Posted By Global Banking and Finance Review
Posted on February 5, 2025
LONDON (Reuters) -Jewellery maker Pandora on Wednesday said additional U.S. tariffs on imports from China imposed by U.S. President Donald Trump have had a limited impact on the company, which makes its charm bracelets and other products at two factories it owns and operates in Thailand.
Pandora had been anticipating tariffs and working to limit the amount of imports to the U.S., its biggest market, from China, chief financial officer Anders Boyer told analysts on a fourth-quarter results call on Wednesday.
He said the impact of the additional tariffs would be quite limited at around 15 million Danish crowns ($2.09 million) per year. Pandora imports items like displays, signs, jewellery boxes, shopping bags and store furniture from China.
Trump has threatened to impose tariffs on a wide range of countries, and Boyer outlined Pandora's scenario in case of tariffs on Thailand, currently its only production hub.
A 10% tariff on imports to the U.S. from Thailand would have an annual impact of 350 million to 400 million Danish crowns ($48.86 million to $55.84 million), he said.
Pandora is currently building a new factory in Vietnam, which it expects to open in early 2026.
Pandora reported 2024 revenue of 31.68 billion Danish crowns ($4.42 billion), with organic growth of 13%, but forecast lower growth for 2025.
($1 = 7.1629 Danish crowns)
(Reporting by Helen ReidEditing by Bernadette Baum and Jane Merriman)