In recent years, the world's largest jewellery brand, Pandora, has taken significant steps on its sustainability journey, with Nordea by its side as a financial partner.
Industry: Jewellery retail
Headquarter location: Copenhagen, Denmark
As the world’s largest jewellery brand, Pandora designs, manufactures and markets hand-finished jewellery made from high-quality materials and available in more than 100 countries. The company aims to the lead the way in sustainability by becoming a low-carbon, circular, inclusive and fair business.
See Pandora's Sustainability Report
Pandora is committed to halving its CO2 emissions across the full value chain by 2030. The company uses 100% renewable energy at its crafting facilities, and is focused on increasing the use of renewable energy in its other operations.
In December 2023, Pandora shifted its sourcing to 100% recycled silver and gold for all of its jewellery, well ahead of its 2025 target.
In 2021, Pandora announced it would shift to selling only lab-grown diamonds, which have a carbon footprint around 5% the size of a mined diamond.
The company is committed to reaching full gender parity in senior leadership at the VP-level and above by 2030.
We affirm our commitment to sustainability by keeping the interest rate level on all our long-term financing sustainability-linked.
Pandora has completed two corporate bond issuances, both of which are sustainability-linked. Nordea has supported both transactions, serving as global coordinator, joint active bookrunner and sustainability advisor to Pandora.
Most recently, in May 2024, Pandora issued a €500 million sustainability-linked bond tied to its goal of achieving a 36% reduction of scope 1, 2 and 3 emissions by 2028 vs 2019, as well as its gender diversity target of having 44% women in leadership by 2028. If the sustainability targets included in the bond are not met, Pandora is required to pay an additional fee to the bond holders.
Pandora CFO Anders Boyer says: “This is our second corporate bond issuance, and I am happy with the way we have been received by the debt markets. At the same time, we affirm our commitment to sustainability by keeping the interest rate level on all our long-term financing sustainability-linked.”
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