Bernstein: Pandora's Strategic Shift to Platinum-plated Jewelry Poses 'Significant' Brand Risks

09:24 AM EDT, 07/16/2026 (MT Newswires) -- Bernstein on Wednesday noted Pandora's (PNDORA.CO) recently launched beta collection of platinum-plated jewelry in the Netherlands, viewing the shift from sterling silver as a "significant" risk to the company's brand over the second half of 2026 and in 2027. "At FY25 results, Pandora announced a strategic 'evolution' to shift 75% of the silver assortment to platinum-plated jewellery to reduce exposure to silver prices and reduce margin headwinds in the short-term. Given already polarized brand perception and the intention for the plated jewellery to be priced the same as its silver jewellery, we think this puts the brand in a precarious position and risk losing the core of its brand identity," analysts said Wednesday. The research firm also sees the Danish jewelry company's move as a catalyst for a pricing reset, saying the product quality is diminished and that consumers are unlikely to be willing to pay the same or higher prices for plated versus silver jewelry. "We question the strategy of now opting for platinum-plated stainless steel, when Pandora has an existing unique metal blend," Bernstein added. "Plus, given platinum is more expensive, we think the layer used may be extremely thin and therefore would wear away more quickly, which we don't think would be favorable with customers." The underperform-rated stock has a price target of 370 Danish kroner.