Pandora's new jewellery collections are driving growth, CEO Berta de Pablos-Barbier said in an interview on Thursday, even though consumer sentiment in the US remains weak.
"What we are doing in terms of distinctive newness is working, so where we are launching new collections that are inspiring and good for consumers we are delivering growth," said de Pablos-Barbier, who has been in the top job since January 1 and was previously chief marketing officer.
Pandora shares gained 4% at the open after the company raised its 2026 profit outlook thanks to US tariff refunds, and reported stronger than expected second-quarter sales.
A DIFFERENT AESTHETIC
De Pablos-Barbier's strategy focuses on launching new designs with different aesthetics and a broader range of metals, diversifying from Pandora's core business of silver charm bracelets.
Its Pandora Wonders line — featuring pearl and gold charms shaped like a frog, a pufferfish, or a mushroom — launched in July in Paris during Haute Couture week.
Pandora is shifting to platinum-plated products to reduce reliance on silver after a surge in prices last year. De Pablos-Barbier said yellow-plated gold products are one of Pandora's biggest sources of growth as gold jewellery gains in popularity.
Still, volatile precious metal prices make it hard to predict Pandora's profitability, Citi analyst Thomas Chauvet said in a note, although the company has hedged its silver exposure for 2026.
"Near-term conviction is further limited by an uncertain consumer backdrop in North America and Europe (~85% of sales), as well as execution risk associated with the planned shift to platinum-plated collections," Chauvet added.
HEATWAVES IMPACT SHOPPING
Extreme temperatures across Europe this summer have impacted store traffic and driven shoppers online, de Pablos-Barbier said.
"We saw a disproportional increase versus last year on e-commerce, so I think people stayed in their home and decided not to go out on the street," she said.
Comparable sales in Europe and in North America declined in the second quarter, but Pandora's overall organic growth of 3% was better than the 2% analysts expected, thanks mostly to new stores.
In the US, weak sentiment among mid- to lower-income consumers continued to weigh on store traffic, the company said.
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