Pandora's New CEO to Tackle Headwinds Amid Softer Holiday Sales

COPENHAGEN, Denmark – January 09, 2026 – By Joyce Watson

Pandora A/S, the world's largest jewelry brand, has signaled a period of strategic adaptation after releasing preliminary results that reveal a company navigating a complex global market. While demonstrating profitability, the Danish jeweler narrowly missed its annual growth targets, a performance shaped by wavering consumer confidence and significant external cost pressures. The announcement coincides with the arrival of new President and CEO Berta de Pablos-Barbier, who is tasked with charting a course through these challenges.

The company expects to report 6% organic growth for the full year 2025, just shy of its previous 7-8% guidance. However, its expected EBIT margin of around 24% remains in line with forecasts, a testament to strong cost discipline that has helped insulate the bottom line from market volatility. This mixed-signal report paints a picture of a resilient market leader facing clear headwinds, particularly evident in a softer-than-anticipated Q4 holiday season.

A Tale of Two Markets

A closer look at the preliminary fourth-quarter results reveals a fractured global consumer landscape. Overall organic growth for the quarter stood at 4%, but like-for-like sales were flat, indicating that new store openings, rather than increased sales at existing locations, drove the expansion.

The divergence in regional performance is stark. North America, a critical market, saw a modest 2% like-for-like growth, but trading during the key holiday months of November and December fell below expectations. The company attributed this directly to lower foot traffic in stores, a clear symptom of the "weak consumer sentiment" that has dampened spending on discretionary items across the region.

The EMEA (Europe, Middle East, and Africa) region painted an even more complex picture, with a slight contraction of -1% in like-for-like sales. Pockets of robust growth in Spain, Poland, and Portugal were not enough to offset persistent weakness in major markets like Italy, Germany, and the UK. While Pandora noted that improvement efforts are underway, particularly in boosting "brand heat and excitement" in some European territories, the results show these initiatives have yet to fully translate into increased customer traffic and sales.

The performance underscores a broader trend seen across the luxury sector in 2025. After a period of supercharged growth, the market is entering a "normalization phase." While the jewelry segment has proven more resilient than other luxury categories, no brand is entirely immune to the macroeconomic pressures affecting household budgets. Pandora’s 6% annual growth, while below its own ambitious target, appears solid when contextualized against a broader personal luxury goods market where many brands struggled to achieve any growth at all.

A New Captain with a Clear Mandate

Stepping into this challenging environment is Berta de Pablos-Barbier, who officially took the helm as President and CEO on January 1, 2026. Her appointment, which came two months earlier than initially planned, signals a sense of urgency. De Pablos-Barbier is a seasoned executive with a formidable track record in the luxury and consumer goods sectors.

Her resume includes leading LVMH's prestigious champagne houses Moët & Chandon and Dom Pérignon to record results, a stint as Chief Growth Officer at Mars Wrigley, and a pivotal role as Chief Marketing Officer at Lacoste. Crucially, she brings direct jewelry industry experience from her time as Vice President of Marketing and Communications at Kering-owned jeweler Boucheron, giving her an intimate understanding of the market's unique dynamics.

In her first public statement as CEO, de Pablos-Barbier acknowledged the headwinds while projecting confidence in the brand's core strengths. "While the year was marked by macro headwinds, it has also highlighted opportunities to sharpen execution and strengthen brand desirability," she said. "My focus will be to navigate the current market environment, reduce our commodity exposure and course-correct in select areas to accelerate profitable growth."

Her emphasis on "brand desirability" and "sharpening execution" points toward a strategy focused not just on operational efficiency but on reinforcing Pandora’s emotional connection with consumers. Her full strategic vision is highly anticipated and will be unveiled alongside the audited full-year results on February 5, 2026.

The Squeeze of Precious Metals

One of the most significant challenges highlighted by the new CEO is the need to "reduce our commodity exposure." This is a direct response to the unprecedented surge in the prices of precious metals, the very foundation of Pandora's products. The company, which crafts its jewelry from recycled silver and gold, faces immense pressure on its gross margins from this external factor.

The year 2025 was record-breaking for both gold and silver. Gold prices flirted with historic highs, driven by geopolitical uncertainty and strong demand from central banks, with some analysts forecasting a continued upward trajectory in 2026. Silver experienced an even more dramatic run, topping $50 per ounce and hitting new all-time highs. This price volatility directly translates to higher manufacturing costs, a reality that impacts every player in the industry, from high-end ateliers to accessible luxury brands like Pandora.

Pandora’s plan to counter this through "creative innovation" is a strategic imperative. This likely involves a multi-pronged approach. Industry-wide responses include developing lighter, more intricate designs that use less metal, exploring innovative alloys, and placing greater design emphasis on craftsmanship, engraving, and the use of gemstones to create value.

Innovating Beyond the Karat

The push for "creative innovation" aligns perfectly with broader shifts in consumer values, particularly among younger Gen Z and Millennial shoppers. These demographics, which are rapidly becoming the dominant force in the luxury market, increasingly prioritize sustainability, unique design, and personal expression over sheer material weight.

Pandora is already well-positioned in this regard, with its long-standing commitment to using 100% recycled silver and gold. This sustainable practice is a powerful marketing tool and a genuine differentiator. The challenge now is to build on this foundation. By focusing on design innovation—potentially introducing new materials or elevating the role of lab-grown stones and other gems—Pandora can protect its margins while simultaneously appealing to the evolving tastes of modern consumers.

This strategy shifts the definition of value from the intrinsic cost of the metal to the artistry, story, and sustainability credentials of the finished piece. As de Pablos-Barbier stated, "Pandora continues to pursue significant untapped growth opportunities as a full jewellery brand. Our fundamentals are strong. We are building a bigger Pandora." This signals a future where growth is driven not just by expanding the brand's physical footprint, but by deepening its creative and emotional resonance in a rapidly changing world. The path forward involves turning the pressure of high commodity costs into a catalyst for a more innovative and sustainable future.