Germany getting up to 78 Pandora concept stores

by eyetee | January 8, 2015 2:22 pm

[1]Pandora Jewelry is continuing its expansion efforts with up to 78 concept stores in prime locations throughout Germany.

The company says it has entered into an agreement with DHG Gmbh to assume commercial leaseholds currently trading under the BiBa name, a ladies’ fashion brand.

Negotiations with landlords are expected to be finalized by Jan. 31.

“We have carefully mapped the German market, in terms of how an ideal concept store network would look in the country,” said Pandora’s chief executive officer (CEO) Allan Leighton.

“With this agreement, we have now in one strategic move gained immediate access to a very large proportion of the desired locations.”

Pandora says it will pay a service fee to DHG for making the leaseholds available. The amount of this fee will be dependent on the number of leases successfully assigned.

“This will be a significant strategic step for Pandora in Germany, which accelerates our strategic plan for this market,” said Niels Møller, president of Pandora Central Western Europe.

According to Pandora, the Danish-based company will open owned and operated concept stores in the new locations, some of which will be a relocation of existing stores it already owns. A number of these locations may become franchise stores at some point.

The expansion is expected to cost around 50 million euros ($69.7 million Cdn).

Germany is one of Pandora’s core markets. It currently owns and operates 61 out of 83 concept stores in that country.

Source URL: https://www.jewellerybusiness.com/news/germany-getting-up-to-78-pandora-concept-stores/

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