Pandora in China to be united after Taiwan deal
Pandora in China is about to be united under one business.
The Danish contemporary jewellery manufacturer is moving to increase control of its brand by acquiring its Taiwanese store network from controlling distributor Carrera Corporation as of January 2019.
The deal will give Pandora in China complete ownership of its distribution and retailing activities, including the mainland, Hong Kong and Macau. It is part of Pandora’s strategy to increase its owner-operated retail footprint in important markets.
Along with the agreement, Pandora will be adding five concept stores and 14 shop-in-shops to its retail network. Some 100 store staff will transfer to Pandora.
President of Asia Pacific in Pandora Kenneth Madsen said that for many years, Taiwan has been an important market for the company.
“Pandora is a leader in the jewellery segment among 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 about HKD120 million (US$15.3 million) in cash for the assets. Carrera’s distribution rights were set to expire on January 1, 2019.