Financials

In Q2 Results, Pandora Talks Tariffs, Q4 Plans

FinancialsAug 15, 2025

In Q2 Results, Pandora Talks Tariffs, Q4 Plans

The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.

Image of Winona Ryder and Iman from Pandora’s Be Love marketing campaign
Actress Winona Ryder (left) and supermodel Iman in an image from Pandora’s “Be Love” campaign released earlier this year. The jewelry company said Friday that it will roll out a new chapter in the campaign ahead of the holiday season.
Copenhagen, Denmark—Pandora reported single-digit revenue growth in the second quarter despite an “increasingly turbulent macroeconomic backdrop” and having to grapple with the effects of tariffs and high silver and gold prices.

For the second quarter ending June 30, global revenue totaled 7.08 billion Danish kroner ($1.1 billion), up 4 percent (8 percent on an organic basis) from DKK 6.77 billion ($1.06 billion) in Q2 2024.

Like-for-like sales were up 3 percent globally and 8 percent in the United States, Pandora’s strongest market.

Operating profit declined 4 percent to DKK 1.29 billion ($202.4 million) from DKK 1.34 billion ($210.3 million) in Q2 2024, while EBIT profit margin declined to 18.2 percent from 19.8 percent.

Pandora said tariffs, high commodity prices, and foreign exchange rates ate into both its EBIT and gross margins in the second quarter.

In a tariff update provided along with its Q2 results on Friday, Pandora noted that it is mainly impacted by the tariff placed on U.S. imports from Thailand (tariff rate 19 percent)—where the majority of its jewelry is manufactured—but also China (currently 30 percent), Vietnam (20 percent), India (25 percent, slated to increase to 50 percent), and several other countries.

To help mitigate the impact of tariffs, Pandora has switched sources of supply for certain goods—e.g., point-of-sale materials used in the U.S.—and shipped jewelry for the Canada and Latin American markets directly there, instead of routing it through its U.S. distribution center.

The company also has raised prices three times since last fall. 

Prices went up 5 percent in October and 4 percent in April. Pandora implemented another “low single-digit” price increase this month. 

Looking at revenue by product segment, sales of what Pandora calls its “Fuel with more” segment—its non-charm bracelet jewelry collections, as well as its lab-grown diamond jewelry—recorded like-for-like sales growth of 3 percent. 

Lab-grown diamond jewelry sales were up 36 percent on a like-for-like basis, though they continue to account for only 1 percent of the company’s total revenue. 

Meanwhile, sales of the collections Pandora considers “core”—“Moments,” “Collabs,” and “Me”—rose 1 percent on a like-for-like basis. 

 Related stories will be right here … 

“In these turbulent times, we are satisfied with yet another quarter of high single-digit organic growth and strong profitability,” Pandora CEO Alexander Lacik said. “The results show that our brand and unique storytelling proposition continue to attract more consumers and that our global footprint enables us to balance ups and downs across the markets.

“Despite the macroeconomic challenges to top and bottom line, we are confident that we will deliver on our targets for the year, driven by an exciting product pipeline, new marketing campaigns and operational agility.”

Pandora said it plans to launch two new collections in the third quarter.

“Talisman” and “Minis” are both additions to the core collection of charms and bracelets and will be affordably priced. The addition of the collections follows the launch of “Pandora Essence,” a line of earrings, rings, bracelets, and necklaces, in Q2 2024.

It also will roll out a new “Be Love” marketing campaign for the holiday season. 

Pandora teased the campaign in Friday’s Q2 results announcement, stating that it partnered with a “renowned, world-class filmmaker and creative director known for his critically acclaimed films” for it. 

The company is sticking to its full-year forecast of 7-8 percent organic sales growth while noting the “elevated macro uncertainty.” 

It also is maintaining its EBIT margin guidance of around 24 percent for the year despite current tariff levels.

Pandora noted that like-for-like growth in July has hovered around 2 percent, impacted by a weak end-of-season sale and the timing of product launches.

Essence came out in May 2024, while the new Talisman and Minis collections won’t be launched until the end of Q3 2025. 

