潘多拉将在中国关闭100家店

Core Insights - Pandora Group has announced plans for accelerated global expansion, aiming to open 400 to 500 new stores between 2024 and 2026, driven by improved profit margins and returns [1] - The company has adjusted its expansion target for fiscal year 2025, now planning to add 25 to 50 concept stores globally, down from the previous target of 50 to 75 stores, primarily due to optimization in the Chinese market [1] - Pandora expects to close up to 100 stores in 2025, an increase from the earlier estimate of at least 50 closures, alongside significant layoffs in the Chinese market [1] Performance Summary - Pandora entered the Chinese market in 2015 and opened over 240 stores within four years, but as of the end of Q1 this year, the number of stores in China has decreased to 198 [2] - The company's sales in China have significantly declined, with Q1 2025 sales at 96 million Danish kroner, down 11% from 2023, and a further 15% drop in comparable sales in Q2, while the overall group saw a 3% increase [2] - From 2019 to 2025, Pandora's revenue share from the Chinese market has decreased from 9% to 1%, indicating a substantial decline in market performance [2] - Despite a slight decline in same-store sales due to weak seasonal promotions and timing of new collections, management maintains a full-year organic growth guidance of 7% to 8% for 2025 [2]