Pandora announced that it has agreed to a stock purchase with City Time to acquire City Time do Brazil Comércio e Importação Ltda., including the distribution rights to Pandora jewelry in Brazil.
The acquisition will grant Pandora the opportunity to enter the Brazilian market directly and to add to its retail chain nine Pandora Concept stores—five in Sao Paulo, two in Rio de Janeiro, one in Brasilia, and one in Curitiba—as well as an e-commerce site.
“With the agreement, we get a stronger presence in a country which we believe holds great potential for Pandora,” said pandora CEO Allan Leighton in a statement. “City Time has done a great job in establishing a presence for Pandora in Brazil, and we look forward to welcoming a strong, local Brazilian organization into Pandora.”
City Time Brazil generated revenue of 4.9 million euros in 2012 and 6.2 million euros in the first seven months of 2013. Pandora paid a one-time, undisclosed amount to City Time for acquiring City Time Brazil.