Danish jewelry maker Pandora is exploring ways to restructure its business in China, according to two people familiar with the matter, following years of declining sales both online and in stores.
Pandora considers licensing assets in China amid market slump. – Reuters
The world’s largest jeweler by volume is in talks with China-based funds and e-commerce partners to potentially license its brand and assets — including inventory — for a five-year term, one of the sources said.
Like many multinational consumer brands operating in the world’s second-largest economy after the United States, Pandora has been hit hard by post-pandemic consumer malaise, compounded by an ongoing property crisis affecting broader economic sentiment.
The brand is also facing fierce competition from local, digitally savvy brands in China’s crowded e-commerce space, along with shifting consumer preferences toward gold and higher-value jewelry.
In a statement to Reuters, Pandora acknowledged the need to reposition its brand in China and confirmed that a turnaround is in progress, noting that “it will take time.” The company did not comment on specific restructuring discussions.
“China is the biggest jewelry market in the world, and we remain fully committed to the business there,” Pandora said.
According to exchange filings, Pandora’s China revenue dropped nearly 80% to 416 million Danish crowns ($65.10 million) in 2024, down from 1.97 billion crowns in 2019. Over the same period, China’s contribution to the company’s global revenue fell from 11% to about 1%.
Since 2022, Pandora’s China unit has had three managing directors. The current managing director, Thomas Knudsen, took over in January. Shortly afterward, the company announced plans to close 50 stores in China this year.
Finding a licensee or stakeholder may be “difficult” given Pandora’s declining performance in China and broader consumer headwinds, said Jonathan Yan, a principal at consulting firm Roland Berger in Shanghai.
“I don’t think financial investors are going to be interested in this asset,” Yan said. However, e-commerce firms seeking higher-margin brand ownership “may be interested.”
A precedent for such a deal could be Baozun’s acquisition of Gap’s China business in 2022. The Chinese e-commerce service provider bought the U.S. apparel retailer’s operations for $40 million to $50 million.
Reuters was unable to determine the current valuation for Pandora’s potential China deal.
Sales from Pandora’s e-commerce business in China have declined more sharply than its physical retail operations, according to a person with knowledge of the matter who was not authorized to speak publicly.
Yan added that a takeover by an operator with strong e-commerce expertise could be a step in the right direction, but any turnaround would require significant investment.
“They will need to burn money and have a very innovative approach — and even then, it won’t be easy,” he said.
John Lewis has released its annual shopping trends report and said that the UK “saw a national obsession with feeling good” in 2025.
John Lewis
Trends that defined the year included chocolate browns, 1970s-inspired furniture, ‘West End Girl Winter’ and Claudia Winkleman’s wrist warmers.
Essentially “Britain shopped for joy in 2025”, swapping pared-back minimalism for expressive colour, comfort and ‘Nowstalgia’, while embracing wellness, repair culture and outdoor living more than ever,” we’re told.
‘Nowstalgia’ stands for “a revival of 90s music, fashion and culture”, with the Oasis reunion tour “sparking a boom in retro purchases across everything from tech, homes and wardrobes”.
Sales of bucket hats were up 40%, while parkas, baggy trousers and sheer dresses proved popular too. Interiors saw a retro revival, with chocolate brown and chrome taking centre stage.
The UK’s sunniest summer in years also reshaped outdoor living. Gardens became alfresco kitchens, handheld fan sales topped a record breaking 1 million — the most sold to date. With the seasons shifting, swimwear sales broke records with increases of 18% in September and 28% in October versus last year.
Repair culture saw a major revival too. Demand for pre-owned items and mending rose sharply with eight in 10 Gen Z John Lewis shoppers buying pre-owned fashion and 29% of those aged 18 to 28 saying they frequently wore something more than 30 years-old.
Key trends
Meanwhile, the trend for modern heritage – Scottish tweeds, oversized jumpers, long pleated skirts and waxed jackets – was given a boost by The Celebrity Traitors being the most watched TV series of 2025 (also helping the rise of Claudia Winkleman’s wrist warmers). But it was also driven by Barbour’s playful twist on its classic quilted jackets and its collaboration with Paul Smith; by Russell & Bromley’s “no nonsense Tough Line ankle boots”; and by customers “embracing layering and rejecting flimsy fast fashion”.
The retailer’s knitted bandana scarf sales increased year on year by 357% while sales of the Khaki Barn Jacket – lightweight but waterproof – shot up 62%. Barbour was John Lewis’s best selling womenswear and menswear brand during October, with menswear sales up 38% in comparison to last year. In fact, its Oxford Street store was taken over by the brand with tartan to celebrate an exclusive John Lewis collection.
