Pandora's Sustainability Journey

Pennings highlighted Pandora's ambitious sustainability agenda, which includes:

• Low Carbon Business: Aiming for a 50% reduction in greenhouse gas emissions by 2030 and carbon neutrality by 2040.
• Circularity: Transitioning to 100% recycled silver and gold in its jewellery production.
• Inclusive and Diverse Culture: Promoting fair working conditions and ethical practices throughout its supply chain.

Recycled Silver and Gold: A Milestone Achievement

Pandora achieved a significant milestone in 2023 by transitioning to 100% recycled silver and gold in its jewellery production, a year ahead of its initial target. This initiative not only significantly reduces the company's carbon footprint but also aligns with its commitment to making jewellery accessible to everyone.

Lab-Grown Diamonds: Democratising Luxury

Pandora is also embracing lab-grown diamonds, which have a significantly lower carbon footprint than mined diamonds. This initiative allows the company to offer diamond jewellery at more affordable price points, democratizing luxury and making it accessible to a wider audience.

Integrating Sustainability with Business Strategy

Pennings emphasized that Pandora's sustainability initiatives are not merely a standalone ambition but are deeply integrated into the company's business strategy and DNA. This integration allows Pandora to drive meaningful change while also achieving its business objectives.

Key Takeaways

• Sustainability as a Business Imperative: Sustainability is no longer just a "nice-to-have" but a business imperative, driven by consumer demand, investor expectations, and regulatory requirements.
• Innovation and Collaboration: Achieving ambitious sustainability targets requires innovation, collaboration across the supply chain, and a willingness to embrace new technologies and materials.
• Transparency and Traceability: Ensuring transparency and traceability in the supply chain is crucial for building trust and demonstrating the authenticity of sustainable practices.
• Leadership Commitment: Strong leadership commitment and support are essential for driving and sustaining a successful sustainability agenda.
• Accessible Luxury: Sustainable practices can enable businesses to offer luxury products at more accessible price points, democratizing access and expanding their customer base.

By integrating sustainability into its core business strategy and embracing innovative solutions, Pandora is setting a new standard for the jewellery industry and demonstrating the power of responsible business practices.