Jewellery wholesaler and retailer Pandora has announced that it has acquired Pan ME A/S, a firm which held the distribution rights to Pandora jewellery in UAE, Bahrain, Qatar and Oman.
The acquisition gives Pandora the flexibility to enter markets in the Middle East directly, and means the firm will acquire 10 ‘Concept’ stores located in UAE to its global retail chain. The new stores are in addition to three distributor stores in Bahrain, Qatar and Oman.
Pan ME A/S generated revenue of DKK 90 million (£9.94m) in 2013.
In a statement, Pandora said it intends to establish Dubai as the future hub for the Company’s activities in the Middle East and North Africa.
Allan Leighton, CEO of Pandora, said: “Pandora jewellery has been available in the Middle East since 2010 and the agreement is in line with our strategy to expand geographically as well as maintaining the control over our brand.”
Peter Mark, President of Pandora Central Eastern Europe and Middle East, said: “With the agreement, we get a stronger platform the Middle East, a region which we believe holds great potential for Pandora, and we look forward to welcoming a strong UAE-based organisation into the company.”
It is thought that the firm will pay a one-time cash sum of AED 75 million (approximately £12.2m) to complete the acquisition.