Brands Pandora and Swarovski close hundreds of stores in a key market

World-renowned jewellery brands Pandora and Swarovski are losing popularity and shrinking their presence in China. Pandora, the Danish company known for its customizable charm bracelets, reached its peak in China in 2019, when it operated 240 stores and reported revenue of 1.97 billion. However, things have changed: Pandora’s China sales accounted for only 1% of its global revenue in 2025, down from 9% in 2019.

At the same time, Austrian brand Swarovski, globally popular for its precision-cut, high-quality crystal glass crafted to look and refract light like diamonds, has also been downsizing. The 131-year-old accessible luxury jewellery brand operated around 400 stores in China in 2019, making it their largest market at the time. However, the brand had around 220 stores in the Asian market in 2024, having closed about 180 stores in China over the course of 4-5 years.

Both Pandora and Swarovski are feeling squeezed as consumers in China change their shopping habits, favouring high-value jewellery over more affordable options, while at the same time increasingly buying gold as an investment.