Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
Pandora’s 2020 Sales Sink Despite Strong Online Performance
The Danish jewelry company is approaching 2021 with caution as COVID-19 restrictions linger.

Copenhagen, Denmark—Pandora’s online sales nearly doubled in the fourth quarter and for the year, but the Danish jeweler is approaching fiscal 2021 with caution as COVID-19 restrictions continue to weigh on revenue growth.
Fourth-quarter revenue was down 1 percent year-over-year to 7.89 billion Danish kroner ($914.08 million) compared with 7.96 billion kroner ($921.6 million) in the fourth quarter last year.
Quarterly like-for-like sales were up 6 percent year-over-year. (Like-for-like represents true comparable sales from stores that have been open for at least a year, excluding currency fluctuations.)
The strong finish and jump in digital sales were not enough, however, to completely offset the loss in sales caused by COVID-19.
Full-year revenue fell 13 percent to 19.01 billion Danish kroner ($2.2 billion) compared with 21.87 billion kroner ($2.53 billion) in the previous period.
Like-for-like sales were up 1 percent.
CEO Alexander Lacik described the year as “truly challenging,” noting the company was in the middle of its turnaround program while dealing with the COVID-19 pandemic and a change to its organizational structure and its operating model.
“Despite these significant disruptions, we managed to navigate the business to a very strong performance, leading to market share gains in many markets,” said Lacik in a press release about the results.
“We continue to invest strongly in building the brand desirability, digital capabilities and operational excellence, all of which will be key foundations as we gradually move from transformation to growth mode.”
By product category, sales of charms were down 4 percent in the quarter and down 15 percent for the full year.
Bracelet sales were up 4 percent in Q4 but down 11 percent for the full year.
In the ring category, quarterly sales slipped 1 percent while annual sales fell 11 percent, while earring sales were up 3 percent in the quarter and down 11 percent for the full year.
Sales of necklaces and pendants were up 5 percent in the quarter, but down 8 percent for the full year.
By sales channel, Pandora-owned retail stores, including the online store, brought in 5.53 billion Danish kroner ($640 million) in the fourth quarter, up 6 from the previous year.
For the full year, retail sales were down 5 percent year-over-year to 13.43 billion Danish kroner ($1.56 billion).
Wholesale sales in the fourth quarter fell 14 percent to 2.14 billion Danish kroner ($248.2 million). For the full year, wholesale sales sank 26 percent to 4.95 billion Danish kroner ($573.2 million)
During the fourth quarter, more
The traffic into Pandora-owned physical stores plummeted 60 percent year-over-year in the fourth quarter, though Pandora noted the conversation rate was higher.
The company operated 2,690 stores as of the fourth quarter, 80 fewer when compared with the previous fourth quarter.
Online sales nearly doubled in the quarter, up 94 percent to 2.53 billion Danish kroner ($293.4 million), and accounted for 32 percent of total revenue.
For the full year, online sales were up 97 percent to 5.48 billion Danish kroner ($635.1 million), accounting for 29 percent of revenue.
In the United States, Pandora’s largest market accounting for 25 percent of total revenue, sales were strong in the fourth quarter with online shopping and curbside pickup alleviating the sting of COVID-19-related restrictions.
The Star Wars collection, released in October 2020, was especially well-received.
Quarterly revenue in the U.S. totaled 1.98 million Danish kroner ($229.6 million), up 11 percent year-over-year.
For the full year, U.S. revenue fell 4 percent to 4.51 billion Danish kroner ($521.9 million).
Looking ahead, Pandora said it expects to return to top-line growth, but remains wary of the effects of the COVID-19 pandemic.
The Latest

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

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

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.


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

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

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

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.

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

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

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

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

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

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

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

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

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

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

Sponsored by Clientbook

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

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

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

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

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

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