Despite the leap to the fastest growing brand in the industry in the short term, Pandora’s products have recently been questioned by some consumers, and the sense of freshness has begun to decline and the growth rate has slowed. The group said it is aware of the problem and is stepping up its product innovation.
Anders Colding Friis, the chief executive, said the development of product portfolios is still the focus of the group, and the group has faced some challenges because of the lack of freshness in a highly permeable market. Colding Friis said, “there are too many duplicates in our design. In the United States and other markets, we hope to provide consumers with more innovative and interesting products.
A year ago, Pandora had adjusted his product team, including the establishment of a new design team to shorten the development cycle. The design of the new team will be launched in early 2018. Pandora expects the first quarter growth to slow to 7%-10%, given that the uncertainty of the adverse exchange rate and the uncertainty caused by new products will have a certain impact on the group’s profitability.
In the 2018 fiscal year, Pandora said the world will open 200 new stores, of which 100 will be in Europe, the Middle East and Africa, and the other 100 will be in the Americas and the Asia Pacific region, and 2/3 of the new stores will be managed directly by Pandora. At the same time, Pandora will continue to expand its franchise network by recycling franchises.