PARIS — Pandora is moving into new territories in 2026 with the introduction of platinum-plated jewelry after skyrocketing precious metal prices, weakened consumer sentiment and global macroeconomic uncertainties left their mark on 2025 results.
On Wednesday evening, the Danish jewelry giant reported sales of 11.86 billion Danish kroner, or $1.87 billion, in the three months to Dec. 31. Organic revenue grew 4 percent, with a “flat like-for-like and network expansion and other of 4 percent,” the company said in a statement.
Net profit slid 0.7 percent to 2.85 billion Danish kroner for the period, against the same period last year.
For 2025 as a whole, Pandora posted revenues of 32.55 billion Danish kroner, or $5.15 billion, up 6 percent year-on-year, as the company forecasted in early January and slightly lower than its prior guidance of 7 percent to 8 percent.
“We delivered 6 percent organic growth in 2025 and while the macroeconomic backdrop was challenging, growth was below our expectations,” declared Berta de Pablos-Barbier, president and chief executive officer of Pandora since Jan. 1.
“As new CEO, my priorities are clear and we have plans to strengthen brand desirability, reduce commodity exposure and evolve how we drive profitable growth,” she continued.
In the fourth quarter of 2025, its core charms business remained flat, continuing to account for almost three-quarters of all sales. Meanwhile, the “Fuel With More” category, which comprises its lab-grown diamond offer, declined 3 percent.
Results for the quarter were “lower than expected, reflecting weaker holiday trading in November and December, with North America being particularly impacted,” the company said.
Growth in North America in the three months to Dec. 31 came in at 2 percent in like-for-like terms, with trading slowing in November and December attributed to lower traffic in the stores, reflecting the step-down in consumer sentiment.
Europe and the Middle East shrank 1 percent overall. A mixed picture emerged from the region, with strong growth in Spain, Poland and Portugal offset by continued weakness in Italy, France, Germany and the U.K.
Latin America slumped 7 percent in the quarter, while the Asia-Pacific region grew 2 percent. In China, Pandora is continuing to pursue optimization of its retail network, with 95 net concept store closures. Meanwhile, in Japan, where revenue “more than doubled in 2025,” the company described revenue levels as “still small…but the market opportunity is big.”
Current trading in the first quarter is “around flat” in like-for-like terms, the company said.
The company gave its initial 2026 guidance as “minus 1 percent to 2 percent organic growth,” with an EBIT margin of “21 to 22 percent.”
In separate announcements on Wednesday, Pandora said it was moving into platinum-plated jewelry and revealed the appointment of Philippa Newman as chief product officer.
Newman, who was previously chief brand and product officer at Michael Kors and held roles at Tory Burch, Alexander McQueen, and Donna Karan over the course of a 25-year career, will take up her new role on March 9.
Pandora said the move to platinum-plated pieces would “diversify and reduce the company’s commodity exposure to rely less on silver,” noting platinum did not tarnish like silver.
It comes as gold and silver have surged to unprecedented levels in the past year, with the former passing the $5,000 per troy ounce in January.
“With this innovation, we can navigate the new realities of raw material costs while offering consumers precious metal jewelry that is exceptionally well-suited for everyday wear,” said Pablos-Barbier.
The first pieces are expected to roll out in the first quarter, with a selection of bestselling bracelets being launched in 30 stores and Pandora’s e-commerce in Northern Europe. After this pilot, a wider selection, including charms, will be launched globally in the second half of the year.
