中国市场业绩承压，知名珠宝品牌潘多拉：至多关闭100家门店

Core Insights - Pandora A/S has experienced significant growth in sales globally but is facing challenges in the Chinese market, leading to store closures and layoffs [1][2][6] - The company's revenue in China has drastically declined, with its market share dropping from 9% in 2019 to just 1% in 2025 [6][10] Financial Performance - Pandora's annual sales from 2021 to 2024 were DKK 23.394 billion, DKK 26.463 billion, DKK 28.136 billion, and DKK 31.680 billion respectively, with corresponding net profits of DKK 4.160 billion, DKK 5.029 billion, DKK 4.740 billion, and DKK 5.227 billion [2][3] - In Q2 2025, Pandora reported revenue of DKK 7.075 billion and a net profit of DKK 803 million, showing a slight increase from Q2 2024 [5][6] Market Challenges - The company plans to close up to 100 stores in China, increasing from a previous estimate of at least 50 closures, and is initiating large-scale layoffs in the region [1][6] - Sales in China have seen a continuous decline, with Q1 2025 sales at DKK 96 million, down 11% year-over-year, and Q2 2025 comparable sales dropping 15% [6][10] Consumer Perception - Pandora's products, particularly the DIY charm bracelets, have received mixed reviews from consumers, with concerns about the materials used leading to issues like oxidation and poor resale value [10][11][15] - The secondary market for Pandora products is weak, with reports of significant depreciation in value, making it difficult for consumers to resell their items at a reasonable price [10][15]