Pandora Jewelry is hoping to create a stronger foothold in the Brazilian market with the purchase of City Time Brazil, the company that holds the distribution rights to the bead brand in that country.
The all-cash transaction will allow Pandora to enter the Brazilian market directly and to open nine new concept stores—five in Sao Paulo, two in Rio de Janeiro, one in Brasilia, and one in Curitiba—as well as establish an e-commerce site.
“With the agreement, we get a stronger presence in a country that we believe holds great potential for Pandora,” said company chief executive officer (CEO), Allan Leighton.
“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. The agreement is in line with our strategy to expand geographically, as well as maintaining control over our brand.”
The deal is subject to certain conditions being fulfilled, although Pandora did not specify what those are.
City Time—which is based in Spain—will continue to be the distributor of Pandora jewellery in that country, as well as Israel.
