Overview

• Pandora's CEO Alexander Lacik confirmed that current 10% U.S. tariffs are manageable but warned that a return to higher reciprocal rates could force substantial price increases across the affordable jewelry market.
• The company has maintained its 2025 organic growth guidance of 7%–8% but lowered its operating profit margin forecast to around 24%, citing macroeconomic uncertainty and currency fluctuations.
• Pandora produces 95% of its jewelry in Thailand, employing nearly 15,000 craftspeople, and has ruled out U.S. manufacturing due to high labor costs and a lack of skilled workers.
• In response to tariff challenges, Pandora is diversifying its supply chain by sourcing point-of-sale materials from new countries and rerouting distribution to bypass U.S. import duties.
• The company has raised prices twice in the past year, by 5% in October 2024 and 4% in April 2025, due to rising silver costs, further highlighting pressures on affordability.