Pandora Company expects that tariffs will result in a $31 million loss by 2025.

For jewelry brands such as Pandora that heavily rely on manufacturing in Thailand, tariffs remain a key challenge. The company updated its tariff guidelines on Friday, expecting to incur a loss of 200 million Danish kroner in 2025, with the loss projected to increase to 450 million kroner in 2026. Its operating profit margin for this year is expected to remain at around 24%.