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.

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.
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

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

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

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

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

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


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

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

Supplier Spotlight Sponsored by GIA

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

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

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

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

Sponsored by the Las Vegas Antique Jewelry and Watch Show

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

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

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

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

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

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.

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.

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.