Pandora has raised its growth targets as its investment in its brand, stores and people pays off.

At a capital markets day, the jewellery giant said it had seen strong sales of its charms and lab-grown diamonds.

As part of its ongoing Phoenix strategy, Pandora is now planning to scale up investments to accelerate revenue growth, particularly with regard to its brand and store network.

This will include building its position as a full jewellery brand in the affordable luxury space.

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The company’s revenue is expected to reach £4.2-4.5bn in 2026, compared to a previous guidance of around £3.3bn for 2023. Meanwhile, EBIT is expected to reach £1.1-1.2bn by 2026.

Pandora chief executive and president Alexander Lacik said: “Looking back at the past few years, we are proud of our achievements. We have fundamentally changed how we work, and the organisation is much stronger.

“It’s clear that Pandora is a very different company today. This solid foundation combined with a proven strategy that will build Pandora into a full jewellery brand, now allows us to lift our growth target to 7-9% organic revenue CAGR. It’s time to take Phoenix to the next level and our new financial targets reflect our confidence in the future.”

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