The Vegas shows opened as the Canadian dollar hovered around $0.77 U.S., keeping Canadian jewellery retailers on this side of the border during Jewelry Week, exhibitors reported. Troubles in the oil industry have not settled, leaving luxury goods at the bottom of consumers’ must-have lists.
Nazir Noormohamed, general manager of Pandora Canada, says the brand has felt the downturn in Alberta, but added other provinces like British Columbia, Ontario, and Quebec are performing better. The company recently rolled out its ‘Unique as We Are’ campaign, which aims to convey the uniqueness of women and how they celebrate that through the jewellery they wear. The marketing campaign comes at a time when many companies based in Canada are struggling against the weak Canadian dollar, although Noormohamed said Pandora is somewhat insulated against the turmoil, given its brand power.
“We also work with commodity and exchange analysts who look at exchange rates and how we should be passing the savings on to consumers,” he added. “We are prepared for the consumer to get the best price.”