Danish Jewellery brand Pandora’s growth hit by weak US market

Danish jewellery brand Pandora warned of weaker 2025 sales growth on Friday, denting its shares, after US shoppers spent less than expected in the key holiday season. Pandora, which sells $80 charm bracelets and lab-grown diamond jewellery made at its own factories in Thailand, is grappling with lower-income shoppers cutting their spending, the impact of US tariffs and a 161 per cent rise in silver prices in 2025.

Pandora said in a preliminary reading of 2025 results that it now sees full-year organic sales growth of 6.0 per cent, below its previous guidance of 7.0 per cent-8.0 per cent. It said it expects a full-year operating profit of around 7.8 billion Danish crowns ($1.2 billion) and an operating margin, matching previous guidance, of around 24 per cent.

“The bottom-line performance demonstrates strong gross margins and cost discipline which partially offset significant external headwinds from commodity prices, foreign exchange rates, and tariffs,” Pandora said in a statement. Shares in Pandora, which is due to publish full fourth-quarter earnings on February 5, were down 5.9 per cent at 1145 GMT.

Pandora plans to introduce new materials and designs this year, de Pablos-Barbier said, adding that the high cost of silver was a “good trigger” to start working on innovations. Pandora will present its strategic priorities for 2026 next month, including an update on plans to lower its commodity exposure to protect margins.