31 / 143
BUSINESS STRATEGY • 29
BECOMING THE
BEST KNOWN
Italy
The Italian jewellery market is one of the
largest in Europe, but it remains remarkably
fragmented. Most of the country’s around
18,600 jewellers and watch dealers are
independent, and many are family-owned.
This presents a good opportunity for a strong
global jewellery brand, and it is one that
PANDORA has grasped with both hands.
Since entering Italy as a complete
unknown back in 2010, we have quickly
established ourselves as one of the best-
known jewellery brands in the country. Today,
we have a strong store network, and we
continued to focus on expanding our branded
sales network in 2016. We opened net 23
concept stores, giving us a total network of 75
concept stores by the end of the year.
Since we established our presence in
the market, we have been growing rapidly
year-on-year. And 2016 was our best year yet.
We saw like-for-like sales-out growth every
quarter, and revenue passed the DKK 2 billion
mark for the first time, a 54% increase over
2015.