Barrel leg jeans were the hit of 2024 and they remained “astonishingly popular” in 2025. They helped revive “all manner of looser denim cuts”. Of the 1,349 different women’s denim jeans available at John Lewis during 2025, the most popular cut has been the wide-legged, with 407 in this category, more than the 309 straight and 147 skinny.
But as well as the comfort of wide-legged and barrel-legged, “people want something more statement with their denim”, said Claire Miles, head of Womenswear Buying at John Lewis. This “encapsulated everything from Paige’s denim trench, Mango’s tie-neck denim shirt, Rejina Pyo’s brown wash jeans and And/Or’s ruffled denim top and its Clara Cape Denim Jacket”.
As for the West End Girl Winter trend, only set up during lockdown, Queens of Archive is an Irish-British brand that has made a splash with its 1960s and 1970s-inspired glamour: maxi dresses, silk-touch sleeves, plush velvet.
It has already become its most rented brand at John Lewis, closely followed by Charles Tyrwhitt. But in October, its Stella coat, with 1960s It-girl attitude, cracked vinyl A-frame and big cuffs, suddenly became its most wanted piece after Lily Allen wore it for the video of Tennis – one of the standout tracks on her West End Girl album and one of the most talked about cultural moments of 2025. Since the video was released, searches for ‘Queens of Archive’ on johnlewis.com jumped by 146% compared to a year ago.
Cashmere has become an all-year trend too. A generation ago, cashmere was a once-a-year luxury for most people. But people are now wearing cashmere all year as it’s no longer reserved for jumpers and super-cold days, short-sleeve cashmere, cashmere T-shirts and sleeveless cashmere vests have all proved very popular in 2025.
On johnlewis.com searches for ‘men’s cashmere jumper’ are up 145% so far in 2025 versus 2024. Searches for ‘cashmere’ saw notable peaks in April, July, September and November.
Beauty evolution
Moving on to beauty, cherry has been a hot colour on the catwalks over the last 18 months and beauty brands are also embracing it – both the colour and the scent.
Skin tints are also increasing in popularity, thanks to the shift in focus from heavy cover-up make-up to skincare-first. This year, John Lewis has started stocking more skin tints than ever before due to high customer demand and brand innovations.
And the 90s revival didn’t only affect fashion. A lot of the best selling beauty products have been glossy, cheerful and unashamedly late 1990s. Lancome this year has brought back the Juicy Tube, originally launched in 2000. The Clinique chubby stick, which first launched in 1997 but relaunched in 2011, has also had a refresh.
The so-called lipstick effect has been visible this year too but John Lewis said the beauty product of choice as an affordable-but-still-luxury treat has been a premium fragrance.
The average selling price of perfumes at John Lewis jumped this year from £73 to £102. A lot of the premiumisation has been driven by the arrival of new luxe brands, including Jo Loves, Penhalligon’s, Byredo and Loewe. Seven of the total 58 brands available are new this year.
Peter Ruis, MD of John Lewis, said of all this: “This Shop Live Look report highlights the joy and the buzz we have seen in our stores over the past year. It’s clear that customers really embraced colour, comfort and fun again — from big garden parties, 90s tunes on repeat or butter dishes making a comeback. Our stores have never felt more alive with new premium collaborations, pop-up Topshops and cookery workshops, and a glass of fizz in the new John Lewis Lounge. It’s clear the era of Department stores as destinations is having its own ‘Nowstalgia’ moment – and we’re ready to bring more of that in 2026.”
Gabriele Maggio has been officially appointed CEO of Twinset, under new owners Borletti Group and Quadrivio (the latter through its Made in Italy Fund II). As first reported by FashionNetwork.com in early December, Maggio has been confirmed as the new helm of the Carpi-based Italian womenswear label, sold in June 2025 by the Carlyle investment fund to the current owners, which share a 100% stake in Twinset.
Gabriele Maggio
Maggio has taken over from Alessandro Varisco, who left Twinset after 10 years in charge, a lengthy tenure during which Varisco was directly involved in the label’s sale, a process that Carlyle had embarked on prior to the pandemic.
Maggio’s appointment is part of the relaunch strategy deployed by Borletti Group and Quadrivio, aimed at consolidating Twinset’s position in the affordable luxury segment. A goal that will also be pursued through marketing and communication initiatives with a focus on digital. The new owners are keen to extend Twinset’s retail footprint, both by boosting its presence in the e-tail channel and by expanding in markets that are key for the label, like Spain, France and Eastern Europe.
