Pandora A/S is seeing US demand stabilize at a low level as consumers grapple with inflation and high gas prices, CEO Berta de Pablos-Barbier said. The Danish jeweler noted consumer sentiment weakened in some markets in May, particularly in the US, but conditions have since “stabilized at a lower level.” De Pablos-Barbier highlighted that the mid- and lower-income population is especially affected by inflation, high gas prices, and global uncertainty. Asia, by contrast, delivered strong second-quarter results, with Pandora’s Japan business more than doubling in about three years.
The opening of the Ho Chi Minh City factory ends Pandora’s decades-long dependence on Thailand for production. The $150 million facility will eventually represent a third of the company’s manufacturing capacity and be the world’s largest fine-jewelry crafting facility. Pandora’s supply chain expansion comes as it plans to shift half of its products from silver to platinum-plated jewelry starting next year amid volatile silver prices.
The Vietnam plant, expected to operate at full capacity by 2030, will eventually produce 60 million jewelry pieces a year. The company sold 112 million pieces in 2025. Vietnam’s attraction includes good infrastructure, a stable economic environment, and a great tradition of jewelry crafting.
The new plant will also give the company more manufacturing flexibility. Gold and silver input for the Vietnam factory will come from Pandora’s current suppliers of recycled materials. The company will consider using domestic metals if they meet its standards.
Pandora in March opened a new online distribution center in Canada, reducing its exposure to US tariffs. Pandora revised up its organic revenue growth as much as 3% this year from a -1% to 2% forecast earlier. The company’s success in Asia is part of the reason for the adjustment.
Pandora reported organic revenue growth of 6% in 2025 and 13% the year before.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing