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No. 651 Company Announcement 14 September 2021 A new chapter of growth Pandora announces financial targets Highlights ● In connection with the company's Capital Markets Day , Pandora today announces new financial targets and provides further insights into its growth strategy , Phoenix . ● ● ● PANDORA Pandora A / S Havneholmen 17- 19 | DK - 1561 Copenhagen V | Denmark Tel . +45 3672 0044 www.pandoragroup.com CVR : 28 50 51 16 Pandora enters a new chapter of growth with significant value creation potential Wide range of growth opportunities in or close to the existing core business will drive EBIT margin expansion and continued strong cash generation ● Pandora targets organic growth of 5-7 % CAGR during 2021-2023 . Total revenue growth CAGR is expected to be 6-8 % , lifting revenue to DKK 24.8-26.2 billon in 2023 EBIT margin is expected to increase to 25-27 % in 2023 Pandora also increases share buyback program by DKK 3 billion ( see company announcement no . 650 ) Pandora invests DKK 1 billion in expanding manufacturing capacity by around 60 % . To strengthen supply resilience , the majority of the capacity will be built in Vietnam Alexander Lacik , President and CEO of Pandora , says : " We are very pleased to confirm that Pandora is back on the growth track . We have vast untapped opportunities in our existing core business and they will drive long - term sustainable and profitable growth . Our objective is to be the largest and most desirable brand in the affordable jewellery market . And we have a strong foundation to deliver on that objective . " New insights into the Phoenix strategy On 4 May 2021 , Pandora announced the completion of its turnaround programme , Programme NOW , and provided a high - level overview of its new growth strategy , Phoenix . Phoenix is focused on the sign cant opportunities in Pandora's re business and has four pillars aimi at delivering sustainable and profitable revenue growth : Brand , Design , Personalisation and Core Markets . Today , Pandora shares further details from the Phoenix strategy : 14 September 2021 | Company Announcement No. 651 | page 1 | 8 Pandora sees ample opportunities to grow its core markets . The long - term ambition is to double revenue in the US and triple revenue in China , both from 2019 levels Pandora will personalise its customer experience by implementing a number of omni channel features . The company will also launch a new store concept