BUSINESS STRATEGY•23
markets likeChinaand Japan is still limited. In2015,we
will increaseour focus onChinaand Japan,which together
represent almost one thirdof global jewellery sales.
The global jewellerymarket is currentlyworth
approximatelyDKK1,700billion (2013) and is predicted
to grow toDKK2,200billionby2017, according to Euro
monitor International.A very largeproportionof this growth
will come fromAsia,mainlydrivenbyChina and India.
Drivinggrowth indevelopedmarkets
Our businessmodel is as strongas our signatureproduct,
thecharmbracelet, encourages repeat purchaseof charms.
However,wealso see significant opportunities in leveraging
EBITDA
1,679
DKKmillion
831
DKKmillion
210
our brand recognition inother jewellerycategories, especially
so indevelopedmarkets,where thePANDORAbrand is
strongandwell known.
TheUS, theUKandAustraliaare someof ourmost
developedmarkets, jointlymakingup51%of theGroup’s
total revenue in2014.Althoughdeveloped, thesemarkets still
holdpotential for growth. In2014, revenue in theUKand
Australiagrewby42.8%and18.4% respectively, drivenboth
by increasing sales of Charms andBracelets andbya strong
performance in theRings category. Revenue in theUSgrew
by13.4%, drivenbypositive like-for-like sales inall areas
other than theNortheast, aswell as theopeningof new stores
on theWest Coast.
Revenue
Concept stores
ASIA PACIFIC
PANDORA ESTORES
By the endof 2014, PANDORA had eSTOREs in
seven European countries.The first PANDORA
eSTORE in theUKhas proven successful with
high traffic, high conversion rates and low return
rates. PANDORA eSTOREs appeal particularly
tomale gift buyers, whomay not find their way
to a physical PANDORA store.Wewill continue
to develop and open PANDORA eSTOREs in an
aim to offer PANDORAonline sales globally.
