Pandora Jewelry will open its first U.S. flagship store in Las Vegas on Friday, June 6. At 3,000 square feet – about three times larger than the typical Pandora concept store – it is designed for maximum customer impact in keeping with the energy and spectacle of the Las Vegas Strip.

The opening comes against the backdrop of Trump’s tariffs, which potentially threatens Pandora’s vibrancy in the U.S. market. Coming off a strong first quarter with organic revenues up 7% globally to $1.1 billion (DKK $7.35 billion) at current exchange rates, led by 12% growth in the U.S. – its largest and fastest growing market, making up nearly one-third of its $4.8 billion revenues last year – Pandora can’t afford sales to slow here if it wants to reach year-end guidance between 7% and 8%.

Fortunately, Pandora has room to maneuver despite Thailand, its primary source of supply, being among the hardest-hit countries at a proposed 37% tariff rate before the current 10% moratorium ends in July. Pandora has a remarkable 80% gross profit, compared to 67% for both LVMH and Richemont, and its EBIT margin of 23% last year is right in line with that of the luxury leaders. It also is guiding the EBIT margin to reach 24% by year end, down slightly from 24.5% previously announced due primarily to foreign exchange headwinds.

“Despite the noises around us, we generally like to keep things simple in this company,” CEO Alexander Lacik said in the latest earnings call as he reassured investors, “Pandora is and will be very profitable as company.”

Pandora is planning against two tariff scenarios. The best case is that the 10% tariffs hold after the 90-day pause, excluding China. Under that scenario, Pandora figures an impact of $38 million in 2025 and $46 million in 2026. The 2026 impact will be mitigated by having shipments destined for Canada and Latin America go directly to those countries rather than coming through the U.S. as they currently do. Direct shipments will begin in early 2026.

The worst case is that the tariff levels announced in April are resumed, including 37% from Thailand and less important sourcing countries, such as 46% for Vietnam, 26% India, 20% Italy and 145% China. Under this scenario, Pandora expects a $76 million impact in 2025 and $137 million in 2026.

Put into context, Pandora generated $1.5 billion in the U.S. last year, so the impacts under the best case scenario are in the 2% to 3% range.

The worst case would be harder to manage. However, Reuters reports that Thailand is eager to make a deal, and Pandora, one of the nation’s largest employers, has sway through close ties with the Board of Investment in Thailand. Yet, Lacik quipped, “I don’t think that the jewellery category is top of the Trump administration’s agenda necessarily.”

Increasing prices from their current average around $60 is a possibility, especially if Thailand can’t negotiate a better tariff structure. However, Pandora CFO Anders Boyer said, “We’re not at this point in time assuming that we’ll do extraordinary price increases.” Such increases would follow a 5% price increase last October and another 4% in April 2025.

Should a price increase become necessary, the company said it would take a “tailored approach,” as it’s done in the past.

“If I have a 10% price that I need to take – and I know everybody else needs to take it in the U.S. – I could decide I’m only taking three, but I take three globally and actually increase my local competitiveness in the U.S.,” Lacik said, adding that’s not necessarily the game plan. “But we have some maneuverability simply because we are a global player.”

It has even more room to maneuver competitively as Pandora extends beyond a charm-and-bracelet to a full jewelry brand. “We are super conscious of remaining an accessible brand,” Boyer said in the call.

No matter where tariffs end up, Pandora will stay true to is promise of offering hand-crafted fine jewelry at accessible price points that empower customers to express their personal style.

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While Pandora operates nearly 500 stores in the U.S., the new Las Vegas flagship is designed to shine a new light on the brand and give people a fresh, more immersive way to experience the brand. “People sometimes take us for granted,” said Luciano Rodembusch, Pandora’s general manager of its North America cluster, who joined the company in 2021 from Tiffany & Co.

As the first flagship concept store in the U.S., it follows the model of the other flagship in Copenhagen, being a full jewelry “brand house,” yet localized for the specific market. “We tried to create a very playful flagship in Las Vegas,” he continued.

The store features a three-story façade so passersby can’t miss it. Once inside, guests encounter a “Charm Bar” designed to look like a poker table where guests can touch, feel and try out different charm combinations to create their own piece of jewelry, or as Rodembusch said, “People can actually play with the jewelry.”

In addition to showcasing the brand’s full jewelry range, Pandora’s lab-grown diamond jewelry gets special emphasis. Pandora lab-grown diamonds are part of its “Fuel with More” full-jewelry reporting segment, which grew 22% last year compared to a 2% increase in its core charm-and-bracelet segment.

Adding to the experience, the Las Vegas flagship will be the first store to show crafts people at work enameling and hand engraving jewelry. “Every single piece that Pandora sells is touched by more than 20 human hands. It’s important to tell that hand-crafted story and show the level of craftsmanship in each piece,” he explained.

Because so many people from all across the U.S. and the world visit Las Vegas, it was selected for the brand’s next flagship store. “We wanted something unique for Las Vegas and something with inspiration. This is an important step for us to help shift the perception of Pandora to a full jewelry brand,” he concluded.

Update @ May 21 @ 1:10 p.m.: Pandora has a new concept store in London. Information provided on sales of LGD jewelry in a Las Vegas store was incorrect and has been removed.

See also:

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