As part of the jewellery giant’s strategy to increase control of the brand, Pandora has made an agreement with BJ FitzPatrick Holdings Ltd. to acquire its store network in Ireland on June 1 2018.
On the same date, the BJ FitzPatrick Group’s distribution right to Pandora jewellery in Ireland and the territory of Northern Ireland expires.
The acquisition is consistent with Pandora’s intentions to increase the owned and operated retail footprint in markets of importance and will give the brand the opportunity to enter Ireland directly.
With the agreement, Pandora will add to its retail chain 24 owned concept stores and one shop-in-shop in Ireland. Furthermore, the jewellery giant will take over distribution of five franchisee concept stores and 10 shop-in-shops, mainly in Northern Ireland.
In connection with the agreement, David Allen, president of EMEA at Pandora, shares: “Over the years BJ FitzPatrick has ensured that both the Pandora brand and store network have been developed across Ireland. As an integrated part of our strategy to increase control of our brand and the distribution of Pandora jewellery, we will now continue the efforts to establish Pandora as the branded manufacturer that delivers the most personal jewellery experience.”
Pandora will pay a total amount of EUR 23 million (£20.1m) to the BJ FitzPatrick Group, related to the agreement, of which around EUR 3 million (£2.1m) is related to inventory.
In an exclusive interview with Professional Jeweller, the brand’s managing director for the UK revealed Pandora will be continuing to strengthen its own and operated store network this year.