进不去德基广场的潘多拉，不想给中国市场花钱了？

Core Insights - Pandora has decided to integrate its Greater China market into the Asia-Pacific region, with Singapore as the new headquarters, indicating a strategic retreat from the Chinese market [2] - The company has been closing stores in China, with a total of 59 closures reported by Q3 2023 and an expectation to close 100 stores by the end of the year [2][7] - Despite a strong overall revenue growth of 6% in Q3 2023, the revenue contribution from China remains minimal at only 1% [3][4] Group 1: Market Performance - Q3 2023 total revenue reached DKK 6.269 billion, with organic growth of 6% [3][4] - In the first nine months of 2023, revenue from China decreased by 11% year-on-year, reflecting a significant decline in market performance [5][7] - The company’s revenue from China in Q3 2023 was approximately DKK 15 million, translating to about 22.9 million yuan, indicating low sales per store [8] Group 2: Strategic Decisions - Pandora's marketing efforts in China have diminished, with less investment leading to poor brand visibility and engagement [7] - The company plans to open 400-500 new stores globally in 2025 while closing 100 in China, suggesting a shift in focus away from the Chinese market [7] - The brand's inability to penetrate high-end shopping areas in major cities has contributed to its declining market presence [8] Group 3: Competitive Landscape - The Chinese jewelry market has been growing, with retail sales expected to reach 778.8 billion yuan by 2024, yet Pandora's product offerings do not align with local consumer preferences for gold jewelry [13] - Competitors like APM and HEFANG are gaining traction in the Chinese market, with APM achieving 57% of its revenue from China and HEFANG expanding rapidly with over 60 stores [18][19] - The competitive landscape is intensifying, with local brands focusing on high-end positioning and innovative marketing strategies, further challenging Pandora's market share [12][19]