Against a backdrop of changing trends, evolving consumer tastes, and market uncertainty, the jewelry industry is navigating an increasingly demanding environment. Pandora, the Danish jewelry giant, is feeling these pressures. While the charms on their bracelets are still attracting customers in their shops, investors do not appear to be charmed by their glitter at the moment. But with the winter holiday shopping season around the corner, this might change, writes eToro analyst for Romania, Bogdan Maioreanu
.Fashion magazines like Harper’s Bazaar, Fashion, Vogue and others, defined the Fall / Winter 2025 jewelry trends as bold self-expression, with particular accessories that are highlighted, including brooches, earrings and cuffs. Even the classic pearl has been reimagined with sculptural forms, layered strands, and unexpected pairings. When it comes to colors, mixing metals—silver, yellow gold, and rose gold— creates dynamic combinations. Meanwhile, contemporary pendants, cord necklaces, and layered chains may capture the desire for wearable art and daily luxury. Interesting rings, bold earrings, and charms allow wearers to curate unique stories that help them express their own individuality through contrast.
When thinking of affordable jewelry, the brand that often comes to mind is Pandora, known for its highly customizable charm bracelets. Pandora A/S is the world’s largest jewelry brand by volume. With its over 2700 concept stores worldwide — including in almost every shopping mall in the biggest cities of Romania — and over 6800 points of sales in over 100 countries, Pandora is hoping to capitalize on the latest trends as it is in the process of implementing its Phoenix strategy. This is a long-term plan launched in 2021 to transform the company into a full jewelry brand by focusing on four pillars: brand, design, personalization, and core markets. Despite a steady track record of growth and impressive profitability margins, Pandora’s stock has slumped recently, with a share price drop of about 40% in 2025. Now the company faces a major challenge in regaining investor confidence. Especially since the second-quarter earnings report — when the stock plunged 18% in a single day — the market has been looking for positive signs of a turnaround, but they have been few and far between.
This week’s financial results, however, show that Pandora remains under pressure. Revenue rose 3% in Danish kroner, net profit fell 18%, and despite gross margins of around 79%, EBITDA declined from 25.7% in Q3 2024 to 24.5%. The stock is therefore also down by 9% this week — a clear signal that investors had hoped for more from the Danish jewelry giant.
Since September 2022, when its share price reached a low, Pandora has been a success story, but cracks in the narrative are now beginning to show. The once-strong growth figures currently belong to the past. The underlying challenges are well known: a weaker dollar, surging gold, silver, and platinum prices, and significant uncertainty around tariffs. In theory, a brand of Pandora’s caliber should be able to offset such pressures through higher prices, but the decline in net profit shows that this is happening only to a limited extent. And when, in a market that seeks perfection, investors expect Pandora to outperform its own targets, it hurts even more when the company merely meets guidance — or falls slightly short.
The last quarter of 2025, with its Black Friday and winter holiday season, will be, as always, Pandora’s most important period of the year— and this time, perhaps it could be the most decisive in years if the company can change its fortunes. With the dollar stabilizing, precious metal prices easing, and tariff conditions improving, Pandora may catch a bit of tailwind and end the fourth quarter on a more positive note that could spearhead the company into a 2026 revival on the markets.
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