“I’m excited to join Twinset at this crucial time in its journey,” said Maggio. “The brand has enormous potential, a unique creative heritage and a highly talented staff. Together with the new partners and the entire team, we will work to promote a new phase of solid, inspired growth, further strengthening the brand’s presence in the Italian and European landscape,” he added.
Maggio has joined Twinset after a stint of over a year and a half at Betty Blue, as the CEO of Elisabetta Franchi. He was formerly the president and CEO of Stella McCartney, spearheading the label’s international expansion and positioning it as a benchmark in sustainable luxury. Before that, he was managing director at Moschino, and held senior roles at Gucci, Bottega Veneta, Giorgio Armani and Prada.
“Gabriele’s arrival marks a crucial stage in Twinset’s new era,” said Maurizio Negro, president of Twinset, adding that “his in-depth industry knowledge, combined with his experience as a leader of international brands, makes him the ideal profile to marshal the company through this growth and transformation phase.”
“[Maggio’s] international experience and ability to lead creative and complex organisational teams make him the ideal leader to steer the company through this new phase, in which we want to fully exploit [Twinset’s] potential,” said Maurizio Borletti, partner and co-founder of Borletti Group. “We are sure that Maggio’s professionalism and vision will enable the brand to further consolidate its positioning and strengthen its presence internationally, in line with the fund’s investment strategy,” stated Alessandro Binello, CEO of Quadrivio.
Festive footfall is starting to build nicely as the journey to Christmas already looks being upbeat for retailers, according to data from both global retail solutions portfolio Sensormatic Solutions and MRI Software.
Over the latest weekend (13-14 December) footfall rose 4.4% week-on-week, Sensormatic’s ShopperTrak Analytics data, which captures 40 billion store visits globally each year, showed.
Shopper counts across last week also increased steadily, rising 3.6% on the week before (1-7 December vs 8-14 December). However, footfall across Saturday and Sunday remained lower than 2024, down 5.7% and 5.4% year-on-year respectively.
UK shoppers were expected to have made 20.6 million transactions over Friday and Saturday, 6.39% higher than 2024, according to separate figures from Nationwide,
While footfall rose 3.5% week-on-week last Saturday, Sunday was the top performing day for store visits across the weekend, with shopper counts jumping 5.7% on the week prior and High Streets seeing the biggest boost (+12%).
Andy Sumpter, EMEA Retail consultant at Sensormatic Solutions, said: “After a mixed start to Peak Trading and concerns that consumer caution could dampen consumers’ Christmas spirits, retailers will have welcomed the tempered but steady build in festive footfall last week.”
Super Saturday (20 December) is expected to be the busiest day for store footfall of the entire Peak Trading season, according to Sensormatic’s predictions. This year, consumers are expected to make 10.7 million transactions on Super Saturday as they rush to finish their Christmas shopping.
Sumpter added: “All eyes now turn to Super Saturday, undoubtedly one of the highest-stakes shopping days of the Christmas season. And, while a single day can’t carry the entire trading period, retailers will be hoping that early momentum continues to build towards the Christmas crescendo.”
Over at MRI Software, retail footfall remained strong last week (8-14 December) compared to the prior week with a 3.1% rise recorded across all UK retail destinations. This was mainly driven by a 5% rise in high streets and a 2.2% uplift in shopping centres, whereas retail park visits were flat on the week before
While declines were recorded across the board on Sunday (-9.7%) and Tuesday (-6.2%), both mostly down to bad weather, “this did little to hamper overall trends”.
However, footfall rebounded strongly as conditions improved, with visits jumping 10.7% on Monday and 11.5% on Thursday, driven largely by activity on the high street. This could suggest the festive events and attractions drawing visitors in as well as festive parties whether they be work or social led, it said.
This is also reflected in Central London footfall remaining 4.2% higher week-on-week and 7.1% higher year-on-year. However historic and market towns recorded annual declines of -3.3% and -3% respectively.
Shopping centres witnessed similar trends to that of the high street with visits peaking on Thursday by 10%. Retail parks saw sharp declines on Sunday (-8.6%) and Tuesday (-5.7%) but experienced relatively steady growth for the remainder of the week.
Compared to the same week last year, footfall remained 0.5% lower largely influenced by a drop in shopping centre (-3.1%) and retail park (-1.6%) visits. High streets bucked the trend and saw visits rise by +1.3%.
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