Jewellery brand Pandora is pinning its hopes on a recovery ahead of Christmas after being hit by weak demand in the UK and Europe, writes Ella Manning.
The Danish firm, the world’s biggest jeweller renowned for its charm bracelets, said sales rose just 2 per cent in the third quarter.
That was weaker than the 3 per cent expected, as a 6 per cent rise in the US was offset by a 1 per cent slide in Europe.
Chief executive Alexander Lacik pointed to subdued demand for jewellery in the UK, France, Italy and Germany.
With sales up 4 per cent in October following the launch of new collections, Pandora predicts strong demand over Christmas for its celestial moon charms and items featuring bows and butterflies as it focuses on cheaper merchandise.
Lacik said ‘we want to focus more on affordability’ – on items costing less than £40 – ‘where in the last few years we probably haven’t innovated enough’.
Sales down: Pandora predicts strong demand over Christmas for its celestial moon charms and items featuring bows and butterflies as it focuses on cheaper merchandise
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