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Pandora Strengthens Presence in Asia
Aug 30, 2018 8:13 AM
By Rapaport News
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RAPAPORT... Pandora has acquired its store network in Taiwan in an
effort to gain tighter control over its brand, it said Wednesday.
The jeweler signed an agreement with Carrera Corporation for
the rights to the five concept stores and 14 shop-in-shops that are located in
the region. The deal will give Pandora complete ownership over its brand and
distribution in the greater China area, which includes mainland China, Hong
Kong, Macau and Taiwan.
“For many years Taiwan has been an important market for us,”
said Kenneth Madsen, president of Asia Pacific. “Having complete ownership in
greater China will support our growth and development strategy in the entire
Asia-Pacific region.”
Pandora has focused much of its attention lately on the Asia-Pacific
region, its largest market after the US. Earlier this week, the company
announced the appointment of Geena Tok as managing director of its business in
China, as well as Tok’s predecessor’s, Anthony Asinas’s, move to managing
director for Hong Kong and Macau.
The jeweler has also made efforts to combat the
grey market in the region, lowering prices in China by approximately 15%.
The buyout will cost Pandora approximately $15.3 million
(HKD 120 million), and will take effect January 1.
Image: Phillip Pessar
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Tags:
Anthony Asinas, Carrera Corporation, Geena Tok, Kenneth Madsen, Pandora, Rapaport News, taiwan
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