Pandora, a Danish jewelry brand, announced its initial performance in fiscal 2017, which is expected to increase from 12% to 22 billion 800 million Danish Kron (about HK $28 billion 625 million) from a year on year, with a gross interest rate of 37.3% at EBITDA. The company means that under the adverse currency exchange rate, the income performance is slightly lower than the original financial guidelines.
The fourth quarter of last year, the company’s concept store sales grew by 15% year-on-year, mainly driven by strong performance of the electricity supplier. The company also announced that the chief financial officer, Peter Vekslund, will be resigned and replaced by Anders Boyer. After initial results were released, Pandora’s stock price fell by 14% at most.
PANDORA was founded in 1982 in Copenhagen, Denmark. It designs, manufactures and sells modern fashions of jewelry that are hand made. The products of PANDORA are sold in over 100 countries and regions in six continents, with more than 7900 outlets, including about 2100 specialized shops.
PANDORA has more than 21200 employees worldwide, and 70% of them are in Thailand Gemopolis responsible for jewellery production. The company listed on the NASDAQ OMX Copenhagen stock exchange, with a total turnover of 2 billion 30 million Danish kronor (about 270 million euros) in 2016. With the strong momentum of development in recent years, it has become the third largest jewelry seller in the world, and is also the world’s largest manufacturer of gold and silver jewelry.
In addition, Pandora also disclosed in previous financial statements that the company has been expanding its globalization, the next key development target is the India market, and plans to add 50 new stores in India over the next three years. At the same time, 110 million euros will be offered to reclaim the distribution business of the brand in the Spanish market to officially enter the Spanish region.