胡志明市——全球最大的珠宝制造商之一Pandora在越南投资建设了一家耗资1.5亿美元的工厂，旨在将生产业务从泰国扩展到其他地区，并在银价波动的情况下增加铂金饰品的产量。
HO CHI MINH CITY -- Pandora, one of the world's biggest jewelers, opened a $150 million factory in Vietnam as it seeks to diversify production beyond Thailand and expand output of platinum-plated jewelry amid volatile silver prices.
这家丹麦公司的最大生产基地于周三在胡志明市正式投入使用，其全球生产能力因此提高了50%，年生产能力达到了6000万件珠宝。2025年，Pandora的销售额达到了1.12亿美元。
The Danish company's largest plant debuted Wednesday, in Ho Chi Minh City, increasing its global capacity by 50% with the ability to make 60 million jewelry pieces a year. It sold 112 million in 2025.
由于在美国这一核心市场遭遇重创（销售额低迷，同时关税导致数千万美元的损失），Pandora面临着控制成本的压力。该公司表示，位于越南的这座工厂将雇佣7000名员工，并将在其铂金饰品的生产中发挥重要作用，因为该公司正在调整其原材料使用策略。Pandora以生产手链闻名，其产品仅使用实验室培育的钻石以及回收的银和金作为原材料。然而，银价的飙升（2025年银价翻了一番多）对Pandora造成了巨大影响。
Pandora faces pressure to control costs after getting hit with a double whammy in its core market the U.S., where sales were weak and tariffs cost it tens of millions of dollars. It said the ring-shaped factory in Vietnam will employ 7,000 and "play an important role in Pandora's future production of platinum-plated jewellery, as the company diversifies its material strategy." The company known for charm bracelets uses only lab diamonds and recycled silver and gold. But the run-up in silver prices -- more than doubling in 2025 -- has been painful for Pandora.
该公司计划到2027年将一半的银材消耗量替换为铂金制品。同时，Pandora也不希望过度依赖任何单一市场。根据其2025年的报告，美国对泰国征收的关税导致其利润减少了约1.5个百分点，迫使该公司不得不提高产品价格。尽管美国总统唐纳德·特朗普实施的关税已被取消，Pandora仍需承担12.5%的进口关税。
It aims to replace half of its silver consumption with platinum-plated products by 2027. It also does not want to depend on one country. U.S. tariffs on Thailand helped reduce earnings by about 1.5 percentage points and forced Pandora to raise prices, according to its 2025 report. Though the main tariffs imposed by U.S. President Donald Trump were repealed and Pandora is getting refunds, it still expects import duties of 12.5%.
Pandora选择在越南建厂的时间是在美国开始征收关税之前的两年多。虽然越南同样面临类似的关税，但该公司可能获得一些缓解措施：越南总理阮春福在9月22日访问纽约时表示，越南与美国之间的贸易谈判已“接近达成”。
The company selected Vietnam more than 2 years ago, before the U.S. introduced tariffs. The communist country generally faces the same levies, though Pandora may get some relief: Hanoi said it was very "near" a trade deal with the U.S. on Sept. 22 when Vietnamese President To Lam visited New York.
在综合考虑了多个国家的清洁能源政策、物流基础设施、劳动力成本等因素后，Pandora最终选择了越南作为生产基地。这些因素使得越南成为了国际制造业的重要枢纽。
Pandora settled on Vietnam after assessing various countries based on clean energy, logistics infrastructure, wages and the availability of workers, factors that have helped make Vietnam an international manufacturing hub.
这座以出口为导向的工厂完全采用可再生能源供电，占地面积相当于前平阳省的10个足球场。对于潘多拉（Pandora）而言，亚洲市场的规模虽小于欧洲和美国，但却蕴含着巨大的增长潜力。2026年上半年，该地区的营收按年率计算增长了11%，而北美和欧洲则出现小幅萎缩。中国、日本和澳大利亚是其核心市场。
The export-focused factory runs entirely on renewable energy and covers the space of 10 football fields in former Binh Duong province Asia is a smaller market for Pandora than Europe and the U.S. but offers significant growth, with regional revenue increasing an annualized 11% in the first half of 2026, versus a small contraction in North America and Europe. China, Japan, and Australia are key markets.
潘多拉投资1.5亿美元的越南工厂年产量可达6000万件首饰，将公司的全球产能提升了50%。（潘多拉供图）首席执行官贝塔·德帕布洛斯-巴尔比耶（Berta de Pablos-Barbier）在谈到该工厂的启用时表示：“我们为潘多拉开启了一个重要的新篇章。”
Pandora's $150 million Vietnam factory can produce up to 60 million pieces of jewelry a year, lifting the company's global capacity by 50%. (Pandora) "We begin an important new chapter for Pandora," CEO Berta de Pablos-Barbier said of the plant launch.
她补充道：“这项投资赋予了我们产能、灵活性和创新能力，以为我们未来的增长提供支撑。”在20世纪80年代，潘多拉的创始夫妇喜欢从哥本哈根前往泰国寻找珠宝，并于1989年选择在那里建立了三个生产基地中的第一个。
She added, "This investment gives us the capacity, flexibility and innovation to support our future growth." In the 1980s, Pandora's husband-and-wife founders liked to travel from Copenhagen to Thailand to find jewelry, opting to start the first of three production sites there in 1989.
他们建立了一项业务，足迹遍布100多个国家，其珠宝不仅受到网球明星维纳斯·威廉姆斯（Venus Williams）等名人的青睐，还亮相于Met Gala等活动。
They built a business spanning more than 100 countries, with its jewelry worn by celebrities including tennis star Venus Williams and featured at events such as the Met Gala.
但饱受通胀疲态折磨的消费者近来对闪亮的饰品热情减退。在去年的假日季，潘多拉在美国的门店客流量有所下降。该公司在8月份的财报电话会议上表示，悲观情绪目前仍处于“历史低点”。他们将此归因于可自由支配支出的空间缩小以及“K型”经济，低收入消费者不再像以前那样购买那么多的戒指和收藏级串饰。
But inflation-weary customers have been less interested in glitz lately. Pandora had lower store traffic last holiday season in the U.S., where it said during an August earnings call that gloomy sentiment continues to be at "record lows." It attributes this to less room for discretionary spending and the "K-shaped" economy, with lower-income shoppers not buying as many of its rings and collectible charms.
在越南，也没有多少人会买得起70美元的手链，而当地一些工人一周的收入也就这么多钱。不过，潘多拉正押注于亚洲各地不断增长的需求，以期助力其未来的扩张。
Not many are snapping up $70 bracelets in Vietnam, either, where some workers earn that much money in a week. But Pandora is betting that growing demand across Asia will help support future expansion.