Group 1 - The Chinese jewelry retail market is becoming increasingly complex, with both mid-range and high-end brands facing challenges [2][3] - Pandora, once a popular Danish jewelry brand in China, is experiencing significant declines, planning to double its store closures from 50 to 100 [2] - Pandora's revenue share in the Chinese market has dropped from 9% in 2019 to just 1% in 2024, reflecting changing consumer preferences [2] Group 2 - The rise of lower-priced imitation products and the proliferation of DIY jewelry options have contributed to Pandora's decline [3] - Young consumers in China are increasingly valuing the investment potential of jewelry, leading to a preference for gold over Pandora's primarily copper-silver alloy and zircon products [3] - High-end brands like Cartier and Van Cleef & Arpels are also struggling, with Richemont Group's jewelry division projected to see a 23% revenue decline in China for the fiscal year 2025 [3]