In a recent meeting with investors in Copenhagen, jewelry maker Pandora said it plans to counter weak growth in the US in 2017 and “a current lack of innovation” by doubling its new product launches by 2022, according to Gem Konnect.
Pandora’s Chief Executive Anders Colding Friis said in the meeting that the jeweler’s product offerings had become “too repetitive and did not offer customers anything fresh”. He said that the company will respond to that with “cut product development time” and getting new offerings faster to market. He added that the company aims to launch 800 products in 2022, compared to the 400 that were brought to market last year.
Colding also said that Pandora will focus on growth in several categories – necklaces, rings and earrings – and that he expects that these segments will account for 50% of sales by 2022, compared to 25% today. Pandora also expects to raise its online sales to 10%-15%, compared to the current 6%.
