Pandora is making a bold move into platinum-plated jewelry in 2026, seeking to rejuvenate its brand after a disappointing holiday season and challenging economic environment left its fourth-quarter results stagnant. As precious metal prices have soared, consumers are feeling less confident, and these factors combined have affected the company’s performance in 2025.
On Wednesday evening, the renowned Danish jewelry brand announced its sales figures for the final quarter of 2025, reporting 11.86 billion Danish kroner, equivalent to approximately $1.87 billion. Although organic revenue saw a modest increase of 4 percent, the overall growth was described as flat when accounting for like-for-like comparisons and network expansion.
The company experienced a slight decline in net profit, which fell by 0.7 percent to 2.85 billion Danish kroner compared to the same period last year. For the complete year of 2025, Pandora achieved total revenues of 32.55 billion Danish kroner, or around $5.15 billion, reflecting a 6 percent increase year-over-year. This growth, while positive, was slightly below the company’s earlier projections that anticipated a rise of 7 to 8 percent.
Berta de Pablos-Barbier, who has been at the helm as president and CEO since January 1, stated, "We delivered 6 percent organic growth in 2025; however, given the difficult macroeconomic context, our growth didn’t meet our expectations." She emphasized her priorities as the new CEO, focusing on enhancing brand appeal, minimizing exposure to commodity price fluctuations, and evolving strategies to ensure profitable growth.
In the fourth quarter, Pandora's core charms segment remained steady, still accounting for nearly three-quarters of total sales. However, the segment known as "Fuel With More," which features lab-grown diamonds, experienced a decline of 3 percent. The company noted that the quarterly results were not as strong as anticipated, largely due to subdued holiday sales during November and December, especially impacting North American markets.
During this period, North America recorded only a 2 percent increase in like-for-like sales, with a noticeable slowdown attributed to diminished store traffic amidst declining consumer confidence. Meanwhile, Europe and the Middle East faced a slight contraction of 1 percent overall. The region showed a mixed performance, marked by robust growth in countries like Spain, Poland, and Portugal, counterbalanced by ongoing struggles in Italy, France, Germany, and the United Kingdom.
Latin America saw a significant downturn, with sales dropping 7 percent for the quarter, whereas the Asia-Pacific region reported a modest growth of 2 percent. In China, Pandora is strategically optimizing its retail presence, resulting in 95 net closures of concept stores. Conversely, in Japan, revenue more than doubled in 2025, though the company acknowledged that the overall revenue remains small relative to the larger market potential.
Current trading conditions in the first quarter indicate a performance that is generally flat in like-for-like terms, according to the company's reports. Looking ahead, Pandora has offered preliminary guidance for 2026, projecting organic growth to be between a decline of 1 percent to a growth of 2 percent, along with an anticipated EBIT margin of 21 to 22 percent.
In a separate announcement, Pandora revealed its venture into platinum-plated jewelry, alongside the appointment of Philippa Newman as the new chief product officer. Newman brings extensive experience from her prior roles at Michael Kors, Tory Burch, Alexander McQueen, and Donna Karan, marking a significant addition to Pandora’s leadership team as she steps into her new role on March 9.
The introduction of platinum-plated pieces aims to diversify Pandora's offerings and reduce reliance on silver, highlighting the fact that platinum does not tarnish like silver does. This strategic move comes in light of soaring gold and silver prices, with gold surpassing $5,000 per troy ounce recently. "With this innovation, we can adapt to the new realities of raw material costs while providing customers with precious metal jewelry that is perfect for everyday wear," Pablos-Barbier commented.
The initial collection of platinum-plated jewelry is expected to launch in the first quarter, featuring popular bracelets available in 30 selected stores and through Pandora’s e-commerce platform in Northern Europe. Following this pilot phase, a broader assortment, including charms, will be introduced globally in the latter half of the year.
