Pandora Posts Double-Digit Growth After Strong Holiday Season
In its full-year results, the retailer shared its 2025 outlook and an update on the global rollout of its lab-grown diamond collection.

The jewelry brand has been on a winning streak lately, with Q4 marking Pandora’s sixth consecutive quarter of double-digit organic revenue growth.
In its report on its full-year results, released Wednesday, the company shared details about what drove U.S. sales, its new e-commerce platform, and its plans for lab-grown diamonds.
Fourth-quarter revenue was up 11 percent year-over-year, organically and at actual exchange rates, to 11.97 billion Danish kroner ($1.67 billion), with 6 percent like-for-like (same-store sales) growth.
For the full year, revenue grew 13 percent, organically and at actual exchange rates, totaling 31.68 billion Danish kroner ($4.42 billion), with like-for-like sales up 7 percent.
“We are pleased with how we ended 2024, particularly given the challenging macroeconomic backdrop and a competitive holiday period. Execution of our Phoenix strategy continued to drive the brand forward throughout the entire year,” said Pandora CEO Alexander Lacik.
“In 2025, we target another year of solid and profitable growth and we have all actions lined up to continue the strong development.”
The company tested a new e-commerce platform in Q4 and is planning to roll it out globally through this year.
Its growth was driven mainly by online sales, it said, posting 20 percent revenue growth in Q4.
Pandora’s own stores continued to outperform its partner stores in Q4, with Pandora’s physical network delivering strong like-for-like sales.
Sales in the United States were up 13 percent at organic growth rates (16 percent at actual exchange rates) and up 14 percent for the full year (17 percent at actual exchange rates), with like-for-like sales up 8 and 9 percent, respectively.
The U.S. now accounts for 31 percent of Pandora’s revenue, up from 29 percent in 2023.
Pandora said the growth was driven by “solid execution around Black Friday and marketing investments, which are yielding good results.”
“Pandora benefited from strong execution across the holiday period which drove positive traffic, despite a highly promotional external environment and a tough comparison base, which was boosted last year by various social media activations,” said the company.
Pandora’s holiday campaign was an extension of its “Be Love” campaign, which debuted last year.
Brand ambassadors Pamela Anderson and sisters Chloe and Halle Bailey were featured in the campaign alongside models Agyness Deyn and Jocelyn Corona.
The campaign encouraged customers to think beyond traditional gifting, said Pandora, and to create moments of connection, thoughtfulness, and understanding while uniting people through the power of love.
Pandora said its lab-grown diamonds performed well, with sales up 12 percent year-over-year at actual exchange rates in Q4 and up 19 percent for the full year.
Like-for-like sales grew 18 percent in Q4 and 43 percent for the full year.
Despite the sales growth, Pandora’s lab-grown diamond sales still only account for 1 percent of total revenue.
“Pandora continues to play a significant role in democratizing diamonds for consumers and has also seen a tangible positive halo effect on the brand from adding the collection to the portfolio,” said Pandora.
Though it expects to continue to see growth in the category, it said its global rollout of lab-grown diamonds will “proceed at a slower pace than originally anticipated.”
Pandora set a revenue target of 1 billion Danish kroner in the category by 2026 at its 2023 Capital Markets Day, but now doesn’t expect to hit this target until beyond 2026.
Its other jewelry collections posted strong growth as well.
Pandora’s core segment, which includes its “Moments” and “Me” collections, as well as its collaborations, saw sales up 7 percent at actual exchange rates in the quarter and for the year.
Its “fuel with more” segment, which includes its lab-grown diamond jewelry as well as its “Timeless” and “Signature” collections, saw sales grow 21 percent in the quarter and 32 percent for the year.
Pandora credited its strong organic growth in the U.S. to the momentum generated by new store openings over the past year.
In Q4, the company opened 54 concept stores and 62 Pandora-owned shop-in-shops.
For the full year, net openings totaled 137 concept stores, in line with its guidance of 125 to 150 openings. It opened 99 Pandora owned shop-in-shops, surpassing its guidance of 50 to 75.
Pandora operated 2,788 concept stores as of Q4, as well as 3,997 other points of sale, including 677 owned by Pandora.
Looking to the year ahead, Pandora is forecasting 7 to 8 percent organic growth with an EBIT margin near 25 percent.
Currently, Q1 is seeing high-single digit like-for-like growth, it said, boosted in part by strong end-of-season sales.
Pandora is scheduled to report its interim first-quarter results on May 7.
The Latest

The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.

Set with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.

“Bridal 2025–2026” includes popular styles and a dedicated section for quick pricing references of lab-grown diamond bridal jewelry.

Supplier Spotlight Sponsored by GIA

Though currently paused, high tariffs threaten many countries where gemstones are mined. Dealers are taking measures now to prepare.


Located in Miami’s Design District, the 4,000-square-foot store is an homage to David and Sybil Yurman’s artistic roots.

May babies are lucky indeed, born in a month awash with fresh colors and celebrated with one of the most coveted colored gemstones.

Six new retail businesses were selected for the 2025 program, which began in January.

The deadline to apply for the Seymour & Evelyn Holtzman Bench Scholarship is June 12.

What’s really worrying U.S. consumers isn’t the present situation; it’s what the economy is going to look like six months from now.

Now called The Instore Jewelry Show, it will include holiday-focused education, interactive workshops, and a window display contest.

It includes pricing for unenhanced Colombian emeralds in the fine to extra fine range.

The “Sea of Wonder” collection features pieces inspired by the ocean, from its waves to flora and creatures like urchins and sea turtles.

The 23-carat fancy vivid blue diamond, set to headline Christie’s May jewelry auction, was expected to sell for as much as $50 million.

G.B. Heron Jewelers in Salisbury, Maryland, is set to close as its owner, Jeff Cassels, retires.

Emmanuel Raheb outlines the differences between the two platforms and posits that the most successful jewelers use both.

The miner said its April sale featured a mix of commercial-quality primary rubies and secondary rubies of varying quality.

U.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.

Health monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.

Ten organizations were selected this year.

Kim Carpenter and Sam Gevisenheit have joined the brand.

“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

The company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.

Sponsored by the Gemological Institute of America

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.