Pandora announced on 11 August 2015 that it has reached an agreement with Norbreeze Group to take over Pandora store network in Singapore and Macau on 1 January 2016, when Nonbreeze’s rights of distribution expire in the two countries. At the same time, to reacquire its distribution rights in the Philippines, Pandora will pay a total of SGD30 million (approximately USD21.48 million) to Norbreeze. According to Pandora’s press release, this agreement will be effective as of 1 January 2016, though it is ‘subject to certain conditions to be fulfilled’.
This acquisition will add 15 existing Pandora concept stores andfive shop-in-shops to Pandora’s current retail network in Singapore and Macau while the Philippines stores will continue to be operated by a local master franchise. A local office will be established in Singapore whereas operations in Macau and the Philippines will be managed by Pandora’s offices in Hong Kong.
Anders Colding Friis, CEO of Pandora, said: “The Far East holds a significant opportunity for Pandora, and with this agreement we have strengthened our footprint in the region. The acquisition follows similar agreements with our local distributors in countries like Brazil, Turkey and the UAE, and is in line with our strategy to expand geographically and increase the control over our brand.”
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