Pandora Seeks Partners to Revitalize Chinese Market After 80% Sales Drop

Pandora is reluctant to leave China. The Danish jewelry company is in the process of looking for partners to license its business in the Asian giant. The company is in talks with investment funds in the country to divest its brand and inventory, according to Reuters.

The group operates in China through 247 of its own stores, its website and in collaboration with Tmall, an online commerce platform belonging to Alibaba. Pandora entered the Chinese market in 2015.

According to official records accessed by Reuters, the Danish group closed 2024 with an 80% drop in revenue in China, to 416 million Danish kroner ($65.3 million). China’s share of global business fell from 11% in 2023 to 1% in 2024.

Pandora closed the last financial year with a turnover of just over $65 million in China

Pandora closed 2024 with sales of DKK 31.68 billion ($ 4.97 billion), up 13% from 2023, exceeding its initial forecast.

For the full year, Pandora’s ebit stood at DKK 7,974 million ($1.25 billion), compared with DKK 7 billion (over $1 billion) in the previous year.

Pandora took its first steps in 1982 by Danish goldsmith Per Enevoldsen and his wife Winnie Enevoldsen. The company was founded in Copenhagen (Denmark) and currently operates worldwide through its own stores, franchises and multi-brand stores. The group’s headquarters are located in the Danish town of Glostrup and employs more than 22,000 people.