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Pandora Lifts Revenue Forecast on Asia Strength as U.S. Demand Stabilizes
Summary
The Danish jeweler raised its 2026 sales outlook, citing strong performance in Asia which is offsetting a stabilization in U.S. demand as inflation pressures consumers.
Danish jewelry maker Pandora reported that demand in the United States, its largest market, has stabilized at a lower level after weakening in May. The company attributed the slowdown to inflationary pressures, high fuel prices, and economic uncertainty affecting its core lower- and middle-income customers.
Contrasting Regional Performance
While the U.S. market has not deteriorated further, it has yet to show signs of recovery, CEO Berta de Pablos-Barbier said on Thursday. In contrast, performance in Asia has been a significant bright spot for the company. Strength in the region, particularly in Japan where the business has more than doubled in about three years, was a key factor in the company's upgraded forecast.
This divergence prompted Pandora to raise its 2026 organic revenue growth forecast to 3%, an improvement from its previous guidance of between -1% and 2%. For context, the company reported organic revenue growth of 6% in 2025 and 13% in 2024.
AdStrategic Expansion and Production Shift
Pandora is moving to diversify its manufacturing footprint with a new $150 million factory in Vietnam, its first production site outside of Thailand. The facility is expected to increase the company's total manufacturing capacity by approximately 50% and produce up to 60 million pieces of jewelry annually. Pandora sold 112 million pieces globally in 2025.
De Pablos-Barbier stated the Vietnam plant, which will eventually employ 7,000 people, is a long-term investment to supply global demand rather than a reaction to near-term trade conditions. The company is also shifting its product mix to mitigate commodity risk, planning to move about half of its products from silver to platinum-plated jewelry starting next year to reduce exposure to volatile silver prices.
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