How do PANDORA’s manufacturing capabilities and production lead times play into the innovation cycle? As a result, PANDORA’s 2017 autumn collection, which showcases approximately 20 extra products, has been brought to market ahead of schedule. The production time for a standard piece of PANDORA jewellery has been halved from four weeks to two. That’s not easy, but we’re constantly improving our competencies and getting very good at it. When we create new concepts, we have to keep in mind that it should be universal and suit the needs and taste of our global customers. The fact that we trade in more than 110 countries with the same product offering is a testament to the design and craftsmanship we’re putting into each piece and the quality we’re able to achieve for an affordable price. This shows just how strong our product offering is. In August, Kristian Godiksen, an equity analyst at SEB (one of Sweden’s biggest banks), was quoted as saying: “The beauty of PANDORA’s concept is that the company has been able to introduce the same products across different geographies without having to change them.’’ To what extent do you agree with this statement? The reason for this may be that they can look for just the right gift at their own pace rather than making a rash decision in a physical store. In general, we know that shopping from home is appealing to many, especially our male customers. It proved to be right and we managed to avoid cannibalization because we were able to reach customers we would not otherwise have reached in our physical stores. We assumed that our e-commerce channel would be able to attract additional customers simply because we lacked presence online. What strategy did PANDORA use to achieve this result? In an interview with Barron’s in August, Soren Lontoft Hansen – a senior analyst at Denmark’s Sydbank – said that PANDORA’s e-commerce channel in the UK has managed to gain the attention of male customers looking for gifts with only marginal “cannibalization” of in-store sales. Some 91 per cent of the silver we use is the recycled kind and we’re constantly looking into ways of minimising waste. It’s very important to us and we’re at the very forefront of the industry. Innovation is about meeting consumers’ needs in a new and better way and the bracelet did just that.Īlso, the untold story of PANDORA is our social responsibility. When we launched the bracelet concept, we offered our customers the option to either gift or self-purchase jewellery that could commemorate their precious memories in a very affordable way. PANDORA makes genuine, handcrafted high-quality jewellery affordable to consumers worldwide. Citing an example(s) from a PANDORA product, service, brand partnership or social impact initiative, what are the hallmarks of innovation? PANDORA ranked 75th on the Forbes list of the world’s top 100 innovative companies in 2017, which means that investors highlighted PANDORA as one of the firms they expect to be innovative now and in the future. This has proven to be very successful, but it’s time to take the next leap and enable women to express who they really are – even better than they do today. With our charms and bracelet concept, we serve a need for not only offering jewellery you can customise according to your own taste, but jewellery you can commemorate your precious moments with. If we succeed in doing this, we believe we’ll become the most loved jewellery brand in the world. PANDORA is a brand that can be relevant to all women and we want to inspire them to express themselves in a creative way. Its vision is to become the “world’s most loved jewellery brand.” From the perspective of innovation, provide a thumbnail sketch of PANDORA’s roadmap to its intended destination. In terms of sales, PANDORA is the third-largest jewellery company in the world. I’m not a designer, so my role is not to design, but rather to identify relevant business opportunities by looking at trends and seeing how we can accomplish our business objectives by tapping into them. Overall, my role is to drive innovation of PANDORA’s product offering. Michael, as the Senior Director of Group Product, Innovation & New Concepts at PANDORA, outline the scope of your role and explain how it impacts the overall direction of the PANDORA brand.
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