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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
Tags: Anthony Asinas, Carrera Corporation, Geena Tok, Kenneth Madsen, Pandora, Rapaport News, taiwan
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