Jeweller Pandora adds sparkle to inventory
Diamonds, it's been said, are forever. That's far too long for Pandora, which is counting on women to update their jewellry boxes several times a year with charms crafted from silver, gold, and gemstones.
The Danish Jeweller, which has gone from stock market darling to disaster to darling again since its 2010 initial public offering, is taking a page from fast-fashion retailers like Zara, which introduces designs as often as twice a week.
Pandora is now adding collections – the latest features woodland nymphs and unicorns for autumn – seven times annually, up from twice last year. At the same time, chief executive Allan Leighton is cutting prices and opening new stores.
"Freshness is very important, that's a lesson we've learned," said Mr Leighton, the former head of Wal-Mart Stores Inc's Asda supermarket chain in the UK. "People like newness."
Pandora stock, which jumped 25pc on its first day of trading then lost more than four-fifths of its value within a year, is up 77pc since the start of 2013.
Helped by new products such as a Mother's Day bracelet, Pandora's sales climbed 47pc in the first half of 2013. The firm has increased its full-year revenue forecast to a record 8bn kroner (€1.07bn), up from 6.65bn kroner last year.