Pandora is betting big on platinum to turn its fortunes around after a lackluster holiday season left its fourth-quarter performance stagnant. But here's where it gets controversial: Is this shift to platinum-plated jewelry a bold innovation or a desperate move in the face of skyrocketing precious metal prices and global economic uncertainty? Let’s dive in.
In a recent announcement from Paris, the Danish jewelry giant revealed its 2026 strategy, which includes introducing platinum-plated pieces to its collection. This move comes after a challenging 2025, marked by soaring costs of precious metals, weakened consumer confidence, and macroeconomic instability. On Wednesday, Pandora reported sales of 11.86 billion Danish kroner ($1.87 billion) for the quarter ending December 31, 2025, with organic revenue growing by 4 percent. However, net profit dipped slightly by 0.7 percent to 2.85 billion Danish kroner compared to the same period in 2024.
For the full year 2025, Pandora’s revenues reached 32.55 billion Danish kroner ($5.15 billion), a 6 percent year-on-year increase—slightly below its earlier guidance of 7 to 8 percent. Berta de Pablos-Barbier, Pandora’s new CEO, acknowledged the challenges, stating, ‘While the macroeconomic backdrop was tough, our growth fell short of expectations.’ She emphasized her priorities: strengthening brand desirability, reducing reliance on volatile commodities, and driving profitable growth.
And this is the part most people miss: Pandora’s core charms business, which still accounts for nearly three-quarters of sales, remained flat in Q4 2025. Meanwhile, its ‘Fuel With More’ category, featuring lab-grown diamonds, saw a 3 percent decline. The company attributed these results to weaker holiday trading in November and December, particularly in North America, where growth slowed to 2 percent due to reduced foot traffic in stores.
Regionally, the picture was mixed. While Europe and the Middle East saw an overall 1 percent decline, Spain, Poland, and Portugal showed strong growth, offset by ongoing weakness in Italy, France, Germany, and the U.K. Latin America experienced a 7 percent slump, while the Asia-Pacific region grew by 2 percent. In China, Pandora continues to optimize its retail network, closing 95 net concept stores, while in Japan, revenues more than doubled in 2025, though the company noted the market remains small but promising.
Looking ahead, Pandora forecasts organic growth of minus 1 percent to 2 percent in 2026, with an EBIT margin of 21 to 22 percent. Alongside this, the company announced its foray into platinum-plated jewelry, aiming to diversify its offerings and reduce dependence on silver, which is prone to tarnishing. This shift comes as gold and silver prices hit record highs, with gold surpassing $5,000 per troy ounce in January.
‘This innovation allows us to navigate the new realities of raw material costs while offering consumers durable, everyday-wear jewelry,’ said Pablos-Barbier. The first platinum-plated pieces, including bestselling bracelets, will launch in 30 stores and online in Northern Europe during the first quarter. A broader selection, including charms, will follow globally in the second half of the year.
In another key move, Pandora appointed Philippa Newman as chief product officer. With a 25-year career spanning roles at Michael Kors, Tory Burch, Alexander McQueen, and Donna Karan, Newman brings a wealth of experience to her new role, starting March 9.
Here’s the burning question: Will Pandora’s platinum pivot pay off, or is it a risky gamble in an uncertain market? Let us know your thoughts in the comments below. Is this the fresh start Pandora needs, or are there deeper challenges that platinum can’t polish over?
