By Andrea Figueras

*Pandora CEO Expects to Continue Growth Trajectory in the U.S.

*U.S. Has Proved a Quite Resilient Market, Pandora CEO Says

*Pandora Doesn't Foresee 'Massive' Price Increases for Now, CEO Says -- Interview

Pandora aims to continue to take market share in the key U.S. market, despite challenges from trade tariffs and rising prices for precious metals.

"We should expect to continue our growth trajectory in the U.S.," said Alexander Lacik, the Danish jeweler's chief executive. That market has remained quite resilient, in spite of the current challenges, he said in an interview.

"We have had not just a good year, but actually in the last four or five years we have doubled the size of our business in the U.S.," the CEO said. Still, Pandora's market share in the country is just shy of 2%.

"So there is still a lot of room for growth," Lacik said.

Revenue in the U.S.--the group's largest market, accounting for close to a third of total sales-rose 6% on year in the quarter through September, helped by a growing store footprint. Since the start of 2025, Pandora has opened 25 new jewelry stores in the U.S., including its flagship Las Vegas venue.

But amid that brighter trend, the introduction of tariffs on U.S. imports could pose a threat for the group. Washington in July agreed a tariff deal with the European Union that will see a 15% duty imposed on most E.U. exports to America, a significantly higher rate than before President Trump took office for his second term at the start of the year.

Tariffs will add to higher prices in the jewelry market, Lacik said. "We will see how that is going to impact consumer demand," he added.

The CEO ruled out the possibility of implementing "massive" price increases, but noted that the company will remain "agile." "What is really important for my customer is that we remain affordable," he said.

Analysts at Citi wrote in a note that Pandora's commercial and pricing strategy could be challenged given higher silver prices. The group could look to accelerate the launch of a less pricey stainless-steel range toward the end of next year, Citi said.

The company is looking at ways to offset higher commodity prices, he said, including in the design and manufacture of its products.

For the most recent quarter, Pandora booked quarterly revenue of 6.27 billion Danish kroner ($964 million), 6% higher on-year in organic terms.

The company maintained its outlook for 2025 of an operating margin around 24% and organic sales growth between 7% and 8%.

Lacik is set to retire from Pandora's top post in March, after almost seven years at the helm, to be replaced by marketing chief Berta de Pablos-Barbier.

"She and I have been working really close for a year, so the transition is really smooth," Lacik said.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

November 05, 2025 10:06 ET (15:06 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.