SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.
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
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
Weekly QuizOct 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s MurderCarlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ CollectionThe brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.
SourcingOct 07, 2025
Columbia Gem House Announces ‘Opals for Outback Heroes’ FundraiserProceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for RainCitizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing DirectorAmit Pratihari was previously the managing director of De Beers India and Forevermark India.
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West CoastMembers of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White MetalsGomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEODiamond industry banking veteran Paul De Wachter will take on the role in January 2026.
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire RingTaylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed SandIts “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.
TrendsOct 02, 2025
Amanda’s Style File: October’s Colorful ShowThe month’s birthstones, tourmaline and opal, complement the palette of autumn.
ColumnistsOct 01, 2025
Peter Smith: Why Vendor Success Starts With Self-ReflectionSmith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.
EditorsOct 01, 2025
Playing Favorites: The Best Jewelry From VicenzaoroAssociate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.
SurveysOct 01, 2025
Consumer Confidence Hits 5-Month Low in September Respondents were concerned about job availability and rising prices.
SourcingOct 01, 2025
Gemfields’ H1 Revenue Falls 47%Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.
