Jewellery maker Pandora hit by weak US holiday shopping

By Anna Ringstrom and Helen Reid

STOCKHOLM, Jan 9 (Reuters) – Pandora warned of weaker 2025 sales growth on Friday, sending the Danish jewellery brand’s shares down 10%, after U.S. shoppers bought fewer charm bracelets and necklaces than expected in the key holiday season.

Pandora, which sells silver charm bracelets for $70 and upwards, as well as lab-grown diamond jewellery made at its own factories in Thailand, is grappling with lower-income shoppers cutting their spending, the impact of U.S. tariffs and a 161% rise in silver prices last year.

“The main thing happening in the U.S. is that we had lower traffic than we have had in previous seasons,” said Berta de Pablos-Barbier, who took over as Pandora CEO on January 1.

“Consumer sentiment in the U.S. is at the lowest in many years,” de Pablos-Barbier added. The U.S. is Pandora’s biggest market, accounting for around a third of its revenue, and holiday gifting is a key driver of sales.

Pandora said in a preliminary reading of 2025 results that it now sees full-year organic sales growth of 6%, below its previous guidance of 7%-8%.

Shares in Pandora, which is due to publish full fourth-quarter earnings on February 5, fell 10% to their lowest level since June 2023.

‘RE-ENERGISING COLLECTIONS’

De Pablos-Barbier, previously Pandora’s chief marketing officer, said the company would focus on developing more new product lines to lure cautious consumers back into stores. 

“We need to be better at re-energising our collections, we need to bring more impactful newness into the market, because this is going to drive excitement,” de Pablos-Barbier said. 

Pandora also 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%.

Silver’s high cost was a “good trigger” for Pandora to start working on new materials and designs, de Pablos-Barbier said. 

Pandora will present its strategic priorities for 2026 next month, including an update on plans to lower its commodity exposure to protect margins.

($1 = 6.4163 Danish crowns) 

(Reporting by Anna Ringstrom in Stockholm and Helen Reid in London, editing by Terje Solsvik and Alexander Smith)