Pandora’s 2021 Sales Strong as Gen Z Answers Its Call
The company’s Gen-Z-focused “Pandora Me” collection put on a particularly strong performance.

Fourth-quarter revenue was up 14 percent year-over-year to 9.01 billion Danish kroner ($1.38 billion) compared with 7.8 billion kroner ($1.2 billion) in the fourth quarter last year.
It reported organic growth of 10 percent compared with 2020 and 15 percent compared with 2019.
Its sell-out growth (sales in Pandora-owned and -operated stores) was 11 percent.
Full-year revenue was up 23 percent to 23.4 billion Danish kroner ($3.59 billion) compared with 19 billion kroner ($2.93 billion) in the previous period.
It reported organic growth of 23 percent compared with 2020 and 9 percent compared with 2019.
Its sell-out growth for the year was 20 percent.
CEO Alexander Lacik celebrated the company’s “record-breaking revenue and sell-out” in the fourth quarter.
“Our investments in digital are clearly paying off, ‘Moments’ is showing solid growth, and we are encouraged by the new product platforms ‘Pandora Me’ and ‘Brilliance.’ With this—and with network expansion accelerating in 2022—I am confident that we have all the ingredients to deliver sustainable and profitable revenue growth in the years to come,” said Lacik in a press release.
Pandora has been bolstering its digital capabilities in recent quarters, introducing a “click-and-collect” program—its buy online, pick up in store service—and driving online traffic via email marketing and platforms like TikTok and Twitch.
The company has also been working to appeal to a younger audience, particularly Gen Z as well as Millennial consumers.
To celebrate the relaunch of the “Pandora Me” collection, the company announced the “Pandora Me Collective,” which includes Gen Z influencers like Addison Rae, Donte Colley, Beabadoobee, and Cecilia Cantaran.
Singer/songwriter Charli XCX, the only millennial in the group, is also part of the collective.
The collection performed well with its intended audience, accounting for 4 percent of total revenue in the fourth quarter.
Pandora broke down its sales into “global business units,” or collections, this quarter rather than its usual product categories.
The “Pandora Me” collection saw revenue surge 169 percent for the quarter and increase 68 percent for the full year.
“Pandora Moments,” which includes its iconic charm bracelets, saw sales up 18 percent in the quarter and 26 percent for the full year.
Its “Collabs” collection, meaning collaborations, saw sales down 15 percent for the quarter and up less than 1 percent for the full year.
Its “Pandora Brilliance” collection, which includes its lab-grown diamond jewelry, was tested in the U.K to a positive reception and the company plans to roll it out this year.
Its quarterly sales were 20 million Danish kroner ($3.07 million) while full-year sales totaled 48 million Danish kroner ($7.38 million).
By sales channel, Pandora-owned retail stores, including the online store, brought in 6.47 billion Danish kroner ($994.3 million) in the fourth quarter, up 17 percent from the previous year.
For the full year, retail sales were up 19 percent year-over-year to 15.92 billion Danish kroner ($2.45 billion).
Wholesale sales in the fourth quarter were up 7 percent to 2.29 billion Danish kroner ($352 million). For the full year, wholesale sales rose 35 percent to 6.7 billion Danish kroner ($1.03 billion)
The company operated 2,619 stores as of the fourth quarter, 71 fewer when compared with the previous fourth quarter.
Pandora said it expects to open 50 to 100 concept stores in 2022.
Online sales in the quarter slipped 3 percent to 2.47 billion Danish kroner ($378.8 million), which Pandora attributed to fewer physical stores being open in 2020. Ecommerce sales accounted for 27 percent of total revenue.
For the full year, online sales were up 9 percent to 5.98 billion Danish kroner ($918.4 million), accounting for 26 percent of revenue.
The U.S. remained Pandora’s largest market, accounting for 28 percent of total revenue compared with 25 percent last year.
Quarterly revenue in the U.S. totaled 2.52 billion Danish kroner ($387.7 million), up 27 percent year-over-year.
For the full year, U.S. revenue surged 56 percent to 7.03 billion Danish kroner ($1.08 billion).
“The performance in U.S. vs 2019 is temporarily supported by the stimulus packages and a potential reallocation of consumer spend away from travel and entertainment into discretionary goods,” said Pandora.
The company said it sees “ample opportunity” for long-term growth but added 2022 is subject to uncertainty due to this year’s strong performance.
Though U.S. sales were strong in the fourth quarter, Pandora noted its long-term goal is to double its U.S. business when compared with 2019 levels.
The company’s performance in China in the fourth quarter continued to suffer the effects of COVID-19, but Pandora maintained there are still growth opportunities there.
Though physical stores were open, COVID-19 restrictions led to a decline in traffic. Online sales couldn’t offset the drop in in-store traffic.
Its key markets in Europe, including Germany and Italy, delivered positive growth with sales in Australia gradually recovered, said Pandora.
Looking ahead, Pandora expects organic growth between 3 to 6 percent in 2022 with an EBIT margin of 25 to 25.5 percent.
Pandora did not give straightforward revenue guidance as that will depend on factors like how the U.S. market performs and the COVID-19 pandemic.
The company said it assumes the U.S. jewelry market will decline 10 to 20 percent following the strong growth seen in 2021.
The company reaffirmed its target of a 5 to 7 percent compound annual growth rate from 2021 to 2023 and has raised its revenue forecast for 2023 to 27 billion to 28.1 billion Danish kroner ($4.15 billion to $4.32 billion) from 24.8 billion to 26.2 billion Danish kroner ($3.81 billion to $4.03 billion).
The Latest

Before Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.

The one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.

While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.


The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.

The donation was the result of the brand’s annual Earth Day Ingot event.

Supplier Spotlight Sponsored by GIA

Located in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.

The nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.

BIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.

As a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.

The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.

Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.

“Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.

The deadline to submit is June 16.

Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.

Lichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.

The miner announced plans to recommence open-pit mining at Kagem.

Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.

Associate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.

Sponsored by Instappraise

The brand’s first independent location outside of Australia has opened in Beverly Hills, California.

Cathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.

Connecting with your customers throughout the year is key to a successful holiday marketing push.

Its commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.

National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.