Pandora plans to invest $157.8 million in a manufacturing expansion, including a new factory in Vietnam.
In all, the company will increase its production capacity by about 60 percent or 80 million pieces of jewelry per year. That includes 60 million pieces to be built in Vietnam and additional capacity of about 20 million pieces to be added at existing sites in Thailand.
Pandora’s long-term goals as part of its “new chapter of growth” include doubling revenue in the U.S. and tripling revenue in China from 2019 levels, according to a press release.
“We are very pleased to confirm that Pandora is back on the growth track,” said Alexander Lacik, CEO of Pandora. “We have vast untapped opportunities in our existing core business and they will drive long-term sustainable and profitable growth. Our objective is to be the largest and most desirable brand in the affordable jewellery market. And we have a strong foundation to deliver on that objective.”
Headquartered in Copenhagen, Pandora employs 26,000 people worldwide and crafts its jewelry at two LEED-certified facilities in Thailand using mainly recycled silver and gold. The jewelry is sold in more than 100 countries through 6,700 points of sale, including more than 2,600 concept stores.