Danish jeweller Pandora is preparing to overhaul its websites and boost its marketing efforts after reporting weak financial results in its second quarter.
Overall revenues were down 4% in the second quarter to €630 million (DKK 4.69 billion). The brand’s ecommerce stores saw growth of 20%, reaching €72 million.
However, Pandora is gearing up for a number of major initiatives, starting with the launch of a new website design on 29 August. The new mobile-first design aims to offer a better consumer journey, including checkout, as well as an improved front and back end.
The jeweller is introducing a new logo, monogram and the colour pink as a market colour. It is also introducing a new company motto: “We give a voice to people’s loves – passions, people and places”.
These changes, alongside the launch of its Autumn collection, will be boosted by a PR event in Los Angeles.
Pandora plans to invest more in marketing due to the success of recent pilots in the UK and Italy.
The company doubled its marketing investment over four weeks, focusing on “high funnel” choices with a broad reach and saw an immediate benefit especially on the UK ecommerce channel.
Alexander Lacik, CEO of Pandora, said: “Financial results in the second quarter of 2019 were in line with plans. In the quarter, we have progressed rapidly on a number of important commercial initiatives which we can soon reveal and showcase to our consumers as part of our brand relaunch on 29 August.
“Our preparations and marketing pilots spur confidence in our direction – by improving execution with focus on Pandora’s core proposition, we can improve our relevance for consumers around the world. This is the first important step in our journey towards positive growth.”
Pandora’s Programme NOW seeks to improve the company’s brand position while reducing costs,
consisting of four key pillars. Two of these ambitions focus on the product, with the first being to create new lines of affordable jewellery and the second being to find more agile ways of manufacturing.
The third pillar is creating a “digitalised brand experience”, which essentially means using data to recognise customers and provide them with tailored product recommendations and marketing.
Pandora also said it would focus on developing an omnichannel experience, despite it expecting offline to be its primary channel. The Danish jeweller recently chose Alexander Lacik, a marketer by trade, as CEO.
The Danish jeweller chose Alexander Lacik, a veteran of Procter & Gamble and ex-CEO of child safety product company Britax, back in February to lead the programme.
According to Technavio, the global online jewellery market is set to grow at a compound annual growth rate of nearly 16% from 2018 to 2022.