Pandora Invests $100M in New Jewelry Factory

RAPAPORT... Pandora plans to build a new jewelry-crafting facility in Vietnam that will enable it to expand the business and meet increasing consumer demand.The new site, which will create 6,000 jobs and have an annual capacity of 60 million pieces of jewelry, is set to open at the end of 2024, Pandora said last week. The Danish jeweler will design the factory according to the Leadership in Energy and Environmental Design (LEED) Gold Standard - a green-building certification - and will use 100% renewable energy. Pandora will spend $100 million on the new facility, its third manufacturing site overall and the first outside Thailand. The retailer will also allocate $60 million to enlarge its factory in Lamphun, Thailand, over the next four years. Combined, the expansions will increase Pandora's manufacturing capacity by around 60%, it said.The investment "supports the company's long-term growth ambitions," it explained. Diversifying the geographical locations of its plants will also help Pandora withstand potential supply-chain disruptions, the jeweler noted."We scouted all over the world before deciding on Vietnam," said Jeerasage Puranasmriddhi, chief supply officer for Pandora. "Vietnam has a rich craftsmanship history, and we will be able to access a large group of craftspeople. Expanding our production capacity is critical to meet expected demand."Last year, Pandora sold 102 million pieces of jewelry, all fabricated at the two Thailand facilities, which operate on 100% renewable energy. The company plans to use only recycled silver and gold for all products manufactured at those sites by 2025, it added.Image: A woman wearing Pandora charm bracelets. (Pandora)