By Dhirendra Tripathi
Investing.com – Pandora (OTC:) stock traded 6% higher in Copenhagen Tuesday as the jeweler laid out an ambitious plan to grow in its two most important markets, the U.S. and China.
The Danish company wants to double revenue in the U.S. from 2019 levels, and triple it in China. The company’s 2019 revenue from the U.S. and Chinese markets was 4.67 billion DKK (around $748 million) and 1.97 billion DKK (nearly $315 million), respectively.
Pandora said it will work on its brand and design to make it more desirable to Gen Z and millennial customers, two demographic groups that are already its core audience.
Pandora said it will personalize customer experience by implementing a number of omni-channel features. The company will also launch a new store concept.
The company said it will invest 1 billion DKK to set up a new manufacturing capacity in Vietnam and expand existing sites in Thailand.
Pandora also announced setting aside 3 billion DKK to enhance its share buyback program.
The company has also set new sustainability and gender diversity targets. It said it will eliminate its net greenhouse gas emissions by 2040 and achieve gender parity by 2030.
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