Pandora (jewelry)

Last updated
Pandora A/S
Company type Publicly traded Aktieselskab
ISIN DK0060252690
Industry Jewellery Retail
Founded1982;42 years ago (1982)
FounderPer Enevoldsen
Headquarters
Havneholmen 17 - 19 DK-1561 Copenhagen
,
Denmark
Number of locations
7,092 (2020)
Area served
Worldwide
Key people
RevenueIncrease2.svg DKK 28.1billion (2023)
Increase2.svg DKK 2.684 billion (2020)
Increase2.svg DKK 1.938 billion (2020)
Total assets Increase2.svg DKK 19.984 billion (2020)
Total equity Increase2.svg DKK 7.389 billion (2020)
Number of employees
26,000 (2020)
Website
Footnotes /references
Financial Reporting

Pandora A/S (often styled PANDORA) is a Danish jewelry manufacturer and retailer founded in 1982 by Per Enevoldsen. [3] The company started as a family-run jewelry shop in Copenhagen.

Contents

Pandora is known for its customizable charm bracelets, designer rings, earrings, necklaces and (now discontinued) watches. The company has two production sites in Thailand and markets its products in more than 100 countries on six continents with more than 6,700 points of sale.

History

Former logo, used until October 2019 Pandora (jewelry company logo).svg
Former logo, used until October 2019

Pandora was founded in 1982 by Danish goldsmith Per Enevoldsen and, his then-wife, Winnie Enevoldsen. [4] The pair began on a small scale by importing jewelry from Thailand and selling to consumers. [5]

In 1987, the company ended its retail operations and became a pure wholesaler; two years later 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, hand-finished jewelry for the mass market. Pandora's collection grew to include an assortment of rings, necklaces, earrings and watches. It started selling its signature charm bracelets in 2000 after several years of development, protected by a patent. [6]

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. [7] 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 jewelry company in terms of sales, after Cartier and Tiffany & Co. [5] In 2011, more than one piece of Pandora jewelry was sold every second on average. [8]

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 19 billion and net profit in excess of DKK 3 billion in 2014. [9] In 2020 and due to the Covid-19 pandemic, 80% of Pandora's 2,700 stores around the world were closed. However, the company kept paying to all its staff in full, even for those who used to work in the closed stores. [10]

In early May 2021, Pandora announced the company would phase out mined diamonds in favour of gems manufactured in a laboratory. The new diamond jewelry was first sold in the United Kingdom before being sold globally in 2022. [11]

Pandora is one of the world's largest jewelry brands with 19 billion Danish kroner in revenue and a retail network of around 2,700 stores.

In early June 2020, Pandora had announced that all Pandora jewelry would be made from recycled silver and gold due to many reasons such as substantially reduce its greenhouse gas emission. [12] In early 2025, Pandora anticipates to stop using newly mined gold and silver and only purchase recycled sources. [13]

Products

Pandora offers a variety of products, such as their bracelets, rings, earrings, charms and now their discontinued watches. The types of metals Pandora offers is sterling silver, 14k rose gold-plated and 14k gold-plated. Bracelets: Pandora offers several different types of bracelets. You can choose from customizable charm bracelets to sleek bangles coming in sterling silver, 14k rose gold-plated, and 14k gold-plated. [14] Pandora offers bracelets such as Pandora Moments, Reflexions, ME, and other different types of bracelets. They range from bangles to snake chains to sliding to leather. [15]

Necklaces: Pandora has several options that can be chosen from a simple chain to a bold pendant. You can chose from hand-finished sterling silver, 14k rose gold-plated, and 14k gold-plated. [16] The sizes for necklaces range from 15 in to 35.4in. Pandora's chokers come in one size and are adjustable, and ME necklaces come in one size and are not adjustable. [17]

Rings: Pandora rings come in several styles, such as stackable, promise rings, birthstone rings, and so much more. They offer sterling silver, 14k rose gold-plated, 14k gold-plated, and lab-grown diamonds. [18] Pandora goes by European ring sizes from 44 to 64. In the US is from 3 to 10.5 ring size in women. [19]

Earrings: Pandora's earrings offer studs and hoops in many different styles. You can choose from sterling silver, 14k gold-plated, and 14k rose gold-plated. [20]

Charms: Pandora's charms are one of the reasons they are well known and are offered in many different styles, form symbols, family and friends, love, nature and celestial, celebration, birthday, Disney, and so much more. They offer 14k gold-plated, 14k rose gold-plated, and sterling silver charms. They also offer engraving at an additional cost with some of the engravable charms. [21]

Corporate sustainability efforts

Inside of a Pandora store Pandora inside store.jpg
Inside of a Pandora store

Pandora's CEO, Alexander Lacik, announced that they would no longer use mined diamonds for any of their new designs and would phase into lab-grown diamonds. Pandora's first released collection of synthetic stones was released in Britain in 2021 and would later be used in other markets by 2022. [22]

