Pandora sees U.S. demand stabilizing as consumers face inflation

U.S. demand for Pandora's jewellery has stabilized at a lower level due to inflation, high fuel prices, and economic uncertainty affecting lower- and middle-income consumers, CEO Berta de Pablos-Barbier stated. The U.S. market, Pandora's largest, has not worsened but remains stagnant, yet it has yet to recover. However, Asia has proven more resilient, enabling Pandora to raise its 2026 organic revenue growth forecast to 3% from a previous range of -1% to 2%. Japan's business has more than doubled in approximately three years.

In 2025, Pandora reported organic revenue growth of 6%, up from 13% in 2024. The company is investing $150 million in its Vietnam factory, its first outside Thailand, which will boost manufacturing capacity by around 50%. When fully operational, the plant will employ approximately 7,000 people. Initially, Vietnam will contribute about 15% of Pandora's global production capacity, expanding to roughly one-third by 2030.

The factory aims to supply global demand rather than cater to specific markets. To mitigate exposure to volatile silver prices, Pandora plans to shift about half of its products to platinum-plated jewellery from next year. Currently, the U.S. is Pandora's largest market, with silver charm bracelets priced at around $80.

De Pablos-Barbier clarified that the Vietnam factory is a long-term investment, irrespective of near-term trade conditions. Pandora also opened an online distribution center in Canada in March, enabling Canadian orders to circumvent U.S. customs and reduce exposure to U.S. tariffs. The Vietnam plant can produce up to 60 million pieces annually.

In 2025, Pandora sold 112 million pieces globally. The company operates three factories in Thailand, employing around 13,000 people.