Pandora CEO Notes Decrease in US Demand as Inflation Worries Grow

Pandora A/S is experiencing stabilization in US demand at a lower level as consumers contend with inflation and elevated gas prices, according to Chief Executive Officer Berta de Pablos-Barbier.

The Danish jeweler noted a dip in consumer sentiment in some markets during May, especially in the US, but conditions have since “stabilised at a lower level,” De Pablos-Barbier stated on Thursday during a ceremony inaugurating Pandora’s factory in Vietnam.

“The situation is not deteriorating further, but there is also no increase, particularly among the mid- and lower-income demographics. They are facing inflation, high gas prices, and there remains considerable uncertainty due to global conflicts,” she explained.

In contrast, Asia produced strong results in the second quarter, with Pandora’s business in Japan more than doubling over approximately three years, she added.

The inauguration of the Ho Chi Minh City factory concludes Pandora’s long-standing reliance on Thailand, where it operates three plants, for all production. The $150 million facility will ultimately account for one-third of the company’s manufacturing capacity and is set to become the world’s largest fine-jewelry crafting facility, as per Pandora’s claims.

Pandora’s expansion of its supply chain is in line with its strategy to transition half of its products from silver to platinum-plated jewelry starting next year, in response to fluctuating silver prices.

The Vietnam plant is projected to reach full operational capacity by 2030, with the ability to produce 60 million pieces of jewelry annually. The company sold 112 million pieces in 2025.

Factors attracting Pandora to Vietnam include strong infrastructure, a stable economic climate, and “a rich tradition of jewelry crafting,” De Pablos-Barbier remarked.

The new facility will also enhance the company’s manufacturing flexibility. Gold and silver inputs for the Vietnam factory will be sourced from Pandora’s current recycled materials suppliers, she noted. The company will evaluate the possibility of using local metals if they meet its quality standards, according to De Pablos-Barbier.

In March, Pandora launched a new online distribution center in Canada, thereby minimizing its exposure to US tariffs, as online jewelry orders destined for Canada do not require clearance through US customs.

Pandora has revised its organic revenue growth forecast for this year to an increase of up to 3%, up from an earlier projection of a decline of 1% to an increase of 2%. The company’s achievements in Asia have contributed to this adjustment, De Pablos-Barbier acknowledged.

Pandora reported organic revenue growth of 6% in 2025 and 13% the prior year.

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