Finance
Jewellery maker Pandora hit by weak US holiday shopping
Published by Global Banking & Finance Review®
Posted on January 9, 2026
2 min readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 9, 2026
2 min readLast updated: January 20, 2026
Pandora warns of weaker 2025 sales growth after US holiday shopping disappoints, impacting shares and prompting a focus on new product lines.
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)
Organic sales growth refers to the increase in sales generated by a company from its existing operations, excluding any sales from acquisitions or mergers.
An operating profit margin is a financial metric that shows the percentage of revenue that remains after covering operating expenses, indicating the efficiency of a company's core business operations.
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