Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Pandora Lowers Yearly Outlook Following Rough Q3
Like-for-like sales were down across its top seven markets, including a 9 percent dip in the United States.

Copenhagen, Denmark—Pandora had a rough third quarter and has lowered its financial outlook for the year as the cost of its brand relaunch and weak sales in China weigh heavy on its balance sheet.
Like-for-like sales dipped 10 percent year-over-year, including double-digit declines in key markets such as the U.K. and China. (Like-for-like represents true comparable sales out of stores that have been open for at least a year, excluding currency fluctuations.)
Quarterly revenue totaled 4.42 billion Danish kroner ($656.63 million), falling 11 percent compared with 4.98 billion kroner ($740.85 million) in the third quarter of last year.
“The deliberate actions of the commercial reset hurt our short-term financial performance, but it’s unquestionably the right thing to do,” CEO Alexander Lacik said in an earnings call Tuesday morning.
“We will exit 2019 in much better shape in key areas with less dependence on promotions, more balanced inventory levels, and a more efficient product assortment.”
Like-for-like online sales jumped 12 percent, accounting for 10 percent of total revenue, slightly higher than the 8 percent in the previous third quarter.
Total revenue in the United States fell 14 percent year-over-year while like-for-like sales sank 9 percent. The U.S. remains Pandora’s top market, accounting for 20 percent of global revenue.
Pandora attributed the weak performance in the U.S. to a reduction of promotional activity—it cut back on the number of sale days by 40 percent—but noted that adjusting for the reduction, like-for-like sales were “in line with the overall retail traffic development in the U.S.”
Organic growth— sales into stores (sell-in) plus sales from newly opened stores (also excluding currency fluctuations)— in the U.S. sank 18 percent, which the company said represents a “significant reduction” in inventory among its wholesale partners, which was larger than it expected this quarter.
Pandora described its performance in China as “disappointing,” seeing a 7 percent dip in total revenue and a 16 percent drop in like-for-like sales.
Double-digit growth in sales on Tmall, a popular e-commerce site, was offset by weak sales for Chinese Valentine’s Day this August. The holiday accounts for around 32 percent of its third-quarter revenue, Pandora said.
The company has responded with a “Win-in-China” initiative, an element of its Programme Now turnaround effort, which includes commercial initiatives, like brand positioning, and optimizing its media spend.
Like-for-like sales were down across the board in Pandora’s top seven markets, including a 10 percent dip in the U.K., its second-largest market by revenue share,
By category, sales of charms fell 12 percent year-over-year while sales of bracelets and rings were both down 13 percent.
Revenue from its earrings and necklaces and pendants segments slipped 6 percent.
Looking ahead, Pandora lowered its financial guidance for the full year, forecasting negative organic revenue growth in the 7 to 9 percent range, compared with its previous guidance of a 3 to 7 percent decline.
The company attributed the change in part to higher-than-expected cuts in inventory levels with its wholesale partners.
In a press release, Lacik called the third quarter “an important milestone for Pandora,” noting consumers have responded positively to the company’s rebranding initiatives, adding that Pandora is expecting “solid” Christmas sales.
“We continue to believe that we will see an improvement in like-for-like in Q4, although the exact magnitude is clearly subject to uncertainty,” he said.
In addition to its quarterly results, Pandora announced Monday the nomination of Peter Ruzicka as its new member and chair of its board of directors.
His appointment is subject to election at its general meeting, which is scheduled for Dec. 4.
The Latest

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

The basketball stars wear men’s jewelry from the “Curb Chain” collection.


The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
The two organizations will hold the educational event together this fall in Mississippi.

The entrepreneur and “Shark Tank” star will share his top tips for success.

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

The free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.

The feedback will be used to prepare other jewelers for the challenges ahead, the organization said.

The online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.

The opening marks the jewelry retailer’s first location in the Midwest.

The “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.

Robert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.

The announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.