Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales Fall

Copenhagen, Denmark—Pandora had a solid second quarter and has raised its full-year fiscal guidance as its new design-forward collections gain traction.

Pandora’s revenue was up 2 percent year-over-year at actual exchange rates (up 3 percent on an organic basis) to 7.22 billion Danish kroner ($1.11 billion), with like-for-like sales growth of 1 percent.

In the first half of the year, revenue was flat at actual exchange rates (up 2 percent on an organic basis) to 14.33 billion Danish kroner ($2.21 billion), with like-for-like sales growth flat.

“We are making progress in re-energizing Pandora’s growth engine,” CEO Berta de Pablos-Barbier said in the company’s Q2 results news release.

“There is more work ahead, but we are moving in the right direction and raising our 2026 guidance for both growth and profitability.”

The jewelry company said it is “course-correcting” in certain areas.

On the company’s earnings call Thursday morning, Pablos-Barbier said, “2026 is a year of deliberate change for Pandora. We are rolling our new growth model with greater focus on distinctive design, cultural relevance, and a stronger local execution.”

Pandora’s creative efforts historically have been concentrated into “playful” jewelry, it said, but other “underrepresented” aesthetics, including bold and organic jewelry designs, have driven its recent growth.

Pandora’s like-for-like sales were down 1 percent for its core segment, with softness in its “Moments” collections, which includes its signature charms.

New designs boosted its “fuel with more” segment, which includes lab-grown diamond jewelry as well as the “Timeless” and “Signature” collections. The segment saw 6 percent like-for-like growth in the quarter.

The sales decline in its core segment was offset slightly by the continued strength of its “Talisman” collection, its new line of medallions that is the subject of an ongoing lawsuit.

Earlier this year, jewelry brand Foundrae sued Pandora, alleging the company copied its medallion designs for the “Talisman” collection.

Like-for-like sales of Pandora’s lab-grown diamond jewelry collection declined by double-digits in Q2 and H1. The category accounted for about 1 percent of the company’s total sales.

Pandora announced in Q1 that it would be adding carbon footprint information to its lab-grown diamonds, prompting criticism from the Natural Diamond Council.

Its spring theme, “Garden of Dreams,” utilized storytelling and a curation of nature-themed motifs to drive growth in its “Timeless” category, said Pandora. The “Pandora Essence” collection was also a top seller.

The company launched “Pandora Wonders” in July, its new multi-year creative program in which the jeweler is partnering with artistic communities to promote craftsmanship and design.

For the first “Wonders” release, Pandora teamed up with British stylist and creative Harry Lambert on a whimsical collection of baroque pearl charms.

Launched in Paris during Haute Couture week, the pearl collection has “driven significant brand buzz,” Pandora said.

“Where the design initiatives have been implemented, newness is showing early traction, with recently launched collections outperforming the base assortment.” 

Pandora announced in February that it would begin selling platinum-plated jewelry to mitigate the impact of volatile gold and silver prices.

It began a pilot test of platinum-plated jewelry in the Netherlands in July, following a year of development and consumer testing.

A broader test of select designs will roll out across markets in Q4, with a scaled rollout set for 2027.

“Whilst prices of silver, gold, and platinum have eased somewhat in recent months, they remain materially above historical levels and the shift to platinum plating therefore remains a key structural lever to reduce commodity exposure (and thereby margin volatility) over time,” Pandora said.

The company said it plans to transition at least 50 percent of its relevant silver jewelry to platinum-plated pieces by 2027, with the rest to follow by 2028, with most production in-house.

By region, Pandora saw like-for-like sales dip 1 percent in North America, with sales flat in the U.S. market.

“Performance [in the U.S.] continued to be impacted by softer consumer sentiment and lower in-store traffic,” though the brand remains strong, Pablos-Barbier said.

Sales in Europe, the Middle East, and Africa sales were down 2 percent. Latin America was Pandora’s strongest market, with like-for-like sales up 18 percent, with Asia Pacific following, up 10 percent.

“The key message for the quarters is that margins remain solid,” Chief Financial Officer Anders Boyer said on the earnings call. “We continue to manage all of these external headwinds quite effectively.”

Boyer will retire at the end of November and be succeeded by Walmart executive Paulo Garcia.

By channel, online sales were flat in Q2, while like-for-like sales at Pandora’s physical stores were up 1 percent.

In the EMEA market, Pandora is piloting a new retail concept with a focus on visual storytelling.

Pandora has opened new flagship stores in Barcelona and Milan that showcase a new brand expression and “set a new benchmark for how consumers experience the brand,” said Pablos-Barbier.

“Early signs are encouraging and we will continue to refine and scale what works.”

As of Q2, its store count stands at 2,811, up 15 stores from the prior year period.

During the past 12 months, Pandora has added net 23 concept stores and closed net 17 Pandora-operated shop-in-shops.

The retailer said it plans to open 50 to 75 net concept stores, though it will close a net 25 to 50 Pandora operated shop-in-shops.

Looking ahead, Pandora raised its forecast to flat to 3 percent organic growth, compared with its prior forecast of -1 to +2 percent organic growth.

Its EBIT margin is now 22 to 23 percent, up from 21 to 22 percent, which Pandora attributed to one-off income due to a tariff refund. 

“We have to be careful because we continue to operate in a volatile macroeconomic and geopolitical environment, so the implications for consumers still remain uncertain,” Pablos-Barbier said.

In Q3, current trading shows like-for-like growth at mid-single digit levels.

Pandora’s Q3 results are set to be released Nov. 4.