潘多拉看来已经死心了

Core Viewpoint - The significant decline in Pandora's business in China highlights a mismatch in supply and demand in the market, leading to a drastic reduction in store numbers and sales performance [1][2][3]. Group 1: Company Performance - On August 15, Pandora announced the closure of up to 100 concept stores in China, doubling its previous plan of 50 closures, alongside a large-scale personnel adjustment [1]. - In Q1 2025, Pandora's sales in China were only 96 million Danish Krone, a decline of 11% compared to the same period in 2023, with comparable sales dropping by 15% in Q2 [3]. - The company's revenue from the Chinese market has significantly decreased from 1.126 billion Danish Krone in 2021 to only 41.6 million Danish Krone in 2024, with its market share shrinking to just 1% by 2025 [4][5]. Group 2: Market Trends - The decline of Pandora in China reflects a broader shift in consumer preferences, where Chinese consumers prioritize value retention and practicality over emotional value and personalization [6]. - The resale value of Pandora products is notably low, with many second-hand dealers refusing to buy them, indicating a significant disconnect between original pricing and market demand [6][7]. - The trend towards younger consumers purchasing gold jewelry has further pressured brands like Pandora, which struggle to compete with both affordable fashion jewelry and high-end brands [8]. Group 3: Industry Challenges - The entire affordable luxury jewelry sector in China, including brands like Swarovski, faces similar challenges and may need to either target the mass market or redefine their value propositions to remain relevant [9].