The introduction of lab-grown diamonds was to provide consumers with affordable and sustainable diamonds. This transition would lead us to less environmental damage and less danger for the workers. Comparing mined and lab-grown diamonds reveals that they are essentially identical. [23]

By the beginning of 2025, Pandora plans to use recycled gold and silver. This aims to reducing CO2 and better the environment. [24]

In 2020, Pandora announced it would source to recycled silver and gold for its collections. Working with mined metals, Pandora would no longer dig deeper in search of new material, which would allow the company to reduce its greenhouse gas emissions substantially. [25]

When introducing this idea, we run into conflicts with the word "recycled." How? Many individuals can interpret this word differently, creating conflicts and concerns about where the metal is coming from. This is why many organization have asked the Federal Trade Commission not to use the word recycle to describe jewelry products sold in the United States. This is still being processed, and awaiting a response this year. With this change to the company, Pandora has to be willing to pay $10 million more annually for recycled metal than newly mined metal. They currently have the same team of 100 employees involved when switching from mined to lab-grown diamonds, now being involved in the switch to recycled metals. [26]

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. [8] Pandora products are sold in more than 100 countries on six continents through approximately 6,700 points of sale, including approximately 2,400 concept stores. [27] The company employs over 26,000 people, of whom 13,200 are located in Thailand, the company's sole manufacturing site since 1989. [28]

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. [29]

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. [9] In 2015, it bought out Oracle Investment's shares in its Chinese distribution service. [30]

Related Research Articles

<span class="mw-page-title-main">Costume jewelry</span> Jewelry used to complement a particular costume

Costume or fashion jewelry includes a range of decorative items worn for personal adornment that are manufactured as less expensive ornamentation to complement a particular fashionable outfit or garment as opposed to "real" (fine) jewelry, which is more costly and which may be regarded primarily as collectibles, keepsakes, or investments. From the outset, costume jewelry — also known as fashion jewelry — paralleled the styles of its more precious fine counterparts.

<span class="mw-page-title-main">Jewellery</span> Form of personal adornment

Jewellery consists of decorative items worn for personal adornment, such as brooches, rings, necklaces, earrings, pendants, bracelets, and cufflinks. Jewellery may be attached to the body or the clothes. From a western perspective, the term is restricted to durable ornaments, excluding flowers for example. For many centuries metal such as gold often combined with gemstones, has been the normal material for jewellery, but other materials such as glass, shells and other plant materials may be used.

<span class="mw-page-title-main">Necklace</span> Jewellery worn around the neck

A necklace is an article of jewellery that is worn around the neck. Necklaces may have been one of the earliest types of adornment worn by humans. They often serve ceremonial, religious, magical, or funerary purposes and are also used as symbols of wealth and status, given that they are commonly made of precious metals and stones.

<span class="mw-page-title-main">Bracelet</span> Jewelry worn around the wrist

A bracelet is an article of jewellery that is worn around the wrist. Bracelets may serve different uses, such as being worn as an ornament. When worn as ornaments, bracelets may have a supportive function to hold other items of decoration, such as charms. Medical and identity information are marked on some bracelets, such as allergy bracelets, hospital patient-identification tags, and bracelet tags for newborn babies. Bracelets may be worn to signify a certain phenomenon, such as breast cancer awareness, or for religious/cultural purposes.

<span class="mw-page-title-main">Cufflink</span> Items of jewelry

Cufflinks are items of jewelry that are used to secure the cuffs of dress shirts. Cufflinks can be manufactured from a variety of different materials, such as glass, stone, leather, metal, precious metal or combinations of these. Securing of the cufflinks is usually achieved via toggles or reverses based on the design of the front section, which can be folded into position. There are also variants with chains or a rigid, bent rear section. The front sections of the cufflinks can be decorated with gemstones, inlays, inset material or enamel and designed in two or three-dimensional forms.

<span class="mw-page-title-main">Finding (jewelcrafting)</span>

Jewellery findings are the parts used to join jewellery components together to form a completed article.

Jewelry of the Etruscan civilization existed in several eras.

<span class="mw-page-title-main">Wire wrapped jewelry</span> Technique for making jewelry

Wire wrapping is one of the oldest techniques for making handmade jewelry. This technique is done with jewelry wire and findings similar to wire to make components. Wire components are then connected to one another using mechanical techniques with no soldering or heating of the wire. Frequently, in this approach, a wire is bent into a loop or other decorative shape and then the wire is wrapped around itself to finish the wire component. This makes the loop or decorative shape permanent. The technique of wrapping wire around itself gives this craft its name of wire wrapping.

<span class="mw-page-title-main">Colored gold</span> Various colors of gold obtained by alloying gold with other elements

Colored gold is the name given to any gold that has been treated using techniques to change its natural color. Pure gold is slightly reddish yellow in color, but colored gold can come in a variety of different colors by alloying it with different elements.

