Danish jeweller Pandora reported a solid business performance in 2023, fuelled by robust holiday sales alongside the expansion of its lab-grown diamond collections. 

Pandora recorded an 8 per cent overall organic growth in 2023, with revenues reaching DKK 28.1 billion (around US$4.04 billion) compared to DKK 26.5 billion (around US$3.8 billion) in 2022. Earnings before interest and taxes margin, meanwhile, remained at 25 per cent.

The company’s 12 per cent growth recorded in the fourth quarter of 2023 significantly contributed to total revenues for the prior year. 

“We are very pleased with how we ended 2023 with strong trading across the holiday season,” said Alexander Lacik, president and CEO of Pandora. He added that the Phoenix strategy effectively drove steady results amid macroeconomic uncertainties.

The company attributed its stellar performance to a strong brand momentum, supported by the expansion of its lab-grown diamond offerings, which now span four collections, its beloved Timeless Collections as well as the launch of the “Loves, Unboxed” global holiday marketing campaign in the fourth quarter of 2023. These, in turn, drove broad-based like-for-like (LFL) growth of 6 per cent across collections.

Pandora also saw steady sales in major European markets, including France, Italy and Germany, as well as the US. China, meanwhile, “fell short of expectations” due to slow market recovery.

In 2023, Pandora opened 109 new concept stores and 114 Pandora-owned shop-in-shops. The jeweller is planning to open 76 to 125 concept stores throughout the year. 

Pandora earlier set a growth target of 6 to 9 per cent in 2024.

“Current trading in Q1 2024 has so far remained healthy with LFL growth up at high single-digit levels. This is helped by the strong brand momentum seen since mid-2023,” Pandora said.