Danish jewellery giant Pandora has posted solid second-quarter results, supported by robust demand in the US and ongoing international growth.
The company’s organic revenue increased by 8 per cent year-on-year, powered by a 3 per cent rise in like-for-like (LFL) sales and a 5 per cent contribution from network expansion. Net income edged up slightly to DKK 803 million (approximately US$125 million), compared to DKK 799 million (US$124 million) in the same period last year.
Regionally, the US continued to lead Pandora’s growth, with an 8 per cent LFL sales lift in Q2. The Rest of the World posted 6 per cent LFL growth, while Europe grew just 1 per cent, although several key countries, including Spain, Portugal, the Netherlands, and Poland, delivered double-digit gains.
During Q2 2025, Pandora expanded its retail footprint by opening a net 17 concept stores and adding eight net Pandora-operated shop-in-shops, bringing its total to 93 net concept stores and 87 net shop-in-shops launched globally over the past year.
Physical retail remains a strategic priority for Pandora, though the company is refining its approach in certain markets. Pandora now aims to open 400 to 500 net concept stores between 2024 and 2026.
However, it has revised down its full-year 2025 target to 25–50 net openings from an earlier forecast of 50–75, reflecting intensified optimisation efforts in China, where up to 100 store closures are now expected, double the previously stated minimum of 50.
Despite these closures in China, Pandora anticipates maintaining 3 per cent network-driven organic growth for the full year. The plan to open around 25 net new Pandora-operated shop-in-shops this year remains intact.
A highlight of the quarter was the launch of Pandora’s second global flagship store on the Las Vegas Strip. The company aims to complete a major in-store transformation across 1375 to 1425 stores by the end of 2026, enhancing both customer experience and brand visual identity.
Pandora plans to release two new charm collections, Pandora Talisman and Minis, in the second half of this year. These collections are designed to attract younger, value-conscious consumers. The company will also continue to build momentum around its ‘Be Love’ campaign, featuring localised storytelling and influencer activations in key markets.
Pandora also acknowledged rising tariff-related cost pressures, particularly in the US. Import duties on goods from Thailand, China, Vietnam, and India are projected to cost the company DKK 200 million (US$31 million) in FY25, potentially increasing to as much as DKK 450 million (US$70 million) annually by FY26.