Cathy Waterman is a California based jewelry designer and a member of the Council of Fashion Designers of America. She designs “ethereal, feminine, lyrical” jewelry using recycled metals and fair trade stones.

James Avery Artisan Jewelry is a Texas-based, family-owned company that specializes in designing hand-crafted rings, bracelets, necklaces, charms, earrings, and other jewelry. Its founder, James Avery, first started crafting jewelry in Kerrville, Texas in 1954 out of his (then) mother-in-law's garage. Over time, the company expanded and became well-known for its distinctive designs and attention to detail. The business has grown to more than 120 of its own stores across Texas, Georgia, Louisiana and Oklahoma. The company has studios, workshops and manufacturing facilities in Kerrville, Fredericksburg, Cedar Park, Comfort, Hondo and Corpus Christi. There are more than 3,000 regular James Avery employees across all its locations.

<span class="mw-page-title-main">Native American jewelry</span> Overview of the cultural diversity and history of jewelry that originated in Native American tribes

Native American jewelry refers to items of personal adornment, whether for personal use, sale or as art; examples of which include necklaces, earrings, bracelets, rings and pins, as well as ketohs, wampum, and labrets, made by one of the Indigenous peoples of the United States. Native American jewelry normally reflects the cultural diversity and history of its makers, but tribal groups have often borrowed and copied designs and methods from other, neighboring tribes or nations with which they had trade, and this practice continues today. Native American tribes continue to develop distinct aesthetics rooted in their personal artistic visions and cultural traditions. Artists may create jewelry for adornment, ceremonies, and display, or for sale or trade. Lois Sherr Dubin writes, "[i]n the absence of written languages, adornment became an important element of Indian communication, conveying many levels of information." Later, jewelry and personal adornment "...signaled resistance to assimilation. It remains a major statement of tribal and individual identity."

<span class="mw-page-title-main">Clothing in ancient Egypt</span>

Ancient Egyptian clothes refers to clothing worn in ancient Egypt from the end of the Neolithic period to the collapse of the Ptolemaic Kingdom with the death of Cleopatra in 30 BC. Egyptian clothing was filled with a variety of colors. Adorned with precious gems and jewels, the fashions of the ancient Egyptians were made for not only beauty but also comfort. Egyptian fashion was created to keep cool while in the hot desert.

<span class="mw-page-title-main">Traditional metal working in Mexico</span>

Traditional metal working in Mexico dates from the Mesoamerican period with metals such as gold, silver and copper. Other metals were mined and worked starting in the colonial period. The working of gold and silver, especially for jewelry, initially declined after the Spanish conquest of the Aztec Empire. However, during the colonial period, the working of metals rose again and took on much of the character traditional goods still have. Today, important metal products include those from silver, gold, copper, iron, tin and more made into jewelry, household objects, furniture, pots, decorative objects, toys and more. Important metal working centers include Taxco for silver, Santa Clara del Cobre for copper, Celaya for tin and Zacatecas for wrought iron.

DYRBERG/KERN is a Danish jewelry company founded by Gitte Dyrberg and Henning Kern in 1985.

Francesca Amfitheatrof is a jewelry designer and Artistic Director Watches and Jewellery of Louis Vuitton. Before that, she was the design director at Tiffany & Co.

<span class="mw-page-title-main">Roman jewelry</span> Jewelry worn in Ancient Roman

Ancient Roman jewelry was characterized by an interest in colored gemstones and glass, in contrast with their Greek predecessors who focused primarily on the production of high-quality metalwork by practiced artisans. Extensive control of Mediterranean territories provided an abundance of natural resources to utilize in jewelry making. Participation in trade allowed access to both semi-precious and precious stones that traveled down the Persian Silk Road from the East.

<span class="mw-page-title-main">Jewels of Diana, Princess of Wales</span> Collection of jewels

Diana, Princess of Wales, owned a collection of jewels both as a member of the British royal family and as a private individual. These were separate from the coronation and state regalia of the crown jewels. Most of her jewels were either presents from foreign royalty, on loan from Queen Elizabeth II, wedding presents, purchased by Diana herself, or heirlooms belonging to the Spencer family.

Khmer jewellery originated in the Khmer Empire. Khmer jewellery has been produced since the 6th or 7th century. Jayavarman VII, while he was an influential figure who established the different trends in Khmer jewellery, is famously represented without any at all in the seated position. The amount of jewellery acquired in Cambodia traditionally established a person's identity and status. Khmer jewellery consists of a diverse variety of styles and fashions. These styles can be categorised into three distinct groups: royal jewellery, wedding jewellery and the jewellery for the Cambodian Royal Ballet.

Catbird is an American jeweler. It was founded in 2004 in Brooklyn, New York. It has influenced several trends in jewelry fashion. The brand is particularly popular among Millenials.

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