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Pandora

Phoenix, From September 2021

We give a voice to people’s loves
Pandora’s purpose

Phoenix

Pandora is the world’s largest jewellery brand, best known for charms and bracelets. Its strategy, Phoenix, has four pillars: brand, design, markets, and personalisation. Since 2023 Pandora has set out to be known as a full jewellery brand, beyond charms.

In 2026 Pandora began its next strategic evolution: a greater focus on design as a driver of desirability, a marketing model with stronger local relevance, and growth engines calibrated market by market.

74%

of 2025 revenue from the Core

CoreCharms and carriers

74% of revenue, like-for-like growth of 1% in 2025

  • Pandora MomentsThe icon for over two decades
  • Collabs10% of revenue, with Disney, Marvel, and Netflix
  • Pandora ME4% of revenue, with Pandora Talisman

Fuel with moreModern classics and lab-grown diamonds

26% of revenue, like-for-like growth of 3% in 2025

  • Pandora Timeless78% of the segment’s revenue
  • PANDORA ESSENCE3% of revenue
  • Pandora Signature2% of revenue
  • Pandora Lab-Grown DiamondsUp 15% like-for-like

Brand, design, markets, and personalisation

Pandora’s vision is to become the most desirable, accessible jewellery brand.

Brand

  1. Reach and relevanceBuild reach where Pandora is less known, in North America and parts of Asia, and relevance and earned media in its mature markets.
  2. Local activationMove part of the marketing into social, engaging, and local activations, while TV keeps building emotional resonance at scale.
  3. StoresOpen and refurbish concept stores, with flagships in Copenhagen and Las Vegas.

Pandora opened or refurbished 358 concept stores in 2025, among them the flagship on the Las Vegas Strip.

Pandora began local campaigns in 2026, starting with a Bridgerton collaboration in January.

From silver to many materials

Pandora crafts its jewellery in its own facilities in Thailand and Vietnam. The Vietnam facility can employ up to 7,000 craftspeople and make up to 60 million pieces a year.,

  1. Since August 2024

    100% recycled silver and gold

    Every piece is crafted from recycled silver and gold.,

  2. Up 15% in 2025

    Lab-grown diamonds

    Pandora means to democratise diamonds, and to be the most desirable brand in the category.

  3. From 2026

    Platinum-plated

    Platinum plating on a PANDORA EVERSHINE metal-alloy core, which does not tarnish. A pilot in 30 stores in Northern Europe, then a global launch in the second half of 2026.

  1. Grow from the icon, not away from it.

    Charms and carriers are still 74% of Pandora’s revenue, and the plan is to keep them growing steadily while newer collections grow faster. We recommend setting a different growth ambition for the business you are known for and for the businesses you are adding.

  2. Fewer, bigger launches.

    Pandora’s 2025 report says its creative newness had been uneven, and resets design around fewer, higher-impact launches built to scale. We recommend asking whether a long list of small launches is spreading your effort too thinly.

  3. Plan for the cost you can’t control.

    With silver prices surging, Pandora is moving part of its silver jewellery to platinum plating over a metal-alloy core, to lower its exposure to commodity prices. We recommend naming the input cost that could hurt you most, and building a plan to depend on it less.

Sources

  1. 1. Pandora A/S (2026). Annual Report 2025. Annual report, February 2026. pandora.a.bigcontent.io
  2. 2. Pandora A/S (2026). The world of Pandora. Pandora Group, accessed 28 September 2026. pandoragroup.com
  3. 3. Pandora A/S (2026). Pandora enters exclusive platinum-plated jewellery. Press release, 4 February 2026. pandoragroup.com
  4. 4. Pandora A/S (2026). 2% organic growth in Q1 2026 – guidance unchanged. Company announcement, 6 May 2026. pandoragroup.com
  5. 5. Pandora A/S (2026). Pandora delivers 3% organic growth in Q2 – guidance upgraded. Company announcement, 12 August 2026. pandoragroup.com

Headwater is not connected with Pandora A/S. Pandora, Pandora Moments, Pandora ME, Pandora Timeless, PANDORA ESSENCE, Pandora Talisman, Pandora Minis, PANDORA EVERSHINE, and My Pandora are trade marks of their owners. Updated 28 September 2026.

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