Core Insights - Pandora is restructuring its operations in the Asia-Pacific region, merging the Greater China market into this area, with Singapore as the new headquarters, indicating a strategic retreat from the Chinese market [1] - The company has faced significant challenges in China, including a decline in revenue and store closures, leading to a decision to cease independent reporting for the Greater China region [1][5] Group 1: Market Performance - In Q3 2025, Pandora's total revenue reached 6.269 billion Danish Krone, with organic growth of 1% [2][5] - The revenue from China accounted for only 1% of total revenue, with a decline of 14% year-on-year [3][4] - For the first nine months of 2025, revenue from China was 259 million Danish Krone, down 15% compared to the previous year [4] Group 2: Competitive Landscape - The Chinese jewelry market has been growing, with retail sales expected to reach 778.8 billion yuan by 2024, but Pandora's product offerings in silver and zircon have not resonated with local consumers [10] - Competitors like APM and HEFANG are gaining traction in the light luxury segment, with APM achieving a 57% revenue share from China [18][19] - The brand's marketing efforts in China have been ineffective, with lower investment and less impactful collaborations compared to successful campaigns in the U.S. and Europe [5][15] Group 3: Strategic Decisions - Pandora plans to close 100 stores in China while aiming to open 400-500 new stores globally, indicating a shift in focus away from the Chinese market [5] - The company has acknowledged that the closure of stores in China will have minimal impact on its overall organic growth [5] - The brand's failure to penetrate high-end shopping areas in major cities has contributed to its declining market presence [6][7]