed a memorandum of understanding to build a new jewellery crafting facility in Vietnam Singapore Industrial Park 3 (VSIP) in Binh Duong Province, about 40km north of Ho Chi Minh City. The new facility will be built according to the LEED Gold standard, a leading green building certification, and be powered by 100% renewable energy. It will create jobs for more than 6,000 craftspeople and have an annual capacity of 60 million pieces of jewellery.
Construction is set to begin in early 2023 and production is due to start by the end of 2024.
Pandora will invest USD 100 million to build the new facility in Vietnam, which will be the company’s third manufacturing site and the first outside Thailand. Pandora will also expand its current site in Lamphun, Thailand, bringing the total investment to DKK 1 billion (USD 160 million) over the next four years. This will allow Pandora to grow its total crafting capacity by around 60% and support the company’s long-term growth ambitions. By diversifying its geographical footprint, Pandora will also become more resilient to potential supply disruptions.
“We scouted countries all over the world before deciding on Vietnam and Binh Duong province. Vietnam has a rich craftmanship history, and we will be able to access a large group of craftspeople. Binh Duong and VSIP provide great infrastructure, and we are very grateful for the support we have received from the local authorities and VSIP team. Expanding our production capacity is critical to meet expected demand, and we are ready and excited for our new chapter in Vietnam“ says Jeerasage Puranasamriddhi, Chief Supply Officer.
"We are delighted that Pandora Group has chosen Binh Duong to establish a new manufacturing facility in Vietnam. Pandora, with its reputation as the world's leading jewellery manufacturer and its European working standards, along with diverse career opportunities, promises to bring a professional working environment to Binh Duong's workforce in the future. Binh Duong provincial government is committed to create the best conditions for Pandora Group throughout the process of developing, building and operating the new facilities in our province" says Mr. Vo Van Minh, Chairman of the People´s Committee of Binh Duong Province.
“Vietnam has become an attractive destination for Danish companies, not least due to its green transformation of the economy, and we are happy to see Pandora making this important investment decision in the country. We hope that the establishment of Pandora’s first crafting facility here will contribute to further expanding and intensifying our close cooperation with Vietnam,” says Denmark’s Ambassador to Vietnam, Kim Højlund Christensen.
In 2021, Pandora sold 102 million pieces of jewellery, hand-finished at the company’s two crafting facilities in Thailand. Both facilities operate on 100% renewable energy and are on track to use only recycled silver and gold by 2025.
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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 6,800 points of sale, including more than 2,600 concept stores.
Headquartered in Copenhagen, Denmark, Pandora employs 27,000 people worldwide and crafts its jewellery at two LEED-certified facilities in Thailand. Pandora is committed to leadership in sustainability and will use only recycled silver and gold in its jewellery by 2025 and halve greenhouse gas emissions across its value chain by 2030. Pandora is listed on the Nasdaq Copenhagen stock exchange and generated sales of DKK 23.4 billion (EUR 3.1 billion) in 2021.
For more information, please contact:
| Johan Melchior Director External Relations +45 4060 1415 jome@pandora.net |