Lifestyle

How Pandora Is Surviving Trump’s Trade War

Published

11 months ago

May 13, 2025

How Pandora Is Surviving Trump’s Trade War

Pandora, the world’s largest jewelry company, is based in Denmark and has nearly 500 stores in the United States, more than in any of its other key markets. But in some ways, its real home is Thailand, where the company has been making its products for nearly four decades.

Like many global corporations, Pandora has used a continent-crossing supply chain to sell its goods worldwide at a low cost. But last month, that supply chain became a grave weakness when President Trump said he would impose 36 percent tariffs on goods entering the United States from Thailand, alongside steep tariffs on dozens of other countries.

After Mr. Trump unveiled his “reciprocal” tariffs, Pandora’s shares were among the worst performing in Europe. A week later, Mr. Trump postponed those tariffs until early July, offering a reprieve.

But the threat looms, and Alexander Lacik, the chief executive of Pandora, is not expecting the uncertainty that is paralyzing businesses to end. Unless tariffs return to previous levels, the next year will be turbulent, he said in an interview. For now, he added, there is little to do but wait to see how investors, customers and competitors react.

“With the information at hand today, I would be crazy to make big strategic decisions,” Mr. Lacik said.

Alongside business leaders all over the world, Mr. Lacik is grappling with how to respond to Mr. Trump’s unpredictable policies, which have generated almost maddening uncertainty. The Trump administration has started to show a willingness to lower tariffs, but his first agreements, with Britain and China, have posed more questions than answers, and tariffs are still higher than they were a couple of months ago.

Although some aspects of the trade war have been suspended, Pandora and other multinationals are in limbo, waiting for more agreements to be completed.

Pandora, best known for its silver charm bracelets, has been making jewelry in Thailand since 1989. Across three factories, thousands of people handcraft the products. The company is building a fourth plant in Vietnam, but Mr. Trump has threatened tariffs of 46 percent on Vietnamese goods.

Last year, the company sold 113 million pieces of jewelry, about three items every second, making it the largest jewelry brand by volume, with stores in more than 100 countries. A third of its sales, 9.7 billion Danish kroner, or $1.4 billion, were generated in the United States, and Mr. Lacik said he had no intention of moving away from the company’s most profitable market.

But prices will rise, he said, and who will bear the brunt of that is unclear.

“The big question is, am I going to pass on everything to the U.S. consumer, or am I going to peanut butter it out and raise the whole Pandora pricing globally?” Mr. Lacik said.

But Pandora keeps several months’ worth of stock, giving him time to see how other jewelers change their pricing and then decide.

A few things can be done immediately, such as streamlining parts of the supply chain. The day after the reciprocal tariffs were announced, Pandora said it would change its distribution so that products sold in Canada and Latin America would no longer move through the company’s distribution hub in Baltimore, a process that would take six to nine months to complete.

Moving production into the United States is not being considered, in part because of higher labor costs. Pandora employs nearly 15,000 craftspeople in Thailand and expects to hire 7,000 more in Vietnam.

In an earnings report last week, the company estimated the cost of the trade war. If higher tariffs on Thai imports, 36 percent, and Chinese imports, 145 percent, go back into effect, they will cost Pandora 500 million Danish kroner, or $74 million, this year, and then 900 million Danish kroner, $135 million, annually after that.

But the jeweler is not panicking. In fact, the economic curveballs are starting to feel normal, Mr. Lacik said. “We are battle ready,” he added.

When he joined the company as the chief executive in 2019, Pandora was struggling. Its share price had dropped more than 70 percent from its peak three years earlier. Mr. Lacik instituted a “complete overhaul,” he said, with new branding and store designs, an emphasis on its “affordable luxury” label, and a showcase of its complete jewelry line, not just charms.

That prepared the company for the trials that hit the global economy next. First, the Covid-19 pandemic, when 15,000 store employees were sent home and some factory workers slept on cots to keep production going. Then a surge in inflation risked customers pulling back.

Mr. Lacik’s strategy appeared to be working. In January, Pandora’s share price reached a record high. Since then, however, it has dropped more than 20 percent.

The company has managed to shield itself from some of the trade turmoil. After Mr. Trump raised tariffs on China during his first term, Pandora stopped sourcing all of its showroom furniture and display materials for its 3,000 stores from China.

“We had some readiness,” Mr. Lacik said, so they were not “caught completely with our pants down.”

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Lifestyle

Sunday Puzzle: Sweet Treat

Published

7 hours ago

April 12, 2026

Press Room

Sunday Puzzle

NPR

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NPR

This week’s challenge

Every answer today is a flavor of ice cream or sorbet.
What flavor of ice cream …

1. … has a two-word name in which each word starts CH-?

2. … has a two-word name in which each word starts RO-?

3. … is hidden in this sentence: That’s the caravan I’ll announce.

4. … has the string of letters UTTI in its name twice?

5. … has a silent P as its fourth letter?

6. … would spell some men’s facial hair if you changed its first two letters from PI to MU?

7. … consists of the names of two trees starting with M and W?

8. … is a fruit flavor that would become the name of another fruit flavor if you interchanged its first and third letters?

9. … is an anagram of TEENAGER (2 wds.)?

Last week’s challenge

Last week’s challenge came from Michael Schwartz, of Florence, Ore. Think of a musical instrument. Add two letters at the end, and you’ll get the names of two popular automobile models reading left or right. What musical instrument is this?

Answer

Accordion –> (Honda) Accord + (Hyundai) Ioniq

Winner

Nell Newton of Austin, Texas

This week’s challenge

This week’s challenge comes from Benita Rice, of Salem, Ore. Name a famous foreign landmark (5,4). Change the eighth letter to a V and rearrange the result to make an adjective that describes this landmark. What landmark is it?

