Pandora raises 2026 outlook as third-quarter growth hits 6%

By Tom Whitfield

Pandora raised its 2026 organic growth guidance to 2%-3% from 0%-3% after third-quarter organic growth reached 6%. Revenue reached 6.69 billion Danish kroner (US$1 billion), while like-for-like sales rose 4%.

President and CEO Berta de Pablos-Barbier said: “Pandora’s growth engine is re-energising. More distinctive designs and culturally relevant marketing are driving brand heat.”

Pandora has used product design and cultural marketing to move beyond the charm bracelets that made the brand famous:

• Expanded its Talisman collection.
• Collaborated with makeup artist Pat McGrath.
• Launched the Pandora Wonders and Pandora Voices creative platforms.

What is driving Pandora’s renewed growth?

GlobalData managing director Neil Saunders said Pandora benefits from widening its product mix beyond charms, where it already holds a strong market share. The more rounded assortment drives purchases among existing shoppers and has won new customers. In the US, newer stores have become more expressive and interesting while supporting the broader range.

Retail brand strategist and marketing consultant Bethany Paris Ramsay said Pandora has become more successful at creating desirable jewellery and has given consumers reasons to reconsider the brand. The expanded Talisman collection builds on Pandora’s heritage in symbolism and storytelling while creating room for a broader jewellery wardrobe.

Pandora Wonders pairs signature jewellery materials with annual collaborations involving global tastemakers and designers. Ramsay said the multi-year platform has created fresh cultural relevance and a stronger design conversation. Her commercial test is straightforward: attention must make a piece desirable enough to purchase, while the jewellery sustains interest after the collaborator draws an audience.

Ramsay sees further growth among existing customers who can explore a broader assortment and among shoppers who previously knew Pandora mainly through charm bracelets. She says sustained momentum requires a clear connection between marketing, products and the shopping experience.

Pandora plans to build on its initiatives in 2027 with a broader portfolio of distinctive products. Its updated store concept will make shopping more expressive and engaging, according to the company.

How does Pandora turn attention into loyalty?

Pandora began trialling platinum-plated jewellery in the Netherlands in July. Following positive customer feedback, it expanded the range into other markets, including the US, UK and Australia.

“Elevating design can strengthen perceived value, but customers still need to understand what they are paying for,” Ramsay said. “As Pandora expands its platinum-plated jewellery trials, clear communication about materials, durability and care will be essential to maintaining trust.”

Ramsay’s concern carries particular weight in the US, a key Pandora market where shoppers weigh discretionary purchases. The brand’s accessible pricing remains an important part of its appeal as Pandora tests new materials.

Ramsay set the next test: consistent full-price demand and repeat purchasing. She said Pandora has a powerful foundation in emotional attachment, but must give that attachment a fresh, desirable product expression.

Can Pandora stay accessible without becoming ordinary?

Retail OCD CEO Barney Stacher framed the central tension as whether broad availability can coexist with special brand feeling. Pandora must preserve the emotional connection behind charm bracelets as it becomes more familiar. He described a fine line between accessibility and ordinariness, warning that Pandora should not become the jewellery equivalent of a refrigerator magnet from every tourist destination.

Stacher also cautioned that a one-time tariff refund supported some of Pandora’s margin improvement. Sustainable growth depends on consumer demand, product innovation and operational execution, he said, rather than temporary financial benefits.

Stacher said Pandora’s opportunity goes beyond selling more jewellery to becoming a brand consumers revisit as their lives, relationships and personal styles evolve. Getting a shopper through the door only begins the relationship, he argued; repeat visits without constant discounts determine where the margin develops.

Against 2%-3% 2026 guidance, Pandora must convert its wider assortment and upgraded stores into repeat full-price demand during 2027. Ramsay and Stacher frame the decisive measures as customer retention, clear communication and distinctiveness, while accessible pricing protects the brand’s broad appeal.