Industry Jewellery Retail | Founded 1982, Copenhagen, Denmark | |
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Type Publicly traded Aktieselskab Traded as Nasdaq Copenhagen: PNDORA Key people Anders Colding Friis (CEO)
Peder Tuborgh (Chairman) Revenue DKK 20.281 billion (2016) Total assets DKK 15.085 billion (2016) Stock price PNDORA (CPH) DKK 759.00 -17.50 (-2.25%)21 Mar, 4:59 PM GMT+1 - Disclaimer Headquarters Capital Region of Denmark, Denmark CEO Anders Colding Friis (Mar 2015–) Founders Winnie Enevoldsen, Per Enevoldsen Subsidiaries Pandora Jewelry Central Western Europe A/S Profiles | ||
Pandora A/S (often styled PANDORA) is an international Danish jewellery manufacturer and retailer founded in 1982 by Per Enevoldsen. The company started as a family-run jewellery shop in Copenhagen.
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Pandora is known for its customizable charm bracelets, designer rings, necklaces and (now discontinued) watches. The company has a production site in Thailand and markets its products in more than 100 countries on 6 continents with more than 8,100 points of sale.
History
Pandora was founded in 1982 by Danish goldsmith Per Enevoldsen and his then wife Winnie Enevoldsen. The pair began on a small scale by importing jewellery from Thailand and selling to consumers. After a successful wholesale venture, in 1989 Enevoldsen hired in-house designers and established a manufacturing site in Thailand, where it is still located. With low production costs and an efficient supply chain, the Enevoldsens could provide affordable, supposedly hand-finished jewellery for the mass market. Pandora's collection grew to include an assortment of rings, necklaces, earrings and watches. Pandora started selling its signature bracelets in 2000 after a patent and several years of development.
The Danish private equity group Axcel bought a 60% stake in the company from the Enevoldsen family in 2008. Shares totalling DKK 9.96 billion (US$ 1.84 billion) were sold in an IPO in October 2010, one of the biggest IPOs in Europe that year, giving Pandora a market capitalisation of around DKK 27 billion. The company is publicly listed on the NASDAQ OMX Copenhagen Stock Exchange in Denmark and is a component of the OMX Copenhagen 20 index.
Pandora became the world's third-largest jewellery company in terms of sales, after Cartier and Tiffany & Co. In 2011, more than one piece of Pandora jewellery was sold every second. Shares fell nearly 80% in 2011 after a shift in focus to higher-end designs alienated core customers, but performance recovered after a return to the more affordable mass market, with the group reporting revenue of DKK 11.9 billion and net profit in excess of DKK 3 billion in 2014.
Distribution network
Sales of the Pandora brand began in Europe and it first entered North America in 2003. The company opened concept stores around the world before its franchising model began in Australia in 2009. Pandora products are sold in more than 100 countries on six continents through approximately 8,100 points of sale, including approximately 2,100 concept stores. The company employs over 21,500 people, of whom 12,400 are located in Gemopolis, Thailand, the company's sole manufacturing site since 1989.
Pandora launched an online sales platform in Europe in 2011, and began working to expand its e-commerce to the majority of its markets including Australia.
Europe and the United States accounted for nearly 90% of group sales in 2014. The group announced a Chinese distribution deal in 2015, with plans to increase store numbers to "a couple of hundred" in China. In 2015, it bought out Oracle Investment's shares in its Chinese distribution service.