FinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%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.
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 …
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.
Editors' Picks
Sponsored by
More on Financials
The Latest
MajorsSep 30, 2025
Pandora CEO to Retire in 2026, Hand Reins to CMO Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.
CrimeSep 30, 2025
2 Suspects Charged in $300K Sleight-of-Hand Jewelry Store ScamTwo men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.
CollectionsSep 30, 2025
Billie Eilish, Finneas Partner with John HardyThe “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.
IndependentsSep 30, 2025
Spinelli Kilcollin Announces Residency in DallasThe brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.
Weekly QuizSep 25, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsSep 29, 2025
Nina Pugliese, Longtime Henne Jewelers Employee, Dies at 65She was remembered as a creative and generous woman of faith, who also had a sweet tooth.
TrendsSep 29, 2025
Amanda’s Style File: Ear FocusMove over neck mess, the ear story is the way to make a layering statement today.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
IndependentsSep 29, 2025
Mark Henry Jewelry to Debut in CanadaThe New York-based brand is set to launch a limited-time offering for the holiday season at Holt Renfrew in Toronto.
MajorsSep 29, 2025
Overnight Releases New Bridal CatalogThe “Volume 7” bridal catalog features best-selling engagement rings, trending styles, and a new section highlighting anniversary bands.
SurveysSep 26, 2025
Online Shopping, Influencers to Drive Holiday Spending, Mastercard SaysHoliday sales growth is expected to slow as consumers grapple with inflation and tariff-related uncertainty.
Events & AwardsSep 26, 2025
Winners of Austin Jewelry Design Contest Announced Jamie Turner Designs is among the winners of the local “Austin Shines” contest, hosted by Eliza Page, a jewelry store in Austin, Texas.
TrendsSep 26, 2025
Piece of the Week: Kwit Jewelry’s Square Signet Pinky RingThe red and azure colorway is one of many fun enamel pairings offered, bringing whimsy to the classic style of a monogramed signet ring.
Policies & IssuesSep 25, 2025
JA CEO Provides Tariff Update Following Annual Fly-InA trade deal with Switzerland seems probable, but reaching an agreement with India remains a challenge, David Bonaparte said.
SourcingSep 25, 2025
2 African Countries Aim to Take Stake in De Beers Botswana’s president said his country wants a controlling share, while Angola envisions multiple countries holding minority stakes.
Lab-GrownSep 25, 2025
Kira Jewels Expands Lab-Grown Diamond ProductionThe manufacturer is adding 1,400 chemical vapor deposition (CVD) reactors to its growing facility in India.
IndependentsSep 25, 2025
Alex Moss’ New Flagship Brings Bold Jewels to SoHoThe jeweler to the stars has worked with Drake, A$AP Rocky, Tyler the Creator, and other celebrities.
WatchesSep 25, 2025
Wilson & Son Jewelers Donates to the Horological Society of New YorkThe Scarsdale, New York-based jeweler donated a professional-grade watch cleaning machine.
Policies & IssuesSep 24, 2025
Tariffs Throw Diamond Trade Into DisarrayThe 50 percent tariffs on diamonds shipped from India to the U.S. have pushed midstream manufacturers to the edge.
SourcingSep 24, 2025
De Beers Adopts New Strategies to Drive Natural Diamond Demand in IndiaDe Beers’ refreshed, multipronged approach, which includes generic promotions and retail partnerships, is delivering positive dividends.
Policies & IssuesSep 24, 2025
For Jewelry Manufacturers, Higher Tariffs Create Long-Term WorriesThey are trying to balance the need to sustain well-established relationships with the pressure higher tariffs have put on margins.
SourcingSep 24, 2025
A Helping Hand: An Effort to Boost Inclusivity in the IndustryJewelry manufacturer Jewelex has partnered with JOSH, an industry training center, on a program for people with disabilities.
CollectionsSep 24, 2025
Greenwich St. Jewelers Goes Back in Time With First Estate CollectionThe collection includes pieces dating back to the Victorian and Art Deco periods as well as mid-century and late 20th-century designs.
Policies & IssuesSep 24, 2025
Diamonds Do Good Names Marcus ter Haar as President-ElectHe previously served as co-chair of the nonprofit’s beneficiary committee.
CollectionsSep 24, 2025
Brilliant Earth’s New Jane Goodall Collection Calls for PeaceIts second collaboration with the conservationist features jewelry with dove and olive branch motifs.
SourcingSep 24, 2025
SRK Launches Kriam PharmaThe diamond manufacturer’s new company will provide accessible and affordable high-quality medicines across India.
ColumnistsSep 23, 2025
Quiet Luxury: What Fall’s Top Trend Means for JewelersEmmanuel Raheb shares tips on how a jeweler’s showcases, marketing, and social media presence can whisper, instead of shout.
