Pandora will take over distribution in Singapore, Macau and the Philippines from January 2016 in order to grow its concept store network in these regions.
The company has made an agreement with Norbreeze Group to acquire its Pandora store network when the latter’s distribution rights expire. At the same time, Pandora will reacquire the distribution rights in the Philippines, also currently owned by Norbreeze.
Currently, there are 15 Pandora concept stores and five shop-in-shops in Singapore and Macau, with revenues reaching DKK 340 million including sales in the Philippines. Pandora will establish a local office in Singapore, whereas Macau and the Philippines will be operated from the existing office in Hong Kong.
Chief executive officer, Anders Colding Friis said: “The Far East holds a significant opportunity for Pandora, and with this agreement we have strengthened our footprint in the region. The acquisition follows similar agreements with our local distributors in countries like Brazil, Turkey and the UAE, and is in line with our strategy to expand geographically and increase the control over our brand.”