PandoraFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A PANDORA franchise requires a total initial investment of $961K – $1.8M. The 2024 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2024 FDD issuance
Overview
- Investment
- $961K – $1.8M
- 40th pct Retail
- Avg gross sales
- N/A
- 21st pct Retail
- Royalty
- N/A
- Units
- 447
- 38th pct Retail
- SBA default
- 11.1%
- system-wide median varies by category
Quick verdict · Retail · color = vs category peers
Green = >15% above Retail avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Franchised units fell from 200 to 102 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $961K – $1.8M including a $0 franchise fee.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict A (Top Quintile) with a risk score of 42/100.
- System 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
- Legal entity
- Pandora Franchising, LLC
- Parent company
- Pandora Jewelry, LLC
- Incorporated in
- MD
- HQ
- 250 West Pratt Street, 17th Floor, Baltimore, MD 21201
- Auditor
- Ernst & Young LLP
- Audited financials
- Franchisor revenue
- $282.8M
- vs $218.6M prior year
Overview
About
PANDORA franchisees operate jewelry retail locations selling the brand's charm bracelets, beads, and accessories. Day-to-day operations include customer service, inventory management, point-of-sale transactions, visual merchandising, and local marketing. Franchisees must maintain brand standards while generating foot traffic in leased retail spaces.
- CEO
- Luciano Rodembusch
- Headquarters
- MD
- Founded
- 2009
- FDD year
- 2024
- States available
- 22
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
- Near category avg vs category
- Liquid capital req'd
- $25K – $50K
- Better than avg vs category
- Franchise fee
- N/A
- Better than avg vs category
- Royalty
- -n/d
- 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 |
| Total fee load | 3.0% of rev |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Retail averages
How Pandora Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 447
- Opened
- 0
- Last reporting year
- Closed
- 4
- Turnover rate
- 0.9%
- Company-owned
- 345
- Corporate units in the system
- % franchised
- 23%
- vs corporate-owned
- Net growth (yr3)
- -32.0%
- Net unit change last year
- 3-yr CAGR
- -49.0%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 0
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)
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
- 11.1%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 88.9%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 6
- Defaults
- 1
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Pandora's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 6 lenders with concentration factor
- Per-state charge-off rates across 6 states
- Startup risk premium and job creation velocity
- 5-year lending trend
- SBA 504 real estate/equipment data
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
PANDORA's 32% annual unit decline, undisclosed financials, going concern status, unresolved litigation pattern, and lack of territorial protection indicate a deteriorating franchise system with high probability of franchisee failure.
Audited financials (Item 21)
Yes · Ernst & Young LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Score breakdown · what drove the 42 / 100 rating
- 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
- 03HIGHGoing concern status false: Franchisor may lack financial stability to support franchisees
- 04HIGHPattern of litigation: Three disclosed lawsuits including $1.85M settlement suggests operational/contractual issues
- 05MINORNo territory protection: Franchisees face direct competition from other franchisees and franchisor-owned locations
- 06MINORUnknown royalty structure: Hidden or variable fees could erode already-unclear profit margins
- 07MINORZero 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
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 5 years |
|---|---|
| Renewal term | 3 years |
| Territory type | Mall |
| Protected territory | No |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 1 year |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Maryland |
| Litigation count | 3 |
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 0 hrs
- POS system
- Pandora POS (Kliger Weiss, Inc.)
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Pandora POS (Kliger Weiss, Inc.)
Item 20 · call current owners
Franchisee Contacts
2 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
PANDORA · FDD (2024) PDF
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 does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
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 200 franchised units and 345 company-owned units.
Is PANDORA a good franchise to buy?
FranchiseVerdict rates PANDORA as a A-grade franchise with a risk score of 42 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. 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.
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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.