Pandora, the world’s largest jewellery maker, is targeting organic revenue growth of 6-9 per cent in 2024, citing strong performance since the beginning of the year, Reuters reported on Wednesday.
The company announced a new share buy-back programme under which Pandora will buy back its own shares for a maximum consideration of 4.0 billion Danish crowns ($577.7 million) in the period from February 8, 2024 to January 31, 2025 at the latest.
However, the company experienced a weak performance in China, with fourth-quarter sales falling to 116 million crowns from 143 million crowns in the same period of 2022. This decline was attributed to a property crisis and high youth unemployment, which impacted luxury brands like Burberry.
Despite the challenges in China, Pandora remains committed to the market and sold 107 million pieces of jewellery in 2023, up from 103 million in 2022, and has expanded its range of bracelets while also focusing on direct retail.
The company’s revenue in the U.S. increased by two per cent to 8.3 billion crowns in 2023, while revenue in China fell by nine per cent to 564 million crowns over the year.
(1 U.S. dollar = 6.9329 Danish crowns)
