RAPAPORT... Danish jewelry retailer Pandora is setting up shop in India as it seeks to capitalize on growth expected in the country over the next five years.
The company, best known for its charm bracelets and lower-end silver jewelry, will target Delhi, Mumbai and
Bangalore by opening about 50 concept stores in the next three years, in addition
to shop-in-shops. It will open five concept stores this year, starting with one
in the first quarter, in collaboration with its exclusive distributor, Pan
India Charms & Jewellery.
India’s jewelry market was valued at $43.36
billion (INR 2.95 trillion) in 2015, a jump of 18 percent from a year earlier,
according to Pandora. The industry is set to grow at a compound annual rate of
7 percent between 2016 and 2021, the company added, citing market research
group Euromonitor.
“Retailing and conceptual sales in India is developing at a
fast pace,” said Anders Colding Friis, Pandora’s chief executive officer.
“Furthermore, jewelry as a fashion statement is increasingly popular among
consumers and with India already being one of the largest jewelry markets in
the world, the country holds great potential for Pandora.”
Image: © Jorge Royan / http://www.royan.com.ar, via Wikimedia Commons
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