Core Viewpoint - French fashion brand Etam announced the closure of its Tmall official flagship store effective November 30, 2025, as part of a business adjustment, indicating a potential complete exit from the Chinese market after 31 years of operation [1][4]. Group 1: Business Operations - Etam has already sold its ready-to-wear business in China, including Etam Weekend, ES, and E&JOY, to a Hong Kong investment firm in 2018, retaining only its lingerie business [1]. - The closure of the online store follows a trend of declining performance in the Chinese market, where the number of physical stores had already reached zero by 2020 [1]. - Prior to the closure, Etam began a clearance sale in October 2025, but faced issues with order fulfillment and customer service [5]. Group 2: Market Presence - Etam entered the Chinese market in 1994, opening its first store in Shanghai and rapidly expanding to 723 stores within two years, achieving annual sales exceeding 900 million yuan [6]. - By June 30, 2014, Etam had 4,246 stores globally, with 3,083 located in China, highlighting its significant market presence at that time [6]. - The lingerie business was introduced to China in 2015, but subsequent years saw a decline in performance, leading to store closures and losses [6]. Group 3: Company Structure - The Chinese subsidiary, 伊范内衣（上海）有限公司, was established in October 2017 with a registered capital of 4.27 million USD, focusing on wholesale and retail of lingerie and related products [6].

Core Viewpoint - The French fashion brand Etam has announced the closure of its Tmall flagship store effective November 30, 2025, indicating a significant business adjustment and potential complete withdrawal from the Chinese market after 31 years of operation [3][6]. Group 1: Business Operations - Etam's decision to close its Tmall store follows a history of downsizing in the Chinese market, where it had previously sold off its ready-to-wear business in 2018 and retained only its lingerie segment [3][8]. - The brand had already ceased physical store operations in China by 2020, and the closure of the online store marks the end of its presence in the market [3][8]. - Prior to the closure, Etam began a clearance sale in October 2025, but faced customer complaints regarding order fulfillment issues [7]. Group 2: Market Presence - Etam entered the Chinese market in 1994, opening its first store in Shanghai and rapidly expanding to 723 stores within two years, achieving annual sales exceeding 900 million yuan [8]. - By June 30, 2014, Etam had 3,083 stores in China, contributing to a global total of 4,246 stores [8]. - The brand introduced its lingerie line to China in 2015, but subsequently experienced declining performance, leading to store closures and financial losses [8].

Core Viewpoint - Pandora, the Danish jewelry brand, has announced a significant increase in its store closure plan in China, doubling from 50 to 100 stores, alongside layoffs in the affected locations [2][6]. Group 1: Financial Performance - In Q1 2025, Pandora's sales in China were only 96 million kronor, a decline of 11% compared to 2023 [6]. - In Q2 2025, comparable sales in the Chinese market fell by 15%, while the overall group saw a 3% increase in comparable sales during the same period [6]. - The revenue share of Pandora's Chinese market has dropped from 9% in 2019 to just 1% in 2025 [6]. Group 2: Market Presence and Strategy - The brand has experienced a shift in its retail strategy, moving from independent stores to counters and now to closures in various cities like Qingdao and Nanjing [2]. - There are reports suggesting that Pandora may exit the Chinese market entirely, opting instead to operate through local retailers [6]. Group 3: Consumer Sentiment and Product Perception - Consumers have mixed feelings about Pandora's products, with some expressing dissatisfaction regarding the quality and value retention of the jewelry, which is primarily made from alloys and silver [9][10]. - The resale value of Pandora items has significantly decreased, with second-hand prices for bracelets and charms dropping to as low as 10-30 yuan each, despite original prices being much higher [10].