The Latest

gia-edu main image.png
Supplier BulletinSep 04, 2025
A Brilliant Future Is Here

Sponsored by GIA

Lucara pink diamond
SourcingSep 04, 2025
Lucara Unveils Unusual 37-Carat Pink Diamond

The Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.

A street in Carlsbad California
Events & AwardsSep 04, 2025
27 Can’t-Miss Converge Sessions, Events

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Shot from Breitling new NFL campaign
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

Weekly QuizSep 04, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
NYC Jewelry, Antique, & Object Show Autumn 2025
Events & AwardsSep 04, 2025
The NYC Jewelry, Antique, & Object Show Returns in November

NYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.

Fabergé x Gemfields Malaika Egg
SourcingSep 03, 2025
Gemfields Confirms Completion of Fabergé Sale

U.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Claire’s storefront
MajorsSep 03, 2025
These Are the Nearly 300 Claire’s Stores Set to Close

A new court filing details the locations of the stores that will close, as well as the 830 that will remain open.

Stuller’s Tools, Equipment, & Metals and Findings & Metals Catalogs
MajorsSep 03, 2025
Stuller Releases 2 New Catalogs

The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”

Effy Jewelry Multicolor Sapphire Bangle
TrendsSep 03, 2025
Amanda’s Style File: A Perfect Birthstone

Sapphire’s variety of colors make it the perfect birthstone for September.

Jean-Christophe Bédos Birks
MajorsSep 02, 2025
Birks CEO Jean-Christophe Bédos Steps Down

Niccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.

Harry Winston Ginza Flagship Exterior, Interior
MajorsSep 02, 2025
Harry Winston Opens Its Largest Flagship in Japan

The three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.

All Hours: Stephanie Gottlieb Fine Jewelry x Oak and Luna Campaign Imagery
CollectionsSep 02, 2025
Stephanie Gottlieb Debuts Silver Designs in ‘All Hours’ Collab

The collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.

Sothebys The Desert Rose orangy pink diamond collectors week
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink Diamond

The highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.

Mark Davis Bullseye Necklace
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace

The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.

Image #1_Resized.png
Supplier BulletinAug 28, 2025
Clientbook Is Helping Jewelers Turn Clienteling Challenges into Wins with Hands-On Training and Coaching

Sponsored by Clientbook

GIA’s new report for lab-grown diamonds
GradingAug 28, 2025
GIA’s New ‘Quality Assessment’ for Lab-Grown Diamonds Is Coming

It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.

Botswana President Duma Boko
SourcingAug 28, 2025
Botswana Declares Public Health Emergency Amid Diamond Sales Slump

President Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.

Afton Robertson-Kanne Borsheims
MajorsAug 28, 2025
Borsheims Names New Jewelry Buyer

Former Free People buyer Afton Robertson-Kanne recently joined the retailer.

Sissy’s Log Cabin Back to School and Bling
IndependentsAug 28, 2025
Sissy’s Log Cabin Donates School Supplies to Memphis Students

The jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.

Taylor Swift Engaged
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond Cuts

The singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.

11,685-carat Imboo emerald
SourcingAug 27, 2025
11,685-Carat Emerald Recovered From Zambia’s Kagem Mine

Dubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.

Shopping cart
SurveysAug 27, 2025
Consumer Confidence Slips in August Amid Job, Income Worries

Plans for dining out, booking vacations, and buying big-ticket items were down.

Mine + Found Play Collection Prize Bubble Locket, Whistle Pendent, Fortune Dice
CollectionsAug 27, 2025
Mined + Found’s New Collection Gets Playful

The “Play” collection centers on nostalgic toys that have kinetic elements to carry playfulness and wonder into adulthood.

CCWW lifesaver necklace
CollectionsAug 26, 2025
Does Your Jewelry Stack Need a Snack?

Designer Christina Puchi, the creative force behind CCWW Designs, has created charms and pendants based on iconic candies and crackers.

Nick Jonas x Fossil Campaign
WatchesAug 26, 2025
Nick Jonas Gets Nostalgic in New Fossil Campaign

The Jonas Brothers star showed off new timepieces against the backdrop of his favorite spots in his home state of New Jersey.

×

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