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 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.
Along with the new brand-ambassadors, another sign of Pandora’s brand reform in China is the launch of its new concept store, EVOKE 2.0, in Shanghai’s Grand Gateway Plaza. Pandora has announced, that the brand plans 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.
Source: Business Times
