Pandora Jewelry has acquired 100 per cent of Pan ME A/S, which held distribution rights to the brand in United Arab Emirates (UAE), Bahrain, Qatar, and Oman.
The agreement allows the bead company to enter Middle East markets directly. In addition, it will be able to add to its retail chain of concept stores located in UAE, which will be operated by Pandora, along with three distributor stores in Bahrain, Qatar, and Oman.
“Pandora jewellery has been available in the Middle East since 2010 and the agreement is in line with our strategy to expand geographically, as well as maintain control over our brand,” said Pandora chief executive officer (CEO) Allan Leighton
The deal is subject to certain conditions to be fulfilled. Pandora will pay a one-time cash amount of 110 million DKK ($22.4 million Cdn).
“With the agreement, we get a stronger platform in the Middle East, a region which we believe holds great potential for Pandora, and we look forward to welcoming a strong UAE-based organization into the company,” said Peter Mark, president of Pandora Central Eastern Europe and Middle East.
The company said it intends to establish Dubai as the future hub for its activities in the Middle East and North Africa.
