PANDORA now has complete ownership of the brand in Greater China.
As part of PANDORA's strategy to increase control of the PANDORA brand, the Company today announced that it has made an agreement with Carrera Corporation to acquire its PANDORA store network in Taiwan on 1 January 2019.
With the agreement, PANDORA will add five concept stores and 14 shop-in-shops to its retail network. Store staff of around 100 employees will also transfer to PANDORA.
The acquisition is part of PANDORA’s strategy to increase the owned and operated retail footprint in important markets. The deal will give PANDORA complete ownership of the brand and distribution in Greater China (Mainland China, Hong Kong, Macau and Taiwan).
Kenneth Madsen, President of Asia Pacific in PANDORA, said:
"For many years Taiwan has been an important market for us. PANDORA is a leader in the jewellery segment amongst the Taiwanese consumers and we see attractive expansion opportunities. Having complete ownership in Greater China will support our growth and development strategy in the entire Asia Pacific region.”
PANDORA will pay approximately HKD 120 million (DKK 100 million) in cash for the assets. The sell-out revenue in Taiwan was HKD 240 million in 2017.
PANDORA jewellery has been available in Taiwan since 2010, and Carrera Corporation has held the distribution rights since then. The agreement will be effective as of 1 January 2019 and is subject to the fulfilment of certain conditions. Carrera’s distribution rights expire 1 January 2019.
ABOUT PANDORA
PANDORA designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. PANDORA jewellery is sold in more than 100 countries on six continents through more than 7,700 points of sale, including more than 2,500 concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 26,500 people worldwide of whom more than 13,200 are located in Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2017, PANDORA’s total revenue was DKK 22.8 billion (approximately EUR 3.1 billion).
CONTACT
For more information, please contact:
| CORPORATE COMMUNICATIONS Johan Melchior Director External Relations, Corporate Communications +45 4060 1415 jome@pandora.net | INVESTOR RELATIONS Magnus Thorstholm Jensen Vice President, Head of Investor Relations +45 7219 5739 mtje@pandora.net Christian Møller Investor Relations Officer +45 7219 5361 chmo@pandora.net Brian Granberg Investor Relations Officer +45 7219 5344 brgr@pandora.net |
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