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Pandora正在成为“时代的眼泪”
Guan Cha Zhe Wang· 2025-07-16 08:29
Core Viewpoint - Pandora is considering a restructuring of its business in China, recognizing the need to reposition its brand in the market while still committing to strengthening its operations in the region [1][3]. Group 1: Business Performance in China - Pandora entered the Chinese market in 2009 and officially launched in 2015, experiencing significant growth with a sales increase of 175% in 2016 [1][3]. - By 2019, Pandora had over 240 stores in China, with revenues reaching 1.97 billion Danish kroner (approximately 2.13 billion RMB), accounting for 9% of global revenue, and same-store sales growing at an annual rate exceeding 20% [3]. - However, from 2020 to 2023, sales in China declined by 36%, 13%, 47%, and 9% respectively, with 2024 revenues dropping to 416 million kroner, nearly an 80% decrease from 2019 [3][4]. Group 2: Brand Strategy and Market Positioning - In 2023, Pandora attempted to revitalize its brand by focusing on "commemorative stories" and "collectible" core brand positioning to attract consumers [3]. - The brand's emphasis on emotional value and sustainability, using 100% recycled gold and silver, has struggled to resonate with pragmatic Chinese consumers [3][4]. - The CEO indicated a pause in expansion plans due to the overall sluggish luxury market in China, leading to the termination of previous store update plans [4]. Group 3: Competitive Landscape - The luxury jewelry market in China is experiencing polarization, with consumers gravitating towards higher-priced brands that promise value retention [6]. - Local brands are beginning to adopt Pandora's model, creating gold beads and collaborating with popular IPs to enhance retail margins [6]. - In contrast, the American market has become a significant contributor to Pandora's revenue, accounting for 32% of global sales in Q1 2025, while the Chinese market only generated 96 million kroner [8]. Group 4: Future Outlook - Pandora is contemplating its next steps in the Chinese market, shifting from continuous investment to closing stores, with an expected reduction of 50 locations [8]. - The brand's previous attempts at transformation have not yielded effective results, leading to speculation that exiting the Chinese market may be the most prudent decision [8].