Jewelry giant Pandora is to acquire Gielen Trading's Pandora store network in Belgium and Luxembourg as of June 30, 2017 when Gielen Trading's distribution rights to Pandora jewelry in the two countries expires.
The move is part of Pandora's strategy to increase control of its brand, the company said.
The acquisition will grant Pandora the opportunity to enter Belgium and Luxembourg directly. With the agreement, Pandora will add to its retail chain 13 Pandora owned concept stores and three shop-in-shops located in the two countries. In total, PANDORA jewelry is currently available in 25 concept stores, 29 shop-in-shops and around 100 multibranded stores in Belgium and Luxembourg.
Pandora will pay 14 million euros to Gielen Trading, of which around 2 million euros is related to inventory. The agreement is subject to certain conditions. The operations in Belgium and Luxembourg will be operated out of Pandora's offices in the Netherlands.