Pandora Franchise Cost, Revenue & Review 2026
- Investment
- $961K – $1.8M
- Disclosed sales
- not disclosed
- SBA charge-off
- Under 10 loans (9)
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Pandora is a jewelry-retail franchise selling its signature charm bracelets, charms, rings, and accessories. Franchisees run mall and street-front stores managing merchandising, customer service, and inventory.
FranchiseVerdict summary · 2026
A PANDORA franchise requires a total initial investment of $961K – $1.8M. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: high - issued more than two years ago
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored3 of 3 headline figures on this page cite a page of the filing.
Overview
- Investment
- $961K – $1.8M
- 45th pct Retail
- Avg gross sales
- N/A
- Royalty
- Not extracted
- Units
- 447
- 40th pct Retail
- SBA charge-off
- N/A
Quick verdict · Retail · color = vs category peers
Green = favorable by >10% vs Retail median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $961K – $1.8M.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 48/100 (higher is better).
- GROWTHNegative: net -48 franchised outlets in the latest year (0 opened, 48 closed) (Item 20).
- DECLINESystem contracting at -49.0% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Pandora Franchising, LLC
- Parent company
- Pandora Jewelry, LLC
- FDD Item 1, page 9 of the 2024 FDD
- Ultimate parent
- Pandora A/S (DK)
- FDD Item 1, page 9 of the 2024 FDD
- CEO title
- General Manager, North America
- Luciano Rodembusch
- Incorporated in
- MD
- HQ
- 250 West Pratt Street, 17th Floor, Baltimore, MD 21201
- Auditor
- Ernst & Young LLP
- Audited financials
- Franchisor revenue
- $218.6M
- vs $282.8M prior year
Overview
About
- CEO
- Luciano Rodembusch
- Headquarters
- MD
- Founded
- 2009
- FDD year
- 2024
- States available
- 22
Can you afford it, and what does the money buy?
Entry cost runs 304% above the typical retail franchise.
Source: FDD 2024 · Items 5–7
FDD Item 7 · 2024 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Working capital (3–6 mo) | $25K | $50K |
| Equipment, build-out, other | $936K | $1.7M |
| Total initial investment | $961K | $1.8M |
Source: PANDORA 2024 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $961K – $1.8M
- Middle of category vs category
- Liquid capital req'd
- $25K – $50K
- Top 40% of category vs category
- Franchise fee
- N/A
- Paid to franchisor at signing
- Royalty
- No royalty fee; franchisee revenue model is based on requ…
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 3.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 3.0% of gross sales |
| Technology fee | $7K |
| Transfer fee | $5K |
| Renewal fee | $5K |
| Inventory (initial) | $350K – $500K |
| Total fee load | 3.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
PANDORA makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one PANDORA unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, royalty rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2024 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 3.0% — below the Retail median of 8.0%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System contracting at -49.0% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Retail medians
How Pandora Compares
Category median of published Retail brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2024 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 447
- Opened
- 0
- Last reporting year
- Closed
- 48
- Turnover rate
- 10.7%
- Company-owned
- 345
- Corporate units in the system
- % franchised
- 23%
- vs corporate-owned
- Net growth (3-yr)
- -49.0%
- Net unit change over 3 years
- 3-yr CAGR
- -49.0%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Reacquired
- 44
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 22 states reported
The Territory Map
FDD Item 12 reports the state count, but the specific list isn't in our current data. The map will appear once we re-extract from the FDD or enough franchisee contacts are available.
22
states with franchisees (per FDD Item 12)
Where the owners are · Item 20 owner list
0 current owners across 0 states; 2 former (terminated, transferred or not renewed) listed separately.
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
A system losing more than 10% of its units year-over-year is a red flag. Check whether closures are concentrated in specific regions.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 9 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 9
- Loan volume
- $8.9M
- Median loan
- $650K
- 50th percentile
- Charge-off rate
- Under 10 loans (9)
- Insufficient SBA coverage: 9 loans, rate hidden below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Under 10 loans (9)
- 5-yr charge-off
- Under 10 loans (9)
- Loans approved 2021+
- Active lenders
- 6
- Defaults
- N/A
Explore lender portfolios on Bank Reports or regional data on State Reports.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
1 pending action (Mohinani Group, dismissed June 2023, no consideration paid); 2 concluded actions (Kingdom Retail Group, settled $1.85M in 2017; Maurice's Jewelers, settled 2017 with merchandise credits)
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Ernst & Young LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Net sales relate to the sale of Pandora-branded jewelry and other products to franchisees; the Company purchases all inventory from its parent and resells to franchisees.
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 48 / 100 verdict
- 01MEDSystem collapse: 32% unit decline YoY indicates severe franchisee distress and potential systemic failure
- 02MEDNo financial transparency: Average revenue and net income not disclosed prevents accurate ROI assessment
- 03HIGHPattern of litigation: Three disclosed lawsuits including $1.85M settlement suggests operational/contractual issues
- 04MINORNo territory protection: Franchisees face direct competition from other franchisees and franchisor-owned locations
- 05MINORUnknown royalty structure: Hidden or variable fees could erode already-unclear profit margins
- 06MINORZero franchise fee masks exploitation: May indicate franchisor profits primarily from royalties rather than franchisee success
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 3.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2024 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 5 years |
|---|---|
| Renewal term | 3 years |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 1 year |
| Non-compete (miles)ℹ | 15 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Baltimore City, Maryland |
| Jury trial waiver | Yes |
| Governing law | MD |
| Litigation count | 3 |
View Item 3 litigation summary
1 pending action (Mohinani Group, dismissed June 2023, no consideration paid); 2 concluded actions (Kingdom Retail Group, settled $1.85M in 2017; Maurice's Jewelers, settled 2017 with merchandise credits)
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 0 hrs
- Training location
- Online (LINK learning management system)
- Ongoing training
- Required
- Time to open
- 8 mo
- From signing to launch
- Site selection
- franchisee
- Franchisor financing
- Offered
- Item 10
- POS system
- KWI (Kliger Weiss, Inc.)
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: KWI (Kliger Weiss, Inc.)
Item 20 · call current owners
Franchisee Contacts
2 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a PANDORA franchise?
The total investment to open a PANDORA franchise ranges from $961K – $1.8M. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do PANDORA franchise owners earn?
PANDORA makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns PANDORA?
PANDORA is franchised by Pandora Franchising, LLC. Its parent company is Pandora Jewelry, LLC. The ultimate parent named in the FDD is Pandora A/S (DK). Source: FDD Item 1, 2024 filing.
What is Item 19 in the PANDORA FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the PANDORA FDD and qualifies whose outlets they describe.
What is PANDORA's franchise failure rate?
SBA 7(a) loan charge-off data is not available for PANDORA (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many PANDORA franchise locations are there?
As of their most recent FDD filing, PANDORA has 447 total units in the United States, including 102 franchised units and 345 company-owned units.
Is PANDORA a good franchise to buy?
FranchiseVerdict rates PANDORA as a B-grade franchise with a verdict score of 48 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
Are you the franchisor?
If you represent PANDORA, you can request corrections or provide updated information.
Other Retail franchises
Compare similar franchise opportunities in the Retail category
Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.