International News
Pandora Delivers 6% Organic Revenue Growth in Q3 2025 Amid Global Headwinds
Danish jewellery giant Pandora reported 6% organic revenue growth in the third quarter of its 2025 financial year, despite a challenging global economic environment. The increase comprised 2% like-for-like growth and 4% from network expansion, according to the company’s latest Interim Report.
The brand’s gross margin stood at 79.3% for the quarter, slightly below the 80.1% recorded in Q3 2024. Pandora attributed a 280 basis-point headwind to foreign exchange, commodities, and tariff pressures. The company performed strongly in the US, while Spain, Canada, Poland, Portugal, and Japan all achieved double-digit like-for-like growth.
Pandora’s EBIT margin was 14.0% in Q3 2025, in line with expectations but 210 basis points lower year-on-year. Earnings per share declined 14%, though rose 5% in constant currency terms, reflecting steady underlying performance.
“We continue our growth journey and delivered solid results in a quarter marked by a difficult macroeconomic backdrop,” said Alexander Lacik, Pandora’s President and CEO. “The early success of our new product launches shows how we can unlock market potential through innovation, emotional storytelling, and affordable luxury. We are well-positioned for the holiday season and on track to achieve our full-year targets.”
During the quarter, Pandora opened 11 concept stores and eight shop-in-shops, with network expansion contributing roughly 5% to overall organic growth. The company plans to continue expanding globally but has revised its store opening guidance for 2025 to around 25 net new concept stores, down from the previous range of 25–50, as it closes up to 100 stores in China to optimise profitability.
Pandora also intends to roll out around 25 company-operated shop-in-shops and introduce its new store concept across key locations in the coming months.
International News
US Jewellery Companies Continued To Shrink In The Third Quarter:JBT
During Q3, Business Closures Dropped To 116 Compared To 126 In The Prior Year’s Third Quarter, Driven By 88 General Operational Cessations, 28 Acquisitions Or Mergers, and Zero Bankruptcies.
The number of active US jewelry companies continued to shrink in the third quarter, but at a slower pace than a year ago, according to the latest data from the Jewelers Board of Trade (JBT).The US jewelry industry continued its structural consolidation through Q3, though the pace of business closures showed signs of stabilizing compared to the previous year. Data from the Jewelers Board of Trade (JBT) reflects ongoing consolidation across retail, wholesale, and manufacturing, coupled with heightened credit volatility.
Key Data & Metrics
Nationwide, the active business footprint stands at 21,831 companies, reflecting a 1.4% year-over-year decline. During Q3, business closures dropped to 116 compared to 126 in the prior year’s third quarter, driven by 88 general operational cessations, 28 acquisitions or mergers, and zero bankruptcies. Meanwhile, new market entrants also slowed, with 67 new business openings recorded in Q3 down from 89 during the same period last year.
Sector-by-Sector Breakdown
| Sector | Active Count | YoY Change | Impact Summary |
| Retailers | 16,564 | -1.5% | Makes up the majority of the sector; experienced the largest net store count reduction. |
| Manufacturers | 2,061 | -1.7% | Steepest percentage decline among all segments. |
| Wholesalers | 3,206 | -0.9% | Relatively stable, holding the mildest contraction rate. |
Credit & Financial Health Trends
The JBT report highlights dynamic shifts in creditworthiness across US and Canadian businesses, signaling bifurcated financial health:
- Credit Downgrades: Jumped sharply to 1,655 (up from 620 in Q3 of the prior year).
- Credit Upgrades: Rose significantly to 1,480 (up from 551 in Q3 of the prior year).
While net business closures are tapering off, high numbers of simultaneous upgrades and downgrades point to a split market where resilient operators are strengthening their positions while vulnerable businesses face tighter financial pressures.
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