Danish jewellery brand Pandora has acquired 37 franchise locations in North America from US-based jewellery retailer Ben Bridge Jeweler.
The franchise stores include five Pandora-owned and operated stores in Canada, which opened on 25 February.
The company has also acquired 32 outlets located across Arizona, California, Hawaii, Oregon and Washington.
The acquisition has increased Pandora’s presence in the US’ West Coast region and is intended to bolster its position and direct omnichannel experience offering in North America.
It is in line with the company’s long-term growth strategy to increase its market share and double its revenue in the US compared with 2019.
Pandora North America president Luciano Rodembusch said: “The US is Pandora’s largest market and key to achieve the growth ambitions of our Phoenix strategy.
“As a leading global jewellery brand, we plan to increase market share in North America, and we continually look for opportunities for sustainable growth and to better serve our clients.
“We are thankful to continue working with Ben Bridge after many years, and we are confident this acquisition will help us achieve Pandora’s business goals.”
Pandora and Ben Bridge have worked together since 2010, when the latter began selling Pandora jewellery at its stores.
Pandora said that Ben Bridge has become its largest franchisee in North America.
Following the acquisition, Ben Bridge will continue to offer Pandora jewellery at certain store locations and on its website.
Ben Bridge Jeweler president and CEO Lisa Bridge said: “We are proud of the strong network of stores that we built over the last dozen years and are thankful for our partnership with Pandora.
“We are excited for these stores to grow further within the Pandora organisation and wish them well.”
Pandora registered total sales of €3.1bn last year, with its US business exceeding $1bn in sales.
The company trades on the NASDAQ Copenhagen stock exchange.