Pandora has recently entered into an agreement with Gielen Trading to acquire its Pandora store network in Belgium and Luxembourg on 30 June 2017. From that day on Gielen Trading’s distribution rights to Pandora jewellery in the two countries will expire.  

Under the agreement, Pandora will pay a total amount of EUR 14 million to Gielen Trading, “of which around EUR 2 million is related to inventory”, the Company reported.

“The acquisition is consistent with Pandora’s intentions to increase the owned and operated retail footprint in markets of importance and will grant Pandora the opportunity to enter Belgium and Luxembourg directly,” the Company said when announcing the move.

Once this agreement is operational, 13 Company-owned concept stores and three shop-in-shops located in the two countries will be added to Pandora’s retail presence. Currently, Pandora jewellery is available in 25 concept stores, 29 shop-in-shops and around 100 multibranded stores in Belgium and Luxembourg. 

David Allen, President of EMEA in Pandora commented: “Gaining control of the distribution of Pandora jewellery in already established markets is an integrated part of our strategy to increase control of our brand. Gielen Trading has done a tremendous job in building the Pandora brand as well as a sustainable branded network in Belgium and Luxembourg, and we will now continue the journey to establish Pandora as the most loved jewellery brand in these countries.”   

In 2015, the acquired Pandora stores and the existing wholesale network in Belgium and Luxembourg generated revenue of approximately EUR 21 million, the Company stated.