Financials

Pandora Posts Strong Q1, Plans for Tariffs

FinancialsMay 07, 2025

Pandora Posts Strong Q1, Plans for Tariffs

The company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.

Pandora gold and silver charm bracelet
This Pandora bracelet features charms that are part of a collection curated by Tyla, a Pandora brand ambassador and Grammy-winning singer. The company posted strong first-quarter results, with global sales up 7 percent on an organic basis.
Copenhagen, Denmark—Pandora started off its fiscal year on a high note, reporting revenue growth the company attributed to its Valentine’s Day performance and star-studded marketing campaigns.

On an earnings call Wednesday, the jewelry company also shared details about its expansion plans and the potential effects of tariffs on its business.

First-quarter revenue was up 8 percent year-over-year at actual exchange rates (7 percent on an organic basis) to 7.35 billion Danish kroner ($1.12 billion), with like-for-like sales growth of 6 percent.

“We are pleased with how we’ve started the year, especially given the very high volatility in the world around us. We do not control the external factors, but we do control how we execute on an already proven strategy that is growing our business,” Pandora CEO Alexander Lacik said in a statement.

The company credited its success to the continued execution of its “Phoenix” turnaround strategy, which aims to position Pandora as a full jewelry brand rather than just a charm bracelet company.

“As we remain agile to the environment around us, there’s no change in our strategic plans and long-term vision for making Pandora the go-to destination for high quality, branded jewelry,” Lacik said.

In February, Pandora released the next installment in its “Be Love” marketing campaign, starring actress Winona Ryder and supermodel Iman.

Pandora said it leveraged its “Be Love” messaging for Valentine’s Day, the main gifting holiday in Q1.

It performed well and “underpinned the brand’s emotional relevance and strength in occasion-based purchasing,” said the company.

The campaign results were “visible,” Pandora said, noting like-for-like sales were up 2 percent for its core segment, which includes its “Moments” and “Me” collections and its collaborations.

Its “fuel with more” segment, which includes lab-grown diamond jewelry as well as the “Timeless” and “Signature” collections, saw 12 percent like-for-like growth in the quarter.

Sales of its lab-grown diamond jewelry collection alone totaled 90 million Danish kroner ($13.7 million) in the quarter, with like-for-like growth of 43 percent.

In Q1, Pandora continued to lean into celebrity ambassadors, naming Tyla as its newest brand ambassador last month. 

The Grammy-winning singer wore the brand’s lab-grown diamond jewelry to the Met Gala on Monday and during her Coachella performance.

 Related stories will be right here … 

By channel, online sales drove Pandora’s first-quarter growth, with an 18 percent like-for-like increase in the quarter, while sales at its physical stores were up 3 percent.

Pandora closed 17 stores and opened seven shop-in-shops in Q1. Its store count stands at 2,271 with 684 of those stores, 30 percent, operated by Pandora.

Pandora will continue expanding its store network, aiming to open 50 to 75 net concept stores and 25 shop-in–shops this year. It also will close at least 50 stores in China.

As previously announced, Pandora said it expects to see 400 to 500 net openings for the 2024-2026 period.

Looking at its performance by region, Pandora posted 11 percent like-for-like growth in the United States, which the company attributed to continued traffic in stores and online, and a strong Valentine’s Day performance.

Its wholesale accounts in the U.S. performed well in the quarter, it said, with like-for-like growth in line with Pandora’s stores after two years of falling behind.

As for tariffs, Pandora said it has been working on mitigating measures and planning for a range of scenarios.

Possible measures include switching sources of supply for point-of-sale materials used in the U.S., and shipping jewelry directly to Canada and Latin America rather than, as it does today, through its U.S. distribution center.

“Pandora is actively preparing for various scenarios related to the U.S. tariffs and will provide an update as the potential impact on the 2025 guidance and 2026 targets becomes clearer,” the company said.

In an interview with CNBC, Lacik said it would be “unlikely” Pandora would raise prices if the tariffs remain at 10 percent, but if they rose to 30 percent, for example, that may change things.

Lacik also ruled out the idea of relocating its manufacturing to the U.S., noting the cost of labor in the U.S. would be “completely uncompetitive” and lead to higher prices. 

There is also a lack of workers in the U.S. with the skills to produce its jewelry, he said.

“I employ up to 15,000 craftspeople in Thailand,” Lacik said. “I can’t find that amount of talent that actually has this craft experience in the U.S. So, it’s actually not so much a matter of cost to begin with, it’s about having skilled people who can actually craft the jewelry.”

Looking ahead, Pandora maintained its forecast of 7 to 8 percent organic growth for the full year. Its EBIT margin guidance was updated to 24 percent, down slightly from its prior forecast of 25 percent.

As for Q2, the company said it is seeing like-for-like growth at mid-single-digit levels.

Pandora’s Q2 results are set to be released Aug. 15.

The Latest

Graff Fontainebleau Las Vegas
MajorsMay 28, 2025
Graff Unveils New Las Vegas Flagship

The 3,300-square foot location is the jeweler's largest store in North America.

Kim Kardashian
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist Trial

Aging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.

New York Liberty 2024 WNBA Championship Ring
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic Win

The WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.

Article Image 1.png
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

Jewelers Board of Trade logo
MajorsMay 28, 2025
Andrew Rickard Named JBT President

A longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.

Weekly QuizMay 22, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Logos for Manufacturing Jewelers & Suppliers of America and Jewelers of America
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America

The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.

Al Capone Pocket Watch
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for Auction

The platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

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

Kat Florence Lumina
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K

Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.

Mark Henry Gumdrop Bypass Ring
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored Gemstones

Get a taste of the delicious candy-like gemstones in this Amanda’s Style File.

Stock image of police cars with their lights on
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in Burglaries

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Bliss Lau Bright Ring
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ Ring

From Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.

GIA pearl report
GradingMay 23, 2025
GIA Updates Pearl Classification System

The lab has adjusted the scale it uses for nacre grading.

GCALbySarine Diamond Journey Certificate_1872x1052.jpg
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the Spotlight

Sponsored by GCAL by Sarine

The late West Virginia jeweler David Ettinger
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO Show

David Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.

Jorge Adeler, Wendy Adeler, Valentina Adeler
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 Years

The family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.

Jose Hess Design Awards 2025 Trophy
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce Judges

The nonprofit elected five judges who will decide the winners of its design competition.

MJSA 2025-2026 Buyer’s Guide
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s Guide

This year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.

Bulgari Invisible Violet Necklace and Rainbow Flow Necklace
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ Collection

The jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.

Industry analyst Edahn Golan
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List

In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.

Beyoncé bolo tie necklace
MajorsMay 21, 2025
Beyoncé Dons Brilliant Earth Necklace During Cowboy Carter Tour

The bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.

Gem Legacy logo
SourcingMay 21, 2025
Gem Legacy Expands Advisory Council

The nonprofit focused on mining communities in East Africa has added three new members to its advisory council.

Annie Doresca
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, President

Current Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.

National Jeweler columnist Peter Smith
ColumnistsMay 20, 2025
Peter Smith: Leading Through Change

Communicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.

Luis Morais Miami Beach Flagship Interior
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 Years

The “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.

Exterior of Tanishq Santa Clara Storefront
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. Store

Tanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.

New Cartier store at Los Angeles airport
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024

Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy