Jewellery

To kick off 2024, we take a look at two businesses that sit adjacent to each other in the speciality retail space. Pandora sells jewellery and Swatch sells watches at various price points. Swatch is more than just the colourful and playful watches that you know and possibly love. The group is a hybrid of affluent and luxury brands, like Omega. Of course, this creates a real risk of brand dilution in the luxury space as Swatch attempts to improve the competitiveness of its core affluent offering. At Pandora, there is no such confusion. The strategy is tight and the core product range of bracelets and accessories is still growing. So are the other lines like necklaces and earrings, contributing to a fantastic share price performance this year that looks completely different to what Swatch went through. Join us as we unpack some of the key events and metrics behind these stocks and our views on the outlook.