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Pandora continues to charm the UK market

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Danish jeweller Pandora has raised its sales guidance for the second time this year, following strong demand for charm bracelets and rings.

Announcing second quarter results on Tuesday, the jewellery chain announced revenue of just under £40m in the UK following nine new store openings and a new range.

Sales of rings jumped by 20% on the same period last year and sales for the group increased by 25.8% in local currency to £342m.

Peter Andersen, President Pandora Western Europe, said: “While charm and bracelet sales were the foundations for the brand, we are now experiencing significant growth in rings, necklaces and earrings.”

The figures outline remarkable fortune for Pandora, which has exceeded revenue forecast it made at the start of the year.

“What I find encouraging is that we see a very strong development in all regions and all products . . . It’s a good team effort,” new Chief Exec Anders Colding Friis, told The Financial Times.

Sales increased more than 35% in all three main regions, Americas, Europe and Asia and the company added that it is to take over the distribution of its products in Singapore, Macau and the Philippines, as it looks to buy out local distributers in emerging markets.

“A combination of network expansion and strong like-for-like growth” is the key driver, Friis said in the statement. The retailer has also been helped by the rollout of the retailer’s e-commerce division and a collaboration with Walt Disney.

Published on Wednesday 12 August by Veebs Sabharwal

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