As part of PANDORA’s strategy to increase control of the PANDORA brand, the Company today announces that it has made an agreement with Gielen Trading to acquire its PANDORA store network in Belgium and Luxembourg on 30 June 2017. On the same date, Gielen Trading’s distribution rights to PANDORA jewellery in the two countries expire.
The acquisition is consistent with PANDORA’s intentions to increase the owned and operated retail footprint in markets of importance and will grant PANDORA the opportunity to enter Belgium and Luxembourg directly. With the agreement, PANDORA will add to its retail chain 13 PANDORA owned concept stores and three shop-in-shops located in the two countries. In total, PANDORA jewellery is currently available in 25 concept stores, 29 shop-in-shops and around 100 multibranded stores in Belgium and Luxembourg.
In connection with the agreement, David Allen, President of EMEA in PANDORA said: “Gaining control of the distribution of PANDORA jewellery in already established markets is an integrated part of our strategy to increase control of our brand. Gielen Trading has done a tremendous job in building the PANDORA brand as well as a sustainable branded network in Belgium and Luxembourg, and we will now continue the journey to establish PANDORA as the most loved jewellery brand in these countries.”
PANDORA will pay a total amount of EUR 14 million (approximately DKK 104 million) to Gielen Trading, related to the agreement, of which around EUR 2 million is related to inventory. The agreement will be effective as of 30 June 2017 and is subject to certain conditions to be fulfilled. In 2015, the acquired PANDORA stores and the existing wholesale network in Belgium and Luxembourg generated revenue of approximately EUR 21 million (approximately DKK 155 million). Going forward the operations in Belgium and Luxembourg will be operated out of PANDORA’s offices in the Netherlands.
PANDORA jewellery has been available in Belgium and Luxembourg since 2004.
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 approximately 9,000 points of sale, including more than 2,000 concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 18,000 people worldwide of whom approximately 12,000 are located in Gemopolis, Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ Copenhagen stock exchange in Denmark. In 2015, PANDORA's total revenue was DKK 16.7 billion (approximately EUR 2.2 billion).
CONTACT For more information, please contact:
| MEDIA RELATIONS Kristian Lysgaard Director, Corporate Communications +45 7219 5774 krly@pandora.net | INVESTOR RELATIONS Magnus Thorstholm Jensen Vice President, Head of Investor Relations +45 7219 5739 mtje@pandora.net |
| Brian Granberg Investor Relations Officer +45 7219 5344 brgr@pandora.net |
