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PANDORA ADJUSTS PRICING IN CHINA TO LIMIT GREY MARKET
PANDORA, the world's largest jewellery manufacturer, today announces a retail price reduction across the majority of its jewellery assortment within the Chinese market.
Effective from July 19, 2018 the reduction is across the majority of the Company's jewellery collections, with the overall adjustment range at around 15%. The new prices are reflected on all platforms including the PANDORA owned eSTORE and the Tmall flagship store.
Being the most known jewellery brand globally, PANDORA jewellery is highly sought after, and the demand has seen a rise in the grey market trade within China. The price reduction aims to limit this, as well as balance the retail price difference in the mainland Chinese market and other markets.
"We are committed to servicing our Chinese customers and are very pleased with the opportunities for continued growth in China. This price reduction across our jewellery assortment is one element in our strategic programme to limit grey market trading of our products in China, and continue to enhance our customer experience in the world's largest jewellery market," says Kenneth Madsen, President of PANDORA's Asia Pacific region.
Since entering China in 2010, PANDORA has grown its revenues double or triple-digit each year as the Company has opened more stores, entered new cities and expanded its online presence in the country. Today, PANDORA has over 170 concept stores in more than 50 cities in China.
About Pandora
Pandora is the world's largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries through 6,400 points of sale, including more than 2,600 concept stores.
Headquartered in Copenhagen, Denmark, Pandora employs 27,000 people worldwide and crafts its jewellery at two LEED-certified facilities in Thailand. Pandora is committed to leadership in sustainability and will use only recycled silver and gold in its jewellery by 2025 and halve greenhouse gas emissions across its value chain by 2030. Pandora is listed on the Nasdaq Copenhagen stock exchange and generated sales of DKK 23.4 billion (EUR 3.1 billion) in 2021.