China: Shunned by Gen Z, Pandora fails to recover

Although very dynamic in the U.S.A. and in Europe, Danish retailer Pandora (sales of US$4.11 billion in 2023, up by 6%like-for-like, followed by a rise of 11% in Q1 2024 at US$980 million) is struggling in China. After a phase of Covid-19 closures, the brand reopened stores in January 2023 but has yet to find a recipe for recovery. On a comparable basis, Pandora’s sales in China fell by 17% in Q1 2024, following a 9% drop in 2023. While China is the world’s largest jewellery market (US$113.6 bi