Pandora's China revenue fell 80% from its 2019 peak — it is closing 100 stores in a year

Pandora entered China in 2015 and expanded rapidly: China sales surged 175% in 2016, the brand added 58 stores in 2017, and by 2019 it had over 240 stores generating DKK 1.97 billion (about RMB 2.13 billion) — 9% of global revenue, with same-store sales growing over 20% a year. Then the decline began: China sales fell 36% in 2020, 13% in 2021, 47% in 2022 and 9% in 2023.

By 2024, China revenue was DKK 416 million — down nearly 80% from the 2019 peak. In Beijing, the WF Central flagship was quietly replaced by Cartier; the Sanlitun Taikoo Li store was taken over by fashion brand GANNI in February 2023. Standalone stores were downgraded to atrium counters, then withdrawn entirely. On 15 August 2025, Pandora doubled its 2025 China closure plan from 50 stores to 100 — a closure rate of about 50%, leaving fewer than 100 stores by year-end.

The decline tracked a shift in Chinese consumer preferences toward value retention. Pandora's core materials — 925 sterling silver, 18K gold plating and synthetic gemstones — lost appeal as younger buyers turned to gold and local brands like Laopu Gold. On secondhand platforms, Pandora beads that retailed for RMB 400-500 resold for RMB 10-30. Consumers complained of oxidisation, fading plating, cracking zirconia and peeling enamel.