Pandora Adjusts Growth Expectations Amid Shifts in Key Markets
Pandora is now targeting organic growth of 6% for 2025 after trimming its previous estimate of 7 to 8% due to softer results in the U.S. market. The company continues to hold a strong position in the global jewelry landscape despite recent challenges. CEO Berta de Pablos Barbier noted that the group still delivered 6% organic growth for the year even though holiday season spending in North America fell short of expectations.
The year brought macroeconomic pressures, yet it also highlighted opportunities to refine brand appeal and operational execution. The company is maintaining its outlook for operating profit of around 7.8 billion DKK, which translates to roughly 1.2 billion USD, paired with an EBIT margin of about 24%. Total revenue for 2025 is projected to reach 32.5 billion DKK, rising from 31.7 billion DKK in 2024, while Q4 revenue slipped slightly to 11.9 billion DKK from 12 billion DKK a year earlier.
North America recorded a 2% increase compared with Q4 2025, although November and December were slower than anticipated due to weakened consumer sentiment that reduced store traffic. The EMEA region posted a growth rate of minus 1%, with Italy trailing while Spain, Poland and Portugal achieved strong momentum.
Building a Bigger Pandora
The newly appointed CEO emphasized a focus on navigating market conditions, reducing merchandise exposure and making strategic adjustments to support profitable expansion. The company sees substantial room for further growth as a fully developed jewelry brand and remains confident in its core business strengths. Plans for 2025 include the introduction of new designs using alternative materials, partly influenced by elevated silver prices.
Pandora will reveal its audited 2025 results on February 5.
Strong Greek Market Presence
The brand continues to grow in Greece through Pandora Greece and its representative Eleftheria Maragoudaki IKE. The network expanded through both physical retail and digital channels, boosted by active marketing and dual e shop operations. By the end of 2024, the company operated 7 stores and its online shop, while 2025 brought 2 new leases in Kalamata and the River West shopping center in Athens.
Several high traffic Greek locations, including Mykonos, Chania, Heraklion and major malls such as Athens Mall and Cosmos, are managed by the representative, who also distributes products via the e shop hoj.gr/pandora/. Two stores, located in Aigaleo and Mykonos, ceased operations on 23 2 2025 and 1 4 2025 respectively.
