Core Viewpoint - Pandora, the Danish jewelry brand, is significantly scaling up its store closures in China from an initial plan of 50 to 100 stores, alongside simultaneous layoffs in the region [1][3]. Group 1: Financial Performance - In Q1 2025, Pandora's sales in China were only 96 million kronor, a decline of 11% compared to 2023 [3]. - In Q2, comparable sales in the Chinese market dropped by 15%, while the group's overall comparable sales increased by 3% during the same period [3]. - The revenue share of Pandora in the Chinese market has decreased from 9% in 2019 to just 1% in 2025 after several years of decline [3]. Group 2: Market Strategy and Consumer Perception - Pandora's unique selling proposition is its "bracelet + charm" DIY product model, which has attracted many young female consumers since its entry into the Chinese market in 2015 [4]. - Despite its popularity, consumer feedback is mixed, with many expressing dissatisfaction regarding the quality of materials used, such as alloys and 925 silver, which are prone to oxidation and devaluation [5][8]. - Some consumers prioritize emotional value over investment value, stating that the joy of purchasing jewelry is more important than its resale value [5].