Pandora and Swarovski are closing hundreds of stores in China as consumers increasingly favor high-value jewelry and gold investments over affordable silver and crystal pieces. Pandora plans to double its store closures in China to 100 locations in 2025, with China sales dropping to just 1% of global revenue from 9% in 2019. Swarovski has closed around 180 stores in China since 2019, reducing its footprint from about 400 to 220 locations. Chinese gold consumption rose 4.4% to 303.3 metric tons in the first quarter, driven by a 46.4% surge in demand for bars and coins, while wearable gold jewelry sales fell 37.1%. Both brands are adapting by introducing lab-grown diamonds and recycled precious metals, but the market remains challenging.
Pandora A/SPandora is closing 100 stores in China due to declining consumer demand for its affordable silver jewelry as shoppers shift to gold and lab-grown diamonds.
Swarovski has closed around 180 stores in China since 2019 due to falling demand for its crystal products as consumers favor gold and lab-grown diamonds.