Pandora to revamp its image in China

Pandora, the Danish fashion jewelry brand, has recently named the American actress Ashley Park as its new global ambassador. Park has gained huge recognition in China for her role as Mindy in the hit show “Emily in Paris.” Her Asian-American identity reflects Pandora’s focus on both the U.S. and Chinese markets.

In early July, Pandora China announced actress Liu Yuxin as its new brand ambassador for the region. Thereby marking the company’s official reboot in the Chinese market.

In the company’s strategy named the “Phoenix Plan,” Pandora aims to triple its revenues in China, based on the figures from 2019. In 2019, Pandora’s revenue in China was 2 billion DKK, accounting for about 9.1% of the brand’s global revenue.

The strategy was initially rolled out in Western markets. Pandora has recently mentioned that the delay in transitioning its Chinese business is due to the company waiting for the market to stabilize.

Affected by the ongoing pandemic in 2022, Pandora’s revenue in China dropped to 737 million DKK – a 47% decline compared to 2021.

Very recent, Pandora raised its full-year revenue outlook as it reported better-than-expected second-quarter sales, mainly due to an improved performance in the U.S. and China.

“Given our solid performance so far, our updated guidance now sees another year of positive organic growth,” CEO Alexander Lacik said in a statement.

Pandora said it now expected organic sales growth of between 2% and 5%, against an earlier range of between -2% and 3%. The overall sales increased to 5.9 billion DKK in the April to June period from 5.7 billion in 2022.

In the effort to regain the Chinese market, Pandora has recently launched its new concept store, EVOKE 2.0, in Shanghai’s Grand Gateway Plaza. The brand has announced, that they plan to continue opening more EVOKE 2.0 stores in China.

Currently, Pandora has 240 stores in China. 20 in Shanghai, 20 in Beijing, 12 in Chengdu and 13 in Hangzhou.