Pandora Flags Slight Growth, Eyes Strategic Adjustments for 2025

Pandora has released preliminary and unaudited results for 2025, forecasting an organic growth of 6%, a slight decrease from its earlier projection of 7% to 8%. The Danish jewellery brand announced these figures on Friday, citing softer-than-anticipated holiday trading in the fourth quarter, particularly within the North American market.

According to Pandora’s CEO, Berta de Pablos-Barbier, the 6% growth was achieved “despite softer than expected Q4 holiday trading, particularly in North America.” She further emphasized that while macroeconomic challenges presented headwinds throughout the year, they also revealed opportunities to refine operational strategies and bolster brand appeal. De Pablos-Barbier stated, “While the year was marked by macro headwinds, it has also highlighted opportunities to sharpen execution and strengthen brand desirability.”

Financially, Pandora anticipates a full-year operating profit of approximately 7.8 billion Danish crowns (equivalent to $1.2 billion) and an EBIT margin of around 24%, remaining consistent with previous guidance. Revenue for 2025 is projected to reach 32.5 billion Danish crowns, a rise from the 31.7 billion Danish crowns recorded in 2024. Fourth-quarter revenue totaled 11.9 billion Danish crowns, slightly down from the 12 billion Danish crowns reported in the same period the previous year.

Regional performance varied. North America experienced 2% like-for-like growth in the fourth quarter, but November and December trading fell short of expectations due to diminished consumer confidence and reduced foot traffic in stores. While the EMEA region saw a -1% like-for-like decline, with Italy lagging, strong growth was observed in Spain, Poland, and Portugal.

Looking ahead, de Pablos-Barbier, as the new CEO, outlined her priorities. Her focus will be on navigating the current market conditions, mitigating commodity exposure, and making necessary adjustments to accelerate profitable growth. She expressed confidence in Pandora’s potential, stating, “As new CEO, my focus will be to navigate the current market environment, reduce our commodity exposure and course-correct in select areas to accelerate profitable growth.” She also highlighted the brand’s ambition to expand its presence as a comprehensive jewellery brand, emphasizing its strong fundamentals and ongoing efforts to “build a bigger Pandora.”

Pandora plans to unveil designs incorporating new materials later this calendar year, strategically leveraging high silver prices to drive innovation. The company will release its fully audited 2025 results on February 5th.