If you know the answer to the challenge, submit it below by Thursday, April 16 at 3 p.m. ET. Listeners whose answers are selected win a chance to play the on-air puzzle.

Lifestyle

Ask Imran Anything: On Boring Fashion, the Meaning of Luxury and Building Outside the System

Published

8 hours ago

April 12, 2026

Press Room

Ask Imran Anything: On Boring Fashion, the Meaning of Luxury and Building Outside the System

In the second instalment of the BoF Podcast’s Ask Me Anything series, Imran Amed takes on listener questions about creative energy returning to the industry, what luxury really feels like, why independent brands don’t need the old gatekeepers, and how to keep going when the world feels uncertain.

Lifestyle

Trump touts newly released plans for D.C. triumphal arch

Published

19 hours ago

April 11, 2026

Press Room

Trump touts newly released plans for D.C. triumphal arch

Artist renderings and diagrams for President Trump’s proposed triumphal arch released by the U.S. Commission of Fine Arts on April 10, 2026.

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Jon Elswick/AP

President Trump on Friday unveiled official architectural renderings for the triumphal arch he plans to add to the National Mall in Washington, D.C.

The proposed monument would stand at one end of the Arlington Memorial Bridge next to the Arlington National Cemetery.

In addition to the president’s post on Truth Social, the plans were released by the Commission on Fine Arts, a federal agency that has review authority over the design and aesthetics of construction within Washington, D.C., and produced by Harrison Design, an architecture, interior and landscape design firm with offices in six U.S. cities, including D.C. The mockup shows a structure very similar to the 3D model that Trump touted at a fundraising dinner at the White House last October.

This model of President Trump’s proposed triumphal arch was shown at a White House press conference on Oct. 15, 2025.

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At 250 feet tall, the overall height of the structure is intended to serve as, “a fitting recognition of America’s 250th birthday,” the White House said in an email to NPR.

A monument aimed at honoring what and whom?

The proposed arch bears a striking resemblance to the Arc de Triomphe in Paris — though would stand almost 100 feet taller — and is topped with two golden eagles and a winged, crowned figure reminiscent of the Statue of Liberty (which was gifted to the U.S. by France in 1884.) On one side, the words “One nation under God” appear, with the phrase “Liberty and justice for all” on the other.

The structure would also loom over the nearby Lincoln Memorial — at more than twice the height.

“The Triumphal Arch in Memorial Circle is going to be one of the most iconic landmarks not only in Washington, D.C., but throughout the world,” said White House spokesperson Davis Ingle in an email to NPR. “It will enhance the visitor experience at Arlington National Cemetery for veterans, the families of the fallen, and all Americans alike, serving as a visual reminder of the noble sacrifices borne by so many American heroes throughout our 250 year history so we can enjoy our freedoms today. President Trump will continue to honor our veterans and give the greatest Nation on earth — America — the glory it deserves.”

When asked by CBS political correspondent Ed O’Keefe whom the monument was intended to honor after Trump initially unveiled his plans in October, Trump responded: “Me.” The exchange was captured in a social media video.

A group of Vietnam War veterans launched a lawsuit in February seeking to bar the Trump administration from constructing the arch. The plaintiffs argued the project violates statutes requiring express congressional authorization for the erection of commemorative works or any “building or structure” on federal park grounds in D.C., among other issues.

The Arc de Triomphe in Paris as part of the city’s Christmas celebrations (2007).

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Christophe Ena/AP

“It’s textbook Trump,” said Sue Mobley, director of research at Monument Lab, of the proposed plans for the arch, in an interview with NPR. The nonprofit design studio based in Philadelphia reimagines public art and structures. “It has to be the biggest. That’s the authoritarian impulse.” Trump has repeatedly pushed back on accusations of authoritarianism, rejecting the label of dictator.

Mobley added that she doesn’t think the plans will come to fruition. “It will likely get tied up in court,” she said.

Approval process

The White House said it will “follow all legal requirements” in constructing the triumphal arch. As part of that process, it mentioned the National Park Service’s recent request to present potential designs to the Commission on Fine Arts. The plans are scheduled to be reviewed next week. At this point, that commission is composed entirely of members appointed by Trump. (In October 2025, Trump took the unusual step of firing six sitting members of the commission.) The National Capital Planning Commission, the federal government’s central planning agency for the National Capital Region, is also expected to weigh in on the plans.

The White House said the estimated cost of the project, which it anticipates will draw on a combination of public and private funds, is still being calculated. Harrison Design, the architecture firm behind the plans, did not immediately respond to NPR’s request for information about the price tag.

Multiple D.C. makeover projects

The arch plans are the latest in a series of current and potential architectural interventions from the White House in and around Washington, D.C.

Most dramatically, the administration is pushing for the creation of a $400 million neoclassical ballroom at the White House. A federal appeals court on Saturday temporarily allowed the construction of the ballroom to move forward while the administration challenges a March ruling that it required congressional approval. Whatever the outcome, the historic East Wing has already been demolished to make room for the new structure.

Trump has converted the White House Rose Garden into a stone-covered patio. He aims to shut down The Kennedy Center for two years to facilitate a major renovation (a coalition of groups including the National Trust for Historic Preservation, the American Institute of Architects, and the D.C. Preservation League, filed a lawsuit in the U.S. District Court for the District of Columbia in March opposing the plans.) And he has proposed architectural changes to the Washington Dulles International airport through an initiative the Department of Transportation launched late last year to overhaul the Northern Virginia airport. Several prominent architecture firms including Zaha Hadid Architects and Adjaye Associates have submitted proposals.

In August, the president also signed an executive order requiring that new federal buildings with construction budgets of more than $50 million be designed in “classical” or “traditional” styles.

Anastasia Tsioulcas contributed to this story.