It is located in Marin County, California.
At Pandora, focus continues to shift inward
Pandora will open a greater number of concept stores than originally planned this year, with a particular emphasis on company-owned and -operated stores.
Copenhagen, Denmark--Pandora will open a greater number of concept stores than originally planned this year with a particular emphasis on company-owned and -operated stores, it said Tuesday when reporting third quarter results.
In August, Pandora announced that it was buying the 27 concept stores owned and operated by Hannoush Jewelers for $28 million. The company said it was “refreshing the network” in the Northeastern U.S. due to slumping sales.
Pandora said Tuesday it now owns 22 of those stores and is remodeling them, as planned, at an estimated cost of $6 million.
It sold the remaining five, all of which are located outside the Northeast, to Ben Bridge Jeweler, Morten Raunholt Eismark, Pandora vice president and head of investor relations and group communications, told National Jeweler Wednesday.
The company said by years’ end, it expects to have opened more than 300 new concept stores, up from its previous prediction of 275. Eismark said while the network is expanding in developed markets like the U.S., there is slightly more of an emphasis on newer markets, such as Russia, Italy, France and countries in the Asia-Pacific region.
The number of these stores opening in the fourth quarter that will be Pandora-owned and -operated--as opposed to being run by an independent jeweler who acts as a franchisee--will be “proportionally higher” when compared with concept stores opened in the same period last year.
In the third quarter, Pandora reported that sales rose 26 percent globally to $478 million year-over-year.
U.S. sales increased 15 percent (14 percent in local currency) from $122.3 million to $140.7 million. Revenue from rings increased significantly year-over-year.
Same-store sales at U.S. concept stores rose 4 percent. Sales in the Northeast remain weak, as previously noted by the company, whereas same-store sales in all other regions of the country are growing in the mid-single digits.
Also during the quarter, the Copenhagen-based bead company announced that CEO Allan Leighton would resign in March 2015 and be replaced by Anders Colding Friis, the CEO of Scandinavian Tobacco Group, the world’s largest manufacturer of cigars and pipe tobacco. It will be the company’s fifth CEO since going public in 2010.
In addition, CFO Henrik Holmark is stepping down as chief financial officer on Jan. 1 to join Dr. Martens Airwair Group Ltd. Replacing Holmark will be Peter Vekslund, currently Pandora’s senior vice president and head of finance.
The Latest
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The selected nine organizations have outlined their plans for the funds.