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

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.

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.

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.

Weekly QuizMay 15, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Instappraise and NAJA logos
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025

Two scholarships are available, one for new and non-members and another for NAJA certified members.

Day’s Jeweler’s Tuscan Village Location Painting
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth Location

The retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Gemfields emeralds, rubies, sapphires
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern World

Sapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”

Saks on Amazon flagship window
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online Storefront

Plus, parent company Saks Global announces plans to cut ties with up to 600 vendors.

Graphic for My Next Question webinar with guest Peter Smith
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not Dead

Peter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.

Tejen Candy Bowl Torque Necklace
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque Necklace

The necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.

1 Camilla Dietz Bergeron.jpg
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch Show

Sponsored by the Las Vegas Antique Jewelry and Watch Show

The Mediterranean Blue diamond
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’s

A private American collector purchased the 10-carat fancy vivid blue diamond.

Jessica McCormack Fruit Salad Campaign Imagery
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for Summer

The designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.

Stock image of diamonds
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April

The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.

Disability advocate Catarina Rivera, JVC ADA compliance guide, circle of hands wearing jewelry
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With Disabilities

Around 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.

Sekou Andrews
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at Converge

The event is also accepting poster submissions now through June 16.

Pope Francis
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ Ring

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

1998 Cosmograph Daytona, Ref.16516 Rolex
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s Sale

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

Jeweler Constance Polamalu at Bloomstone, a store that specializes in lab-grown diamonds
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?

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

Surveillance footage Tiffany & Co. Seattle robbery
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies

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

Jeff Corey, new chairperson of the board for the Jewelers Board of Trade
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board

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

Foundrae Ingot Pendant
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical Metalsmiths

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

Eiseman Jewels ribbon cutting ceremony
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and Better

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

Diamond Council of America
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course Updates

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

Malyia McNaughton and Elyssa Jenkins-Pérez
MajorsMay 13, 2025
BIJC Launches New Education Fund

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

×

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