The move is part of the company’s strategy to increase its control of the brand
Pandora has made an agreement with Gielen Trading, which currently holds distribution rights for Pandora in Belgium and Luxembourg, to acquire its store network in those two countries.
The company has been working to increase its control of its retail footprint.
Pandora will pay Gielen Trading $14.6 million, $2 million of which is related to inventory. The agreement will be effective as of June 30, 2017.
With this agreement, the company has announced plans for 13 Pandora-owned concept stores and three shop-in-shops in the two countries. There are currently 25 concept stores, 29 shop-in-shops, and 100 multibranded stores in the two countries.
“Gaining control of the distribution of Pandora jewelry in already established markets is an integrated part of our strategy to increase control of our brand,” said David Allen, Pandora’s president for Europe, the Middle East, and Africa, in a statement. “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 jewelry brand in these countries.”