Pandora acquires Spanish distributor

Danish jewellery maker Pandora has gained full control over the distribution of its products in Spain, Andorra and Gibraltar after acquiring the distribution rights from City Time for 110 million euros, it announced this week.

The move follows Pandora’s ambition to increase control over its brand, and strengthen its power in the marketplace though directly-operated stores. “This acquisition will allow us to have direct access to one of the largest jewellery markets in Europe,” said the group’s CEO Anders Colding Friis.

Additionally, the director highlighted the “great” work carried out by City Time to create a strong network of stores in the country. In addition to the retail locations, Pandora has acquired a regional office, a logistics centre and roughly 500 employees.

Under the supervision of City Time, Pandora increased revenue to 94 million euros in Spain in 2016. The Danish group has confirmed the business’ management team, led by Daniel Bensadon, and its structure will remain in place.

The transaction, subject to regulatory approval, is expected to close at the end of the fourth quarter.

The Danish jewellery manufacturer posted net profit of 1.09 billion Danish crowns (147.2 million euros) in the second quarter of the year, down 10.3% on the same period last year, announced the company in a press release.

Revenue increased by 11.5% between April and June, reaching 4.82 billion Danish crowns (648.6 million euros).