LONDON, UK: Pandora, the world’s largest jewellery maker, reported an impressive 8% organic growth in 2023, beating its own guidance of 5-6%. The company attributed its success to its Phoenix strategy, which has transformed Pandora into a more sustainable, innovative and profitable brand.

The Phoenix strategy, launched in 2021, involved investing in product development, marketing, digitalisation and operational excellence across the value chain. As a result, Pandora saw strong growth in both like-for-like sales and network expansion, as well as improved gross and EBIT margins. The company also achieved a record-high earnings per share of DKK 55.5 and a robust free cash flow.

Pandora also announced a dividend of DKK 18 per share and a new share buyback programme of DKK 4.0 billion, reflecting its confidence in its future performance and cash generation.

The fourth quarter of 2023 was particularly strong for Pandora, with organic growth accelerating to 12%, driven by continued brand momentum and broad-based growth across markets. The company also reached another all-time high gross margin of 79.3% and a solid EBIT margin of 34.0%.

One of the highlights of the Phoenix strategy was the successful launch of the new “Loves, Unboxed” holiday campaign, which showcased Pandora’s diverse and personalised jewellery offerings. The campaign boosted customer engagement and loyalty, as well as sales across collections.

Pandora also completed its full transition to recycled gold and silver a year before plan, making it the first global jewellery brand to do so. This move will avoid 58,000 tonnes of CO2 emissions per year and support Pandora’s commitment to environmental and social responsibility.

Looking ahead, Pandora targets another year of solid growth in 2024, with an initial guidance of 6-9% organic growth and an EBIT margin around 25%. The company said it remains mindful of the macroeconomic climate, but is confident in its ability to deliver on its strategic priorities and create long-term value for its stakeholders.

Alexander Lacik, President and CEO of Pandora, says: “We are very pleased with how we ended 2023 with strong trading across the holiday season. Looking back at the past two years since we launched the Phoenix growth strategy, we are proud of how our strategic initiatives have come together to consistently drive strong results despite the challenging macroeconomic backdrop. In 2024, we target continued solid and profitable growth as we execute on the next chapter of Phoenix.”