Pandora Turns to Platinum Strategy After Holiday Slowdown Stalls Q4 Growth

Danish jewellery maker Pandora A/S is pivoting its product strategy toward platinum-plated jewellery as it seeks to rejuvenate growth following disappointing holiday trading and broadly flat sales performance in the fourth quarter of 2025. The move also reflects broader efforts to reduce the company’s reliance on volatile silver prices and strengthen margins.

Q4 Trading Results & Performance Context

Pandora reported 4% organic revenue growth for the fourth quarter of 2025, with flat like-for-like sales, underscoring weaker consumer demand during the key holiday period. While this performance met analyst forecasts, it was lower than historical seasonal trends and contributed to a cautious near-term outlook for the group.

For the full year, Pandora delivered 6% organic growth, slightly below its own guidance range of 7-8%. Like-for-like sales were modest, and revenue expansion was largely supported by network expansion rather than stronger core retail performance.

Trading conditions at the start of 2026 have shown approximately flat like-for-like growth, an indication that consumer sentiment remains soft particularly in its key North American market.

Strategic Shift to Platinum-Plated Jewellery

In response, Pandora has announced plans to introduce platinum-plated versions of its best-selling charm bracelets and other jewellery items. The first wave of products will be rolled out across select stores and e-commerce channels in Northern Europe in early 2026, with a broader global launch planned later in the year.

This shift is aimed at mitigating the impact of heightened silver and precious metals price volatility, which has materially increased input costs for the company. Platinum plating is expected to be both more cost-effective in manufacturing and appealing to consumers seeking precious-metal pieces with everyday durability and hypoallergenic properties.

Pandora will leverage its proprietary PANDORA EVERSHINE™ alloy as a base for these platinum-plated pieces, allowing the company to maintain jewellery affordability while broadening its material mix.

Financial Outlook & Investor Reaction

As part of its updated guidance, Pandora expects organic revenue growth between -1% and +2% in 2026, reflecting a transition year as product innovation and strategic repositioning take hold. Operating margins are also forecast to soften slightly, though executives remain confident the brand’s core fundamentals are resilient.

Investor response has been mixed, with some cautious sentiment over near-term guidance offset by positive reactions to lower commodity prices and the strategic pivot. Pandora’s stock saw modest gains following news of the platinum initiative, even as analysts cautioned that execution risks and broader consumer trends continue to pose challenges.

Looking Ahead: Transition and Market Expectations

Pandora’s leadership has framed 2026 as a recalibration year, with revitalised focus on product desirability, brand relevance, and reducing exposure to raw commodity swings. The introduction of platinum-plated jewellery is seen as a core pillar of this strategy, alongside ongoing efforts to refresh product design and strengthen consumer engagement across key markets.

While silver will remain part of Pandora’s material roster, the company plans to significantly reduce its reliance on sterling silver over time, potentially lowering its share of silver-based jewellery in the mix as the platinum line grows in prominence.