Denmark-based jewellery company Pandora has entered an agreement with BJ FitzPatrick Holdings to acquire the Pandora store network in Ireland for €23m.
The acquisition, which is scheduled to close on 1 June, will increase Pandora’s owned and operated retail footprint in significant markets, as well as provide the opportunity to operate directly in Ireland.
It will also mark the end of BJ FitzPatrick Group’s distribution right to Pandora jewellery in Ireland and Northern Ireland.
Following this deal, Pandora will be able to add 24 PANDORA-owned concept outlets and one shop-in-shop in Ireland. Pandora will also acquire distribution to five franchisee concept stores and ten shop-in-shops located mostly in Northern Ireland.
Pandora EMEA president David Allen said: “Over the years, BJ FitzPatrick has ensured that both the Pandora brand and store network have been developed across Ireland.
“As an integrated part of our strategy to increase control of our brand and the distribution of Pandora jewellery, we will now continue the efforts to establish Pandora as the branded manufacturer that delivers the most personal jewellery experience.”
The transaction is subject to certain conditions and includes €3m related to inventory out of the total €23m.
Established in 2007, Pandora designs, manufactures and retails hand-finished and contemporary jewellery.
The company’s products are available in more than 100 countries through around 7,700 points of sale (POS), including 2,400 concept stores.