Danish jewellery brand Pandora was riding high in the Chinese market in the late 2010s. In 2019, the world's biggest jeweller by volume turned over $283 million (£220m) in China, representing 9% of its global revenue. But last year, sales fell to $82 million (£64m), with China now making up just 2% of Pandora's total turnover, despite a similar number of physical stores (243 compared to 240 in 2019).
Chinese consumers, especially Gen Z, are avoiding Pandora's sterling-silver charm bracelets for high-karat gold, particularly in the form of tiny beans, which make for reliable nest eggs in uncertain times. As highlighted by consumer trends website Jing Daily, Pandora went overboard with product releases, losing its cachet and overwhelming customers with too much choice. As younger customers abandon the brand, Pandora has exacerbated the situation by focusing too heavily on collaborations with the likes of Disney and Marvel, further alienating their more mature clientele.