8月15日，丹麥知名珠寶品牌潘多拉（Pandora）公佈2025年第二季度的財報，數據中最引人注目的焦點，是公司在中國市場的收縮計畫大幅擴張。原本已經宣布要關閉50家門店，如今計畫直接翻倍至100家，幾乎等於將品牌在中國的實體版圖再度腰斬。根據《21世紀經濟報道》援引潘多拉銷售人員的消息，這一關店舉措並非單純的結束租約，而是與裁員同步推進。每家店關閉後，員工會收到一次性的補償金，但並不會被重新安排到其他門店工作，意味著大量基層銷售人員將直接告別潘多拉。

事實上，這家來自丹麥、以「輕奢首飾」著稱的品牌，在中國的日子已經舉步維艱多年。潘多拉最具代表性的產品模式是「手鏈 + 串珠」的自由組合，強調「一顆珠子代表一個故事」，憑藉這種DIY式的浪漫行銷理念，品牌自2015年進入中國市場後，一度成為年輕女性的心頭好。然而，隨著市場競爭白熱化，加上消費者審美與需求轉變，潘多拉的光環逐漸褪去。

從北京到青島、南京等城市，潘多拉門店的存在感這幾年明顯下降。許多核心商場中，品牌從獨立門店縮減為中庭臨時櫃台，最終乾脆撤櫃。2021年，《北京商報》報導曾指出，潘多拉位於北京王府中環的主力旗艦店悄然撤場，由卡地亞取而代之。此後，長楹天街的門店「縮水」成為專櫃，2023年初，三里屯太古里南區的潘多拉專門店，也被另一家時尚品牌GANNI接手。這些現象幾乎成為潘多拉在中國市場退縮的縮影。

從財務數據來看，潘多拉在中國的業績已經明顯拖累集團表現。2025年第一季度，品牌在華銷售額僅為9600萬丹麥克朗，較2023年下滑了11%；到第二季度，更是再度同比暴跌15%。與之形成鮮明對比的是，潘多拉全球整體可比銷售額卻上升了3%。中國市場的疲軟成為集團在報告中特別點出的「領跌區域」。若將時間線拉長，從2019年至2025年，中國市場的營收佔比已經從高峰時期的9%，一路萎縮到僅剩1%。

在這樣的背景下，7月市場上便傳出潘多拉有意退出中國市場的消息。雖然公司官方並未正面承認「全面撤退」，但有跡象顯示，品牌未來將逐步淡出直營業務，轉而以授權本地零售商經營的方式維持有限存在。換句話說，潘多拉在中國的黃金年代或許已經徹底結束，接下來只會以「授權經營」的低調模式繼續生存，而不再是國際輕奢品牌在中國一線商場的亮眼標誌。

On August 15, Danish jewelry brand Pandora released its Q2 2025 earnings report, and the most striking announcement was a significant downsizing in the Chinese market. Originally, the company had planned to close 50 stores in China this year, but that number has now doubled to 100, effectively cutting its physical presence in the country in half again. According to a report from 21st Century Business Herald, Pandora sales staff confirmed that the store closures are directly tied to layoffs. Employees will receive compensation once their stores shut down, but they will not be reassigned to other locations, meaning many frontline staff will lose their jobs outright.

In reality, the Danish “affordable luxury” brand has been struggling in China for years. Pandora’s most iconic product model—“bracelet + charm” combinations with the slogan “Every charm tells a story”—once captivated young Chinese women after the brand entered the market in 2015. However, as consumer tastes evolved and competition in the jewelry sector intensified, Pandora’s once-glittering appeal has gradually faded.

From Beijing to Qingdao and Nanjing, Pandora’s visibility in shopping malls has steadily declined. In many malls, what started as independent flagship stores were downgraded into temporary kiosks, and eventually pulled out entirely. As early as 2021, Beijing Business Today reported that Pandora’s flagship store in Beijing’s Wangfujing mall had quietly closed, replaced by Cartier. Soon after, its location in Changying Paradise Walk was reduced to a counter, and in early 2023, Pandora’s store in Taikoo Li Sanlitun South was taken over by fashion brand GANNI. These shifts reflect Pandora’s gradual retreat from its former prominence in China.

Financially, the decline has become even more evident. In Q1 2025, Pandora’s China sales were only 96 million Danish kroner, an 11% drop compared with 2023. In Q2, sales plunged another 15% year-on-year. By contrast, Pandora’s global comparable sales grew by 3% over the same period. China was singled out in the report as the company’s worst-performing region. Looking at the longer trend, between 2019 and 2025, Pandora’s revenue share from China shrank from 9% to just 1%.

Against this backdrop, rumors emerged in July that Pandora was planning to exit the Chinese market entirely. While the company has not officially confirmed a full withdrawal, signs indicate it will gradually wind down direct operations and instead rely on local authorized retailers to maintain a minimal presence. In other words, Pandora’s golden era in China appears to have ended. What remains may be a subdued, license-based business model—far removed from the days when Pandora stood as a prominent international affordable luxury jewelry brand in China’s top malls.