Sales slump takes shine off world’s biggest jeweller Pandora

Pandora shares slumped yesterday as sales at the world’s biggest jeweller fell sharply in key European markets amid tariff woes.

The Danish company, whose gems are advertised by actress Pamela Anderson, saw sales fall by 9 per cent in the UK – where it operates 280 shops – in the three months to June 30.

They dropped by 7 per cent in France and Italy and 6 per cent in Germany but increased 8 per cent in the US, leaving total sales up 3 per cent at £820m.

Growth subsequently slowed to 2 per cent in July.

Pandora said it will consider price increases as it digests the impact of the tariffs. 

It predicted the levies will cost it £23m this year and £52m the next. Shares tumbled 18.4 per cent yesterday, adding to losses of more than a third this year so far.