Pandora hopes to capture more male shoppers

Online jewelry retailer Pandora is expanding its product line to try and capitalize on males who need to buy gifts.

CEO Allan Leighton said that men often have trouble buying gifts for women, and he's hoping to make that process easier and reap the sales. The brand has seen an increase in male customers since it introduced online shopping in the U.K. two years ago, reported Bloomberg.

While men usually make up about 35 percent to 40 percent of the total purchases made at Pandora, it can be as much as 70 percent during the holiday season.

Pandora joins a growing trend of retailers that are looking to cater to and expand their offerings for men. For example, Nordstrom (NYSE:JWN) acquired men's clothing service Trunk Club in July for $350 million, which is expected to grow sales 150 percent in 2014 and is generating a profit. And last month JCPenney (NYSE:JCP) announced that it would expand its private JF J. Ferrar men's label to incorporate sportswear. The move is part of a larger goal to further its growing menswear division by attracting younger males. In addition, Lululemon (NASDAQ:LULU) recently announced it would open a men's only store in New York City and Sandro will open an 881 sq. ft. pop-up in Manhattan that will showcase Sandro Homme merchandise in an art studio setting.

Pandora now has e-commerce sites in seven countries in Europe and hopes to expand into others.

The Danish company also released its quarterly reports today, estimating that revenue would exceed $1.9 billion in 2014. And earnings for the quarter rose 34 percent. Pandora's decision to bring out new products more frequently has been paying off, as stock has risen ninefold since 2011. And items marked down in the past 12 months have accounted for 50 percent of sales during the quarter.

For more:
-See this Bloomberg article
-See this Bloomberg article

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