Jewellery brand Pandora has announced that it has signed a letter of intent with Pan India Charms & Jewellery Private Limited (Pan India) about distribution of Pandora jewellery in India.
Under the terms of the distribution agreement, Pan India will be granted exclusive distribution rights for Pandora jewellery in India, in which the firm currently has no distribution.
The agreement is subject to certain conditions to be fulfilled. Through its distribution partner, Pandora will establish branded sales distribution focusing on concept stores and shop-in-shops, initially in Delhi, Mumbai and Bangalore.
Pandora plans to initially open around 50 concept stores in India over a three year period, with around five stores expected to be opened in 2017. The first opening is planned for Q1 2017.
Anders Colding Friis, CEO of Pandora, said: “Retailing and conceptual sales in India is developing at a fast pace. Furthermore, jewellery as a fashion statement is increasingly popular among consumers and with India already being one of the largest jewellery markets in the world, the country holds a great potential for Pandora.
“With our new partner and distributor, who has substantial knowledge and experience with the Indian retail market, we believe we have an unique opportunity to position Pandora as a leading international jewellery brand in India.”
The jewellery market in India, which is predominantly a gold and diamond market, is one of the largest jewellery markets in the world and in 2015 had a value of INR 2,947 billion (approximately £34 billion), corresponding to an increase of 18% compared to 2014.
Of the total jewellery market in India, sterling silver is currently estimated to represent around 5%.