Pandora China sales soared 125 per cent in the first quarter as the Danish-headquartered fashion jeweller reported a 9 per cent boost in global revenue.

Asia-Pacific revenue soared 44 per cent year-on-year to US$185.6 million, or by 40 per cent in local currency. Australian sales rose 18 per cent. Pandora opened 91 new stores in Asia-Pacific during the last 12 months, 59 of them in China, which Pandora describes as the world’s largest jewellery market. Of those, 19 opened in the latest quarter. Asia-Pacific now accounts for 25 per cent of the company’s total sales, compared with 19 per cent in the first quarter of 2016..

Elsewhere in Asia, Pandora signed a distribution agreement with Pan India covering the Indian market, and the first concept store in the country opened in the Noida area of Delhi in April. A total of 50 concept stores are set to open in India over the course of the next three years.

Global results

Total global revenue was $755.3 million, with the company’s own stores rising 39 per cent and now accounting for 38 per cent of total sales. Sales in America fell 5 per cent (9 per cent in local currency) and in Europe, Middle East and Africa they rose 5 per cent (9 per cent in local currency).

EBITDA increased 7 per cent to $275 million, with gross margin down slightly from 37.1 per cent to 36.4 per cent.

Globally, Pandora has 2196 concept stores. The company continues to close third-party run points-of-sale in favour of its own store network, with 300 closed in the last quarter leaving 1481 fewer channels year-on-year.

CEO Anders Colding Friis said the company was satisfied by the quarter’s results, having delivered good sales growth, including 8 per cent like-for-like growth in Pandora-owned concept stores.

“We continue to make progress towards our ambition to become a full jewellery brand, with revenue from rings, earrings and necklaces and pendants growing combined 48 per cent for the quarter.”