STRENGTHR
• PANDORA is a leading brand and significant player in the charms/bracelet category
• Charms/braceletcategoryshowslong-termgrowth
• Geographical diversification vs. regional competitors – more than 10,000 retailers selling PANDORA
• Strong foothold in North America – probably the most competitive market globally
• Backwardintegration–worldclassproductionfacilityinThailand
• Asset light franchise model – low CAPEX as percentage of sales
• High stock turn and thus above average store traffic created by PANDORA products
• Highly cash generative
• Clearpositioningwithgenuinejewelleryproductofferingonly–long-termbrandequityprotection