Pandora jewelry

Pandora takes over another retail network

Pandora continued its strategy of acquiring the retail jewelery stores of its national distributor, announcing the acquisition of a Portuguese distribution network.

The takeover – which assumes full control of retail operations and business management in the region – involves 34 Visão do Tempo stores – 24 concept stores and nine mall stores – established in major cities and premium locations from Portugal.

The restructuring is consistent with Pandora’s strategy to grow business and expand the network in Phoenix announced in 2021. It follows the March acquisition of its largest franchisee in North America, Ben Bridge Jeweler. This agreement concerned 37 American and Canadian stores.

Pandora will begin operating Portuguese stores on July 20 under the Pandora label with the aim of enhancing brand development, increasing sales channels and enhancing its product offerings.

Olivier Kessler-Gay, Managing Director Market Cluster Western Europe, Pandora said: “Portugal is one of the key markets in Western Europe and we see great potential to further strengthen our brand and drive growth.

“I would like to thank Visão do Tempo for launching Pandora in Portugal 16 years ago and for their dedicated management since then. Today Pandora is a major player in the Portuguese jewelery sector and we expect to continue its positive development. .

Visão do Tempo introduced Pandora to the Portuguese market in 2006. The store network recorded total sales of €24 million (AUD$36.33 million) in 2021.

Frederico Carneiro, CEO of Visão do Tempo, said: “We are deeply grateful for the opportunity to establish and grow Pandora in Portugal.

“Pandora will now enter the next phase in Portugal and I am convinced that this stage will take the brand even further and bring it more success,” he added.

In 2021, Pandora launched its first exclusive collection of lab-created diamonds and announced plans to phase out natural diamonds from its product lines.

The jewelry company previously used artificial stones and quarried stones in its collections, although in very limited quantities. Worldwide, natural diamonds were set in approximately 50,000 of the 85 million pieces produced in 2020.

Founded in 1982, Pandora remains based in Denmark and has expanded its reach to over 2,700 stores in 100 countries around the world. The company employs approximately 27,000 people.

Pandora is also listed on the NASDAQ OMX stock exchange in Copenhagen, Denmark.

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