Black Friday has always been a pivotal moment for retailers, and in the jewellery sector, it’s a true make-or-break season. For global giant Pandora, the stakes are especially high as the 2025 holiday season approaches. With rising inflation, US import tariffs, and increasing silver prices, the world’s largest jewellery brand by volume is bracing for one of its most competitive Black Fridays yet.
Headquartered in Denmark with manufacturing operations in Thailand, Pandora holds a market value of $9.4 billion. Known for its iconic silver charm bracelets and accessible luxury offerings, the brand faces the challenge of capturing holiday shoppers who are more cautious than ever. Experts and executives alike expect intensified competition, signaling a season where strategic pricing and promotions will be crucial.
Economic Context and Consumer Behavior
The economic environment is weighing heavily on consumer spending this year. Inflation, job uncertainties, and global market fluctuations are prompting shoppers to think twice before splurging.
For Pandora, the fourth quarter is particularly critical — it accounts for roughly 40% of annual revenue. During peak periods, the brand sells an astonishing seven pieces of jewellery every second. However, while store traffic remains strong, sales staff report that converting interest into purchases now requires more effort.
Massimo Basei, Pandora’s CFO, notes that “consumers are more cautious due to economic news,” reflecting a broader trend of conservative holiday spending. Retailers must therefore strike a delicate balance: entice buyers with promotions while maintaining brand value.
A Fierce Competitive Landscape for Black Friday
Pandora is entering a Black Friday market that is expected to be “more promotional, more aggressive,” according to Basei. Unlike previous years, retailers are offering deeper discounts to attract hesitant shoppers, creating a fiercely competitive environment.
For mass-market brands like Pandora, this means carefully navigating the promotional landscape. While customers are drawn to deals, excessive discounting could undercut long-term brand value. In this challenging market, strategy and timing are key to winning consumer attention and loyalty.
Pandora’s Pricing and Discounting Strategy
To stay competitive amid rising costs, Pandora is implementing targeted deals while preserving the value of its premium collections.
Examples of strategic promotions include:
- Reducing a classic silver charm bracelet from $80 to $55.99
- Halving the price of a lab-grown diamond pendant necklace to $249.99
Meanwhile, the new Talisman collection will remain off discounts, ensuring that the brand retains exclusivity and long-term appeal.
Basei emphasizes the challenge: “It’s always difficult to decide what to discount. Our goal is to offer affordability without undermining our brand integrity.” This approach allows Pandora to drive sales during peak season while safeguarding its premium positioning.
Implications for the Jewellery Industry
Pandora’s strategy reflects wider trends in retail, particularly among accessible luxury brands navigating economic uncertainty. The US remains Pandora’s largest market, making it particularly sensitive to import tariffs and price fluctuations.
Silver bracelets and charms, Pandora’s core products, are at the center of these strategic decisions. Thoughtful discounting ensures that promotions attract shoppers without eroding perceived value, setting a precedent for other jewellery brands facing similar pressures.
This careful balance between promotional activity and brand integrity highlights the evolving landscape of holiday retail — where strategic, data-informed decisions are more important than ever.
Conclusion
As Black Friday 2025 approaches, Pandora is preparing for a competitive and challenging season. With a focus on strategic promotions, targeted discounts, and protecting high-value collections, the brand aims to convert cautious shoppers while maintaining long-term growth and customer trust.
For the wider jewellery industry, Pandora’s approach offers insight into how accessible luxury brands can thrive despite economic headwinds. Holiday shopping may be more complex this year, but with thoughtful strategies and resilience, mass-market jewellery brands like Pandora are poised to shine — even in a fiercely competitive Black Friday market.