CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s LondonNext week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.
MajorsMar 19, 2020
Pandora Closes US Stores as COVID-19 Escalates
The jeweler also has scrapped its previously stated financial guidance in the wake of the pandemic.
Pandora said its previously stated financial guidance is “no longer meaningful” as it did not take into consideration the effects of the coronavirus.
Copenhagen, Denmark—Pandora has closed its U.S stores for the next two weeks in light of coronavirus concerns, the company announced Wednesday.
Its stores in Italy, Spain, Germany and France are also closed temporarily while in China, Pandora stores have reopened and traffic is slowly improving, it said.
Pandora said it would encourage its franchisees and partners in affected markets to voluntarily close as well.
The company’s jewelry is sold in more than 100 countries through 7,400 points of sale, including 2,700 concept stores.
Its manufacturing facilities in Thailand and regional distribution centers continue to operate without “notable impact,” and Pandora’s online store is still up and running.
Many of the jeweler’s 28,000 employees are working from home and all business travel has been put on hold.
In a letter addressed to the Pandora community, CEO Alexander Lacik said the company will continue scheduled base pay for at least eight weeks for staff that has been sent home.
If the stores remain closed past that point, Lacik said Pandora may adjust its approach and, where available, make use of government relief programs to help pay employees.
The company is scheduled to release its first-quarter results on May 5, but has scrapped its most recent financial guidance as the escalation of the coronavirus weighs on its performance.
The Danish jeweler did not account for how widespread the impact of the coronavirus would be when it provided guidance in February.
The company expected like-for-like sales to improve from their 8 percent dip in 2019 to a negative “mid-single-digit” result in 2020 while organic growth was expected to be down 3 to 6 percent.
Pandora did not provide an updated financial forecast, but did share insight into how it has fared in recent months.
The company said its performance was strong in January and February, especially online sales, and the company reported positive like-for-like sales in some key markets.
Total like-for-like sales, excluding China, were better than expected but the spread of the coronavirus has led to weakness across all markets in recent weeks.
RELATED CONTENT: Pandora Trims Workforce Again Amid ReorganizationLike-for-like sales in China have dropped 70 to 80 percent since late January. Though revenue has improved slightly in China, the company said a return to normalcy will take time and is, ultimately, out of its control.
Pandora’s top three markets, the United States, United Kingdom and Italy, have all been grappling with the coronavirus outbreak.
Markets affected by lockdowns and other governmental
restrictions are expected to generate “negligible” revenue.
Nevertheless, Pandora expects to maintain strong profitability in the first quarter of 2020 and said it can absorb several months of a downturn in in-store traffic while still remaining profitable and generating cash for the full year.
Nevertheless, Pandora expects to maintain strong profitability in the first quarter of 2020 and said it can absorb several months of a downturn in in-store traffic while still remaining profitable and generating cash for the full year.
More on Majors
The Latest
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the HolidaysEmmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in AugustThe wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go VirtualThe mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
MajorsJul 18, 2025
Plumb Club Elects New Board MembersThe organization elected its youngest vice president as it looks to draw in fresh talent.
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at DiavikProduction at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
