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Pandora reports ‘robust’ second quarter as China lifts 5 percent

Danish jeweller Pandora reported organic growth of 5 percent for the second quarter 2023 to DKR 5.9 billion (USD 864 million), comprising of like-for-like (LFL) growth of 2 percent, driven by return to LFL growth in China.

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The iconic charm maker said LFL growth in key markets in Europe remained flat during the three months, while the recovering U.S. region saw LFL growth drop 4 percent. Meanwhile, the company’s Rest of Pandora region clocked ongoing strong growth at 12 percent LFL, driven by China, which reported a “notable milestone” as it moved into positive territory with 5 percent LFL growth.

From mid-July, Pandora took the first steps in the relaunch of its brand across two Chinese cities, Shanghai and Beijing. Pandora described the relaunch as a “journey, adding it will take time before the relaunch will impact revenue growth in China “in a significant way.”

Since the relaunch, Pandora said it has seen some pick-up in traffic in both stores in Shanghai and Beijing, as well as online.

“We are pleased with delivering yet another solid quarter against a backdrop of macroeconomic uncertainty,” said Alexander Lacik, president and CEO of Pandora.

“We have consistently demonstrated that the foundations built under the ‘Phoenix’ strategy are yielding positive results.”

Looking ahead, Pandora said it will continue to push ahead with its strategic initiatives for the second half of 2023, including the expansion of its assortment in diamonds and the ongoing roll-out of its new store concept, Evoke 2.0.