Pandora unboxes its marketing strategy
Pandora, one of the world’s largest jewellery brands with a manufacturing base exclusively in Thailand, has targeted revenue growth of 7-10 per cent annually from 2018-22 with new four marketing strategies.
The company announced annual sales growth of 15 per cent last year, confirming the strength of the jewellery industry, according to a media statement on Tuesday.
Pandora also unveiled its new marketing strategy “to deliver the most personal jewellery experience, and to boost its share in the online and offline market for sustainable leadership in the jewellery industry”.
Nils Helander, senior vice president, manufacturing, and managing director at Pandora Production Thailand, said: “Pandora continued to realise significant growth over the past several years. In 2017, PANDORA achieved sales growth of 15 per cent with total revenue of approximately Bt114 billion.”
He said the new marketing strategies would include innovating affordable jewellery and “significantly grow its rings, earrings, necklaces and pendants segments and aims to generate around 50 per cent of revenue from these categories by 2022 (from around 25 per cent today)”.
“Pandora will therefore launch a minimum of one new innovative jewellery concept per year and increase its annual collections from seven to 10 to fulfill consumer needs and maintain high product quality at affordable prices,” he said.
To address changing consumer behaviour, Pandora will make changes to its digital marketing, which in 2022 is expected to represent more than 60 per cent of its marketing spend, from around 30 per cent today.
The company also aims to integrate its online and offline channels by offering consumers “omni-channel fulfilment and service functionalities around the world”. Pandora plans to open about 200 concept stores per year and plans to grow its online “eStore” to represent 10-15 per cent of its revenue.
Pandora will also expand its manufacturing capabilities to “deliver a diversified and innovative product offering while increasing efficiency and agility”, the statement said. The capacity expansion programme for Thailand involves total investment of Bt9 billion over a five-year period (2015-2019).
They include: a second new production facility in Lamphun, whose commercial operations started in March 2017; a new AAA crafting facility in Bangkok that will open in March; reconstruction and optimisation of the existing facilities at the Gemopolis Industrial Estate in Bangkok, which will facilitate increased capacity to produce more than 200 million pieces per year within five years.
