DTCC Member Pandora:
Aiming for a Shining Future
Managing Director of Pandora Production, Per Enevoldsen, in his office in Pravet, Thailand.
Having recently sold 60 per cent of the group to the Danish private equity fund Axcel and presently operating in Denmark and USA, Pandora now aims to build another two factories in Thailand within the next five years. By Patcharee Lae-Ya
B
ack in 1982, the jeweler’s shop that one day should become Pandora, was established by the goldsmith Per Enevoldsen and his former wife, in modest surroundings on Norrebrogade in Copenhagen, Denmark. At that time, Per Enevoldsen often travelled to Thailand in search of jewelry to import. “I’m educated as a goldsmith and have worked in this 18
DTCC
business since finishing my apprenticeship and eventually, I opened my own small shop in Denmark,” says Per Enevoldsen, Managing Director of Pandora Production Co., Ltd. “I and my former wife started to import jewelry from Thailand in 1981. In 1991, we started our own production in Thailand from a very small scale with only three employees, building up until we now have 1,200 skilled employees of which only two are Danes. The rest are Thais,” says Per Enevoldsen. History means mystery Since the launch of Pandora’s popular charm bracelet on the Danish market consumers have embraced the concept, and Pandora grew hand-in-hand with the increase in demand. In foreign markets interest in selling Pandora jewelry has been strong, turning Pandora into a global brand. “We are a daughter company of a Danish company, with headquarters located in Denmark. All the sales, marketing and major decisions about
new products and design are done in Denmark, but the developments of the prototypes are done in Thailand,” says Per Enevoldsen. “We know the business climate as well as having a very skillful labor force in the jewelry industry, even though we are not retailing any products in Thailand directly yet and have no plan to do so at the moment,” he says, adding: “Our next target market is Japan and we expect to start selling our products there soon. We see the opportunity to grow business in Japan due to the size of the market and the strong demand of customers.” Bright future The Pandora group continues to grow steadily and generated revenue of 7 billion baht in 2007. Pandora’s factory has been located in Pravet District, one of the main districts in Bangkok, for almost ten years. “We expect to double our revenue within the next few years. We are now selling the Pandora brand in 20 countries. In March 2008 we sold 60 per cent of the group to the Danish private equity fund Axcel. The Pandora group now operates in Denmark and USA as well as Thailand and also aims to build another two factories in Thailand within the next five years,” explains Enevoldsen.
Quality is the key to success “We have our own Danish designer working in Denmark and sending designs to produce in Thailand. We bring our tutors from Denmark to train our employees in Thailand to improve their skills, to exchange ideas and also develop new techniques in-house here in Thailand,” he tells. Pandora has become a brand in the middle segment of the jewelry industry. In the
BAGSVAERD 1/4 jewelry market there are many luxury brands, but only a few middle segment brands which operate in as many countries as Pandora. “We have emphasized quality from the beginning, so the staffs are well aware of the importance of only making the best. We are now preparing for an ISO certificate to ensure that our quality will meet the world standard,” Per Enevoldsen says. He explains that even
through the current extraordinary economic situation and resulting pressure especially on price competition, Pandora is well prepared and will continue to expand the business to the new markets: “I believe the best way to complete in the market is simply to do your best to make a great product and be honest to your consumer and staff.”
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The famous design from Pandora is produced in this factory in Thailand.
November